{"id":6234,"date":"2021-01-03T09:57:22","date_gmt":"2021-01-03T14:57:22","guid":{"rendered":"https:\/\/aspire-canada.com\/?p=6234"},"modified":"2021-01-16T12:39:20","modified_gmt":"2021-01-16T17:39:20","slug":"how-i-became-a-real-estate-investor-on-a-58000-salary","status":"publish","type":"post","link":"https:\/\/aspire-canada.com\/?p=6234","title":{"rendered":"How I Became a Real Estate Investor on a $58,000 Salary"},"content":{"rendered":"

How I Became a Real Estate Investor on a $58,000 Salary<\/h2>\n
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\"real<\/p>\n

There is no shortage of personal finance experts touting a frugal lifestyle, but just how far can you get ahead just by skipping your daily latte and living like a college student? For one woman, cutting corners got her far enough to own four homes free and clear.<\/p>\n

Saving for the American Dream<\/h2>\n

Janet Laverty is a 39-year-old marketing professional, wife and mother. She also happens to own millions of dollars of real estate. No, she didn\u2019t inherit any money, and her family isn\u2019t rich \u2014 she built her wealth completely from the ground up.<\/p>\n

A Canada native who moved to California\u2019s booming Silicon Valley in 2000, Laverty said she struggled financially while living in Canada. \u201cWhen I moved to the United States, I didn\u2019t have anything,\u201d she said. \u201cI had no credit cards, no family support and no financial partner. I had $8,000 in my pocket. That\u2019s it.\u201d After the move, Laverty started working for an internet company making $58,000 a year. Immediately, she started saving.<\/p>\n

For four years, she saved by cutting her living costs down to the bare essentials. She went without cable, shopped at thrift stores and garage sales, and drank water when she went out with friends. She even skipped drinking caffeinated drinks and other beverages because she does \u201cnot see the cost benefit of soda or coffee.\u201d<\/p>\n

Laverty lived like this until she was able to purchase a four-bedroom, two-bath home for $672,000 in 2004. Although that price might seem cheap compared to some of the more expensive homes in Silicon Valley you will find today, $672,000 was a hefty price tag during that time.<\/p>\n

Also, the home needed a lot of work. \u201cThe house was a hot mess,\u201d said Laverty. \u201cIt hadn\u2019t been touched since 1970.\u201d<\/p>\n

During this time period, Laverty\u2019s income increased to $85,000 a year, and she started a side business to bring in residual income. She continued to save and started putting energy into fixing up her new home.<\/p>\n

Two years later, her home was in good enough shape to be turned into a rental property, and she also managed to save enough to buy her next home: a two-bedroom, two-bath condo for $550,000. But again, the home was in bad shape. \u201cThe owner was good at starting projects but not finishing them,\u201d said Laverty. \u201cHalf the floors were done, the kitchen was also half done, and the drywall was gone. I lived there and fixed it up for quite some time.\u201d<\/p>\n

Money-Saving Tips for Home Renovations<\/h2>\n

Laverty continued the same pattern for the next several years: She would purchase a run-down home, fix it up, turn it into a rental and save enough money to purchase another home until she owned a total of four homes in California. This might seem like an expensive and risky endeavor, but Laverty offered some tips on how homeowners can save a ton on their own home renovations:<\/p>\n