The American Dream consists of owning property, mainly your primary residence. Most people own one home and use it to build and grow their net worth.
However, the average person has no desire to own rental properties. Why? Because it involves taking care of assets that you do not reside in.
We love to spend money on ourselves; that’s a fact. Owning a rental property may seem like a zero-sum game, where any money you spend comes directly from your pocket.
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The better approach is to rethink the possibility of owning multiple properties. Yes, dealing with faulty air conditioners is annoying and time-consuming; however, the people who deal with those issues become wealthy. Let me explain.
What’s up with air conditioners? Getting a call about bad air conditioners is one of the worst fears for most landlords. Air conditioners are expensive to fix, and you must do it quickly.
My wife and I are in the process of buying our fifth property. It has been a nightmare to purchase these homes, even as we are paying cash for them.
Our homes are located in Florida and Arizona, two states that require air conditioning the most. Every air conditioner we own has been acting strangely this year. It’s part of the responsibility of being a landlord.
However, the fear of getting a call in the middle of the night is what keeps people from owning multiple properties.
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Go long first, then go deep. Most Americans invest deeply in their primary residence. This means that they spend tons of money upgrading, renovating, and adding to the property.
I love having a clean, livable space; however, I prefer to buy multiple homes first. This means that I will own multiple properties before spending tons of money on one.
I prefer this method because housing will be one of the top professions of the future. We cannot predict the effect of artificial intelligence on the workforce, but everyone needs a place to stay.
In fact, the top skill someone can learn today is how to attract, screen, and live with roommates. If you can keep an orderly house full of roommates, you’ll always have a fantastic income stream.
After buying multiple properties, you’ll have an abundance of money to do projects and renovations of your primary residence.
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Universal basic income. The new world order will belong to those who can think logically about the future. The future is in the housing market.
Let’s say the government institutes a universal basic income (UBI) of $2,500 per person over the age of 18. If you can rent rooms for $1,000 each, you’ll make a guaranteed fortune.
The people who own multiple properties and understand how to attract roommates will be the big winners.
In fact, only the wealthy will have their own detached, single-family homes in the suburbs or nice condos in the city.
To be honest, homeownership was always for the rich. Let’s go back to the days of company-funded pension programs (i.e., Ford).
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The employees would work for 30 years; however, Ford would provide them with a pension worth millions of dollars.
I arrived at this number because I understand how passive income works. It takes $1 million to generate $40,000 a year in passive income (at a 4% yield).
If Ford was paying its employees $40,000 per year (plus medical), they were essentially millionaires.
The world is resetting expectations. The world is now resetting expectations. Owning a home is becoming increasingly expensive due to rising interest rates, taxes, and insurance costs.
The good news is that if you can own one home, you can own ten—it’s the same process. However, you’ll need to live below your means first. Let me explain.
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Let’s say you inherit a home from your mother. Most people would either sell it or move in and live alone.
However, the goal is to own as many air conditioners as possible. The first step is to start generating passive income from your asset (primary residence).
You can do this by renting rooms, using Airbnb, or renting the entire home. Yes, this path will be a pain in the rear; however, it generates some much-needed passive income.
The thirst for passive income separates the rich from the poor. Only a small percentage of people (around 7%) receive passive rental income; it’s not a common occurrence.
Do you want to be part of the 7%? Then you must take steps that seem out of the ordinary for the average person.
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Dream big, change your life. My life changed when I started dreaming of the things I could do for my children. I want them to have nice weddings, houses, and fun.
However, most of all, I want them to have joy in their lives. It’s tough to be joyful when you are grinding away trying to pay rent.
That’s why I already own homes for my kids. They can move in or rent them out, but they will always have a place to live.
To change your life, you must start dreaming bigger—not of acquiring more things, but of helping more people.
By offering rental rooms or homes, you provide value to others. The only way to generate lasting returns is to add value.
When you have a clean room to rent to someone, they are more than excited and thankful. For the average person, owning a home is often out of reach.
To own a home, you must be successful in your work, have strong relationships, and manage your finances effectively. This is simply too high a barrier for most people.
That’s why they appreciate living in a clean, lovely home with a great room. You are adding value that they couldn’t unlock themselves.
Start shifting your mindset from working a job to adding value to others. The more value you add, the richer you become.
Conclusion. So, how many air conditioners do you own? My wife and I are buying our fifth one this month. It’s been a pain to go through the process.
However, in ten years, we will look back on how powerful it was to have purchased this property. Time unlocks wealth. Unlocking real estate unlocks time.
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It’s not easy to own multiple properties and deal with various air conditioners, but it’s necessary. Artificial intelligence is destroying jobs across the globe.
However, people will always need housing. You can unlock great wealth by adding value to others via clean housing.
You can even make your life easier by learning how to repair air conditioners yourself. Now, that’s fourth-dimensional thinking. Good Luck!
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