How Long to Reach $ 1 Mil Net Worth
I’ve been wondering how long it took to amass $1 million dollars net worth for those of you who have achieved it? Were you able to do it in 10 years or less with rental properties? If so, please explain how you did it!
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#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
It took about 5 years. About 90% of that was appreciation. After 5 years cash flow, even in Vegas barely brought in $600-$800/mo per property. Call it $60k/yr
10 years later, they are all paid off. At around $4m in value today. As appreciation slows. Cash flow at $250k/yr is just beginning to pass appreciation as the builder of wealth.
Treat your real estate like your 401k. Nobody expects their retirement account to cash flow while they are working. They just expect it to support their lifestyle once they stop working along with some tax deductions.
IMHO it is literally the easiest way for “the common person” to build immense wealth. It certainly shows how a stream of income is MUCH more valuable than a pile of money. good luck.