Moving Mountains; Moving Into Multi-Millions
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When it comes to premium real estate, it seems that there isn't an area in Laguna Beach or Newport Coast that is in higher demand than Crystal Cove.
What does it take to move from the typical Orange County home, let's say something just above the median home price into a monster ocean view home in Crystal Cove?
If you currently own a home in the $700,000 price range, it isn't out of the question to own a home in the 4 or 5 million dollar range. It is a matter of executing a well crafted plan.
Here is what to do:
1. Create a list of goals, make sure to pay special attention to your 5 and 10 year plan of where you want to live and what kind of net worth you will create for yourself.
2. Become a student of investing. Look to invest further in and outside of real estate investments.
3. Pay attention to Warren Buffet's rule, and "Don't lose money."
4. Quit your day job. There are less than 1% of professions that allow you to achieve the net worth goals that you will need. You know if your current job is in that 1%, if it isn't you should think about leveraging your skills into starting your own business.
5. Speaking of leverage, plan how many properties that you'll need to buy and sell to leverage your way into a higher end bracket; i.e. selling your 700k property may enable you to buy your next home at 1 million. If you research the market correctly and buy and sell within the correct market cycle, you can minimize the number of times that you will need to do this.
6. Destroy your debt & conquer your credit score. If your credit score isn't pristine, you won't make it into the upper echelon of property ownership until it is.
7. Save your money. Showing strong assets in the bank may not be easy now, but if you make it part of your future plan, and practice spending less than you bring in, you can optimize and magnify those results as you see success.
8. Sell your business. Since you quit your day job, you realized that your time is worth more than some company was willing to pay you. The real payoff comes when you can sell off one or more businesses which you have spent time building. Not ready to quit your job? Try building a business on the side; (called straddling) and once the income from the business reaches an reasonable level, then work the business full time.
Follow the steps and be diligent, you could be on easy street.
When it comes to premium real estate, it seems that there isn't an area in Laguna Beach or Newport Coast that is in higher demand than Crystal Cove.
What does it take to move from the typical Orange County home, let's say something just above the median home price into a monster ocean view home in Crystal Cove?
If you currently own a home in the $700,000 price range, it isn't out of the question to own a home in the 4 or 5 million dollar range. It is a matter of executing a well crafted plan.
Here is what to do:
1. Create a list of goals, make sure to pay special attention to your 5 and 10 year plan of where you want to live and what kind of net worth you will create for yourself.
2. Become a student of investing. Look to invest further in and outside of real estate investments.
3. Pay attention to Warren Buffet's rule, and "Don't lose money."
4. Quit your day job. There are less than 1% of professions that allow you to achieve the net worth goals that you will need. You know if your current job is in that 1%, if it isn't you should think about leveraging your skills into starting your own business.
5. Speaking of leverage, plan how many properties that you'll need to buy and sell to leverage your way into a higher end bracket; i.e. selling your 700k property may enable you to buy your next home at 1 million. If you research the market correctly and buy and sell within the correct market cycle, you can minimize the number of times that you will need to do this.
6. Destroy your debt & conquer your credit score. If your credit score isn't pristine, you won't make it into the upper echelon of property ownership until it is.
7. Save your money. Showing strong assets in the bank may not be easy now, but if you make it part of your future plan, and practice spending less than you bring in, you can optimize and magnify those results as you see success.
8. Sell your business. Since you quit your day job, you realized that your time is worth more than some company was willing to pay you. The real payoff comes when you can sell off one or more businesses which you have spent time building. Not ready to quit your job? Try building a business on the side; (called straddling) and once the income from the business reaches an reasonable level, then work the business full time.
Follow the steps and be diligent, you could be on easy street.
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