Terry Records - Millionaire Mom: $5K to $6.5MM Real Estate Investing (You Can, Too!)

MILLIONAIRE MOM

$5K to $6.5MM

Real Estate Investing

You Can, Too!

A Real-Life Story

by

Terry Records

Millionaire Mom - $5k to $6.5 Million Real Estate Investing Copyright 2019 by Terry Records. All Rights Reserved.
All rights reserved. No part of this book may be reproduced in any form or by any electronic or mechanical means including information storage and retrieval systems, without permission in writing from the author. The only exception is by a reviewer, who may quote short excerpts in a review.
Terry Records
Visit my website at www.TerryandJason.com
Printed in the United States of America
First Printing: May 2019
ISBN: 9781091671928

This book is dedicated to my children,

Adam and Nicholas Smith.

We three began this journey together when they were seven and four years old.

They were my cheerleaders initially, but more importantly, they were my Big Why.

A mother will do all she can to provide for a future for her children.

I wanted them to have every opportunity imaginable.

Thank you for your love, support, eagerness, and openness to take this journey with me.

Love, Mom

This book is provided as a personal resource and should not be taken as an individual financial or investment plan. Terry Records does not accept any liability for any investment or financial decision made on the basis of the information contained within this book. The content does not constitute individual financial advice and should not be taken as such.

CONTENTS

Beginning the Journey

This book is about my journey

In the beginning, I wasnt even aware I was on a journey

Its interesting how your life is affected by the people who come into your life

They change you

You impact them

This book is my gift to you!

With my Simple Hope

That Something

Big or Small

Make a difference in your life!

I hope to meet you someday!

Hugs, Terry Records

http://www.TerryandJason.com

Preface

THIS BOOK WAS BORN OUT of my own personal journey in generating personal wealth over the course of a decade. That journey started out with a small investment, but through smart choices, I was able to grow $5,000 to $6.5 million in just over 10 years. At the time, few people were doing what I was doing, and there were no models. But my mistakes and challenges are now your benefit, and the possibilities for you are even bigger once youve learned the approach and strategies behind my success. Because I give this material as a seminar and provide real estate investment coaching on the topic, youll see that we pulled out special sections in each chapter just for you. These FAQs have been taken from real people just like you who have an interest in financial freedom. In almost every case, they were regular people with an interest in wealth generation, not professors talking about theories. And because Ive had decades of experience, Im also offering you insider tips that arent as well-known. This will help give you an edge when it comes to your own journey toward financial freedom. And while this book tells the story of my own life journey, weve also included an easy-to-use format that allows you to skip around and enjoy the information in the way that makes the most sense to you. Whether youre a novice real estate agent or a seasoned investor, Ive included something just for you in this book as I tell my story. And of course, Im always available via email to answer your questions and provide one-on-one coaching opportunities.

Chapter 1
Your Path to Wealth Starts with a Principal Residence

This chapter begins our journey into the world of personal wealth creation. Its also the first step in my own personal story of how I learned to generate stable investment income and gain financial independence at the same time. And if you dont yet own a principal residence, dont worry, because were going to see how that can work to your advantage, too.

In this chapter, youll learn about:

• The importance of choosing a principal residence
• Buying strategically from the beginning
• The power of independent thinking

• Recognizing a diamond in the rough

T ake a moment and imagine it for yourself: Summit Avenue in St. Paul, Minnesota. Along the road in front of a number of brownstone row houses and large extraordinary Victorian homes, snow continues to pile up and a tour bus passes by. Just next door, F. Scott Fitzgerald once spent his days, writing his famous debut novel This Side of Paradise . Even then, the properties on this street were known for their somewhat controversial architecture.

And as tourists in 1991 snapped photos, you could understand why the homes still had their reputation. With a distinctive look, each row house is set in its own take on Victorian style, but with each one differing from the others. They were typical for the part of town they were in, and at the time, 599 Summit Avenue, or the F. Scott Fitzgerald House, was already on the National Historic Landmark list. While it alone attracted its fair share of sightseers, this particular row house, adjacent to the F. Scott Fitzgerald home, was not one that most real estate agents or investors were considering, not for investment potential. Even though it had an abundance of space, it was tired and ugly with major problems lurking in every corner.

Except one person was taking note of the possibilities. Back then, as a rookie real estate agent, I was still learning all the ins and outs of buying and selling properties. I was also recently divorced, had two little boys in tow with me, and had yet to learn just how important the decision I was about to make would be. And long before I had made my first million dollars or attained the financial freedom I value so much today, I also simply needed somewhere to live.

As luck would have it, there was property available to purchase on Summit Avenue. In fact, there was 4,000 sq. ft of property, complete with 1960s paneling throughout but zero walls underneath, floors which looked like they had been through a war-zone, curtain-less windows, a leaking roof and a whole host of other less than desirable aspects. At the time, it was a property in an area just about no one was taking interest in, outside of those tourists who occasionally gawked at the architectural details.

But if you can picture it with me for a moment, the staircase that spiraled up, while in desperate need of work, had its own subtle, majestic charm. The dilapidated, empty spots in a few areas were begging for historic lighting to elevate this space. The hardwood floors were just waiting to be completely redone. And under that paneling? There were electrical extension cords underneath for wiring. And well I wasnt sure what I was going to do about those, not yet anyway. Still, my boys and I needed a place to live, and through what was essentially seller financing, I put down a small down payment, and I purchased all 4,000 sq. ft, blemishes and all. Yet, I had no way of knowing that this small decision of buying a less-than-ideal property would launch my journey to becoming a multi-millionaire in just over a decade.

For the first two years, I did nothing but eat, work, and sleep in the home. Luckily, the seller had agreed to carry that contract for deed through to three years while I worked on the property. But as you can imagine, between building a career as a real estate agent and being a mother, I had a lot going on. At the same time, improving upon the property was at the forefront of my mind. Of course, what my boys, Adam and Nick, remember most are the bats.

Yes, the bats. Looking back on my path to wealth generation, that beginning was actually quite funny. At first, we thought it was just the three of us living in this huge brownstone, at least until I started hearing squeaks inside my bedroom walls. The sounds kept coming closer and closer, and I got scared. I even slept with the light on a couple nights until, all the sudden, I awoke and saw three creatures flying beside the ceiling fan above my bed. I shrieked and ran for protection, right into the kids bedroom, and I immediately slammed the door like they would protect me!