In a recent video, we toured with Jamie Higgs who is one of my students who has become a millionaire via property. Jamie started off only owning the house that he lived in, but with the help of my training he has built his net worth. This is something that many people want to do but either don’t have the skills or the confidence to carry out. I am very proud of what Jamie has done so far, and I expect he will achieve a lot more going forward. Jamie got the training, put in the work and it has really paid off for him.
Because this is such an important topic, I thought I should write a blog post about it. I want other people to see exactly how Jamie did it and how they can replicate his success. I advise that you not only read this blog post but also watch the video (above) and take notes. If you read, watch, understand and take action, you will be ahead of many people in the property game. In this blog post, I will outline 3 things that Jamie did to become a millionaire in property.
1. Refinancing His Home
You may think you don’t have enough money to start buying investment properties. However if you own a house that you have either paid down or that has gone up in value, you have money waiting to be invested. You don’t need to sell your home, you just need to refinance it. With interest rates as low as they currently are, it shouldn’t be hard to find an investment property that cash-flows enough to cover the loan payments and pays you a nice ROI.
If you don’t have a home that you can refinance, you may be able to find a joint venture partner that does. If you can show that you have the skills and knowledge to do the job, it isn’t hard to find someone with access to the money.
2. Buy, Refurbish, Refinance, Rent
Once you have the money, you want to be able to use it again and again. You don’t want to simply buy one property and then be stuck unable to move forward. This is where the Buy, Refurbish, Refinance, Rent (BRRR) strategy comes in. You buy a property that needs work done to it, you do the work and push up the value. You then refinance the property. If you add enough value to the property, you can pull out the purchase price and the refurbish costs with the new mortgage.
BRRR allows you to use the same pot of cash, over and over again. This allows you to build a million-pound portfolio starting with a relatively small amount of money, just like Jamie did.
3. Getting Trained
So why isn’t everyone doing this? The truth is, you need the knowledge and skills to do it. How do you find properties with the correct potential? What kinds of refurbishments push up the price a lot while costing relatively little to do? If you don’t have the money yourself, how do you show an investor that you have the correct skills?
Ultimately, it all comes down to training. Jamie did my top level training known as the Academy. He invested in himself and it paid off. You can start your training journey for free. You can book a ticket to my next Crash Course here. Spaces are limited, so book now to avoid disappointment.
