In 2001, at 22 years old, I moved out of my mom's basem*nt in Atlanta and into a sublet in the housing projects of Manhattan.
I got a job as a technical support operator making $45,000 a year. When I told my friends and family that I was going to get rich off real estate investing, they laughed at me.
But I proved everyone wrong. I invested a large chunk of my 9-to-5 earnings into real estate. Now, at 45, I'm a self-made millionaire with 366 units in my property portfolio. I earned my first million through unconventional investing methods that took advantage of a strong real estate market.
Here are four cheat codes that can skyrocket your wealth:
1. 'Float' from mortgage to mortgage.
Residential mortgages have some of the lowest down payment requirements and interest rates.
You must live in a property for the first year of ownership to keep the residential mortgage. After that, you often don't need to refinance to turn your home into a rental.
So, you can buy a single-family or multi-family home (up to four units each year) with a residential mortgage and a 3.5% to 5% down payment, then "float" to a new primary residence.
This creates a breadcrumb trail of properties — with inexpensive mortgages — that you can rent out to cover all of your expenses, or even receive cash flow.
If you qualify for a USDA loan, a type of mortgage for low- or moderate-income homebuyers in eligible rural areas, or a VA loan, which is available to service members, veterans and their spouses, you can get up to 100% financing.
2. 'Shift' from room to room.
If you have at least two units, you can maximize your cash flow with short-term rentals by "shifting" from unit to unit, based on vacancy.
List all your units, even the one you live in, on Airbnb, VRBO and other rental platforms. Create a flexible lifestyle and have a "go-bag" of your must-have items so you can "shift" between your short-term rentals based on wherever the vacancy is that night.
A common way to get started is to rent out a spare room in your house, or to park a camper or RV in the driveway as a short-term rental option for guests (or for yourself when your primary unit is booked).
3. Achieve zero housing.
In 2022, the average renter put 30% of their income towards rent. If you get rid of this expense, you can significantly increase your wealth.
Set a goal to have your housing pay for itself. For example, you can take on a roommate, or rent out your basem*nt as storage space, or rent out a parking space to a neighbor, or use your fenced yard as a dog run.
Use the financial boost to cover your mortgage or invest in cash-generating properties.
4. Learn from your landlord.
If you don't have the money to buy real estate, ask your landlord if you can sublease your current rental to a higher-paying tenant as a short-term or mid-term rental, then split the proceeds.
Or, if your landlord is looking for a property manager, partner with them to manage their vacancy as a short-term rental in exchange for a portion of the proceeds. If you already have a strong relationship, you may not need previous management experience to work together.
Learning the ropes before you buy can better prepare you for life as a landlord.This networking can also lead to future partnership opportunities, like splitting a property investment.
Alan Corey is apodcaster and real estate entrepreneur. He co-founded House Money Media, a company dedicated to launching first-generation real estateinvestors, and is the author of "House FIRE: How to Be a Red-Hot Real Estate Millionaire With a Wealth of Time and Money to Burn." Follow him on Twitter.
Don't miss:
- Early retiree says breaking these 6 ‘society rules’ helped him save $1 million: ‘I wasn’t born rich’
- This 32-year-old grosses $431,000 a year from his real estate investments—while traveling and living in a converted van
- 28-year-old pays $62 a month to live in a dumpster he built for $5,000—take a look inside
Want to be smarter and more successful with your money, work and life?Sign up for our new newsletter!
VIDEO7:5007:50
I live in a $35K tiny home in my backyard in Atlanta, Georgia
Get CNBC's freeWarren Buffett Guide to Investing, which distills the billionaire's No. 1 best piece of advice for regular investors, do's and don'ts and three key investing principles into a clear and simple guidebook.
FAQs
Bankrob - Enter this code to spawn a bag of money. ChadAxe - Enter this code to spawn Chad's Axe. ChibiTown - Enter this code to make all NPCs have a big head. Crowd 99 - Enter this code to increase the crowd size.
What is the cheat code for money in dude theft wars? ›
Bankrob - Enter this code to spawn a bag of money. ChadAxe - Enter this code to spawn Chad's Axe. ChibiTown - Enter this code to make all NPCs have a big head. Crowd 99 - Enter this code to increase the crowd size.
What is the use of cheat codes? ›
in a computer or video game, a secret password, set of numbers, series of buttons to press, etc., that makes something unusual happen, for example giving a player unusual abilities or allowing them to advance in the game : The disk also contains secret cheat codes to get additional ammunition or be able to skip levels.
What is the cheat for 9999999 money in Sims 4? ›
This can either reduce or increase the Simoleons in a household, and it's an extremely easy way to reach the maximum amount of money in the game. A Sims household can only have up to 9,999,999 Simoleons, and if players want to reach this, they have to open the cheat console and type "money 9999999".
What creates 90 millionaires? ›
Real estate investment has long been a cornerstone of financial success, with approximately 90% of millionaires attributing their wealth in part to real estate holdings.
How to do the money cheat code? ›
To put an exact amount of Simoleons in a household's funds you will need to activate the cheat console., type in “testingcheats true”, type in “Money X” with the “x” being the amount you'd want in the account. For example: typing in “Money 145897” will make the household funds 145,897 exactly.
What is the most famous cheat code? ›
#1: Konami Code
Various There really is no other cheat in gaming that can match the Konami Code in popularity. Up, up, down, down, left, right, left, right, B, A, start has been embedded in our brains through countless uses across a variety of games.
Is it illegal to code cheats? ›
With the rise in popularity of gaming, cheating using external software and hardware raised a number of copyright legal issues related to modifying game code. Many modern games have removed cheat codes entirely, except when used to unlock certain secret bonuses.
How do people find cheat codes? ›
Sometimes, cheat codes are purposefully included in games by the first-party developers who created them. Other times, they're inserted through third-party software after a game's been produced. Moreover, it isn't always intentional. Gamers have discovered unintended “codes” by exploiting bugs in a game's software.
Do cheat codes exist anymore? ›
Cheat codes have largely gone away in the modern gaming landscape.
Money [simoleons amount required]: give the household an exact number of Simoleons – you'll need to type in 'testingCheats true' and press enter first to activate this. Then, for example, “Money 1000000“, and the total will replace your current total.
How do you make a Sim motherlode? ›
How To Do The Motherlode Cheat on Sims 4? To activate the “Motherlode” cheat, players will need to leave the neighborhood screen and enter the Sims' area. Then type in the “Motherlode” in the cheat box and press enter. Once the cheat is activated, players will instantly get 50,000 simoleons in family funds.
How to become a millionaire after 45? ›
Also see how to become a millionaire in five years.
- Scrutinize Your Budget and Cut Costs. Take an honest look at where your money is going each month. ...
- Grow Your Income. ...
- Pay Off High-Interest Debt First. ...
- Invest Often. ...
- Leverage Real Estate. ...
- Embrace Frugality. ...
- Have an Entrepreneurial Mindset. ...
- Relocate To Save.
Millionaires prioritize avoiding consumer debt, making wise financial decisions, and aligning spending with long-term goals.
How to become a millionaire by the age of 40? ›
One of the best ways to become a millionaire is through buying real estate. You can even buy real estate in a self-directed retirement account. One of the best ways to become a millionaire by age 40 is through making 401(k) real estate investments. Real estate investing promises a high ROI with little risk.
How to get unlimited money in Dude Theft Wars? ›
2) What is the Dude Theft Wars cheat code for money? It was the “Cashcash99999999” for the unlimited money.
Does Dude Theft Wars have cheat codes? ›
The following is a comprehensive collection of Dude Theft Wars cheat codes to increase your excitement in playing: ANTDUDE: the character becomes as small as an ant. CROWD 99: bring the crowd. DAY: changes the time to morning.
How to use Dude Theft Wars cheat codes? ›
Locate and select the “exe” menu among the open windows. This menu enables you to input cheat codes. In the column provided in the “exe” menu, input the Dude Theft Wars cheat code you wish to use. Ensure the code is accurately typed, considering uppercase and lowercase letters.
How do you unlock ChEaTs in Dude Theft Wars? ›
How To Use Cheat Codes
- Open your Phone.
- Open "ChEaTs.Exe"
- Enter The Cheat Code in the green line.
- Press "Enter"
- If you want to use it again, click on the green checkmark.
