I've heard Donald Trump say, "If you're going to think, you might as well think big." In my Dad's case he realized that it is going to take the same amount of time to pay of $1,000,000 in investment property debt that it will take to pay off $10,000,000. He said to me: "It's going to take me 20 years to pay it off whether it's $1,000,000 or $10,000,000 so it might as well be $10,000,000." In other words, if he's going to wait 20 years for his assets to be paid for by his tenants he might as well be waiting for a $10,000,000 pay day instead of just a $1,000,000 pay day. AND - the incredibly rewarding part of his plan is not just that he is thinking big and challenging himself at a time in his life when most people are content to roam the golf course and play the slot machines at the casino - it's that the properties he started buying a few years ago in pursuit of his $10 Million dollar debt dream have gone up in value substantially and are creating a VERY nice cash flow that helps him pay for his living costs today! I'm also working hard to follow in my Dad's footsteps. So when my Dad recently said to me "Julie, you and Dave are in way more debt than we were at your age" I know he is proud of what we've been able to achieve and is complimenting us on our progress! I encourage everyone to take a lesson from my Dad and his $10,000,000 dream:
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Find an Article by Julie Broad in the September 2010 Issue of Canadian Real Estate Magazine
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Burnaby, BC, Canada
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