Many people might believe that being a millionaire is out of reach. But becoming a millionaire is not a matter of luck or chance. It takes hard work, discipline, and planning.

David Vernich, a commercial lender and passive income coach, joins me to talk about how you can elevate your real estate investments and achieve financial freedom. With his strategies and tips, you can start your journey from middle class to millionaire and learn how to break free from the chains that are holding you back.

Tune in to the episode to make your journey to millionaire status a reality!

Here are some power takeaways from today’s conversation:

• Try alternative investments
• Find the right mentor
• Use credit to buy assets
• Add more to your 401(k)
• Accumulate your inventory

Episode Highlights:

[08:30] Living Financially Free

You don’t need to retire to enjoy a life of leisure. People need the challenge of work, solving problems, and giving back to others. Passive income creates more financial freedom now.

[12:36] Exploring Alternative Investments

People have a lot of fear about alternative investments. But there are many ways to mitigate risks. The biggest risk in real estate is overpaying for a property. But if you know what you’re doing and buy properly, then you can reduce the risk and make a profit.

[21:52] Finding the Right Mentor

Use connections to find the right mentor. Having a mentor helps avoid making costly mistakes and becoming financially devastated. However, you don’t need to stop putting money into your 401(k); you just need to add more to it.

[26:10] Starting Your Real Estate Empire

Start with an unsecured line of credit. Offer opportunities to other people in the same boat. A person’s credit is an asset, so use it to buy assets that produce more income than debt cost.

[41:52] Investing in the Current Market

Banks lend money based on your income but secure it with the asset. Take a line of credit out. Leave a bit of money on the house and aim for 10% or less.

[45:50] Looking to the Future

David predicts a softening of the market in 2023 because of rates. Wait and do market timing. Being patient and accumulating inventory allows you to be in a good position in the market.

Notable quotes from the Episode: 

[06:49] “It’s more of an exception than a rule to find somebody that’s actually on track to be able to retire with the same standard of living that they have right now.”

[18:51] “I need mentors every day, still to this day.”

[29:35] “A person’s credit is an asset if it’s used properly.”

Resources Mentioned:

Connect with Wyatt Graves: LinkedIn | Website

The Mentee Podcast: Website | Apple | Spotify

Connect with David Vernich: LinkedIn