Become a millionaire, own 40 apartments thanks to real estate investment
Willie Mandrell is an entrepreneur who owns two real estate companies, The Mandrell and Wealth Builder Nation. Growing up, he witnessed the power of real estate investing. “My grandmother used to do many manual jobs before someone advised her to buy a house and rent it out.”
Then his grandmother bought a motel in Boston. In the 1950s, this was still a remote area. But a few years later, her rental income increased as new businesses sprang up there. After a while, she decided to buy another house.
“My grandmother only finished 6th grade. However, through real estate investing, she has built a considerable fortune. She often tells us brothers and sisters about her business. I learned a lot. a lot from her,” Mandrell said.
To learn her business secrets, though, Mandrell had to help her clean, collect rent, and inspect the apartments. Currently, he owns a portfolio valued at over 10 million USD. Besides, he also earns extra income from mentoring to help people achieve financial freedom.
Here’s Mandrell’s story of becoming a self-made millionaire:
Inspired by her, Mandrell decided to invest in real estate to build wealth and achieve financial freedom. At the age of 23, he bought his first two properties.
Mandrell was supported with part of the upfront payment by her mother and earned the rest by herself. He does a variety of jobs, including flipping cakes at McDonald’s. After a while, he accumulated enough to pay for the house.
Over time, Mandrell increasingly realized that his grandmother was right. His mortgage is $2,500 and he gets $1,750 for renting downstairs while he lives upstairs.
By his calculations, up to 70% of the mortgage, taxes and insurance related to his home were “paid for by the tenant”. It wasn’t long before Mandrell paid off his debt and was still making money from the rental. He buys more properties, rents them out, and repeats the process.
Sharing with Business Insider, Mandrell said his success was largely due to his business strategy of targeting older homes. While many people consider leaking, damaged heating or cooling systems to be trivial, Mandrell sees this as a profit opportunity. Therefore, he is always looking for defective houses to buy at a better price.
This benefits both parties: the seller gets to liquidate the home and Mandrell has the opportunity to enrich his portfolio. After buying, he carried out repairs, renovations and began to profit from it in the long run.
Thanks to her advice and wise business strategy, Mandrell – from being an ordinary worker, became a millionaire, achieving financial freedom. Not only enriching himself, he also imparts experience to clients and students in his real estate investment classes. Mandrell said his future goal is to continue to enrich his portfolio and help more people achieve their financial goals.
Source: BIEN
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