One of the very best wealth-building secrets for business owners has nothing to do with improving your business … and, everything to do with turning that spare cashflow into appreciating assets:
Just like buying your first home is a 7million7years key wealth building strategy, so is owning your own property for small business owners, just as the guy in this video recommends … I can’t vouch for his financing strategies as I don’t know enough (but perhaps some of our readers do?) …
… but, simply buying my own office generated in excess of $1 million extra net worth for me in just 5 years.
I bought an office block for $1.27 million; I then completely rehabbed it (including new offices, workstations, phone system, and computer equipment) for another $500k, which I leased over 5 years (with a $1 balloon/final payment).
The mortgage interest and the lease payments were 100% tax deductible from my business income (actually, I charged myself a high commercial rent as the property was in a different company name).
I sold the building for nearly $2.5 million just 5 years later!