The Employee Millionaire
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More About This Title The Employee Millionaire
- English
English
When the financial crisis erupted in 2008, thousands of people lost jobs they thought they?d always have to sustain their standard of living.
For H. J. Chammas, it was a wake up call to escape struggling to make ends meet. It was time to take charge of his life and stop acting like a lab rat following a set program.
In this detailed guidebook to buying, owning, and managing rental properties, he gives readers a plan that you won't find in other books. Instead of promoting foolish risks, he helps you leverage your position as an employee to achieve financial freedom. Learn how to:
- evaluate the current state of your finances;
- overcome limiting beliefs about money and investing;
- set personal objectives to achieve financial freedom; and
- think and operate like a seasoned real estate investor.
Chammas shares real-life examples that will help you build a personalized investment blueprint to build your rental property portfolio and become wealthy.
From identifying and closing deals, getting approved for loans, renting out properties, dealing with tenants, and capitalizing on opportunities, this book will challenge how you've always looked at life, finances, investments, and real estate."
For H. J. Chammas, it was a wake up call to escape struggling to make ends meet. It was time to take charge of his life and stop acting like a lab rat following a set program.
In this detailed guidebook to buying, owning, and managing rental properties, he gives readers a plan that you won't find in other books. Instead of promoting foolish risks, he helps you leverage your position as an employee to achieve financial freedom. Learn how to:
- evaluate the current state of your finances;
- overcome limiting beliefs about money and investing;
- set personal objectives to achieve financial freedom; and
- think and operate like a seasoned real estate investor.
Chammas shares real-life examples that will help you build a personalized investment blueprint to build your rental property portfolio and become wealthy.
From identifying and closing deals, getting approved for loans, renting out properties, dealing with tenants, and capitalizing on opportunities, this book will challenge how you've always looked at life, finances, investments, and real estate."
- English
English
H.J. Chammas is a self-made “Employee Millionaire” who has achieved financial freedom by investing in rental properties throughout Asia, the Middle East and Europe. With over 10 years of industry and investing experience, he brings forward a blueprint for real estate investing in a simple and clear manner.
- English
English
Preface � xv
Chapter 1:
What Is Your “Big Why?” � 1
Part 1:
WHERE AM I NOW?
Chapter 2:
What Is the Current State of Your Finances? � 9
Why a Personal Financial Statement? � 9
Personal Balance Sheet and Net Worth � � 12
Total Assets � 12
Total Liabilities � 14
Personal Income Statement and Cash Flow � 19
Total Income � 19
Earned Income � 20
Unearned Income � 21
Total Expenses � 22
Cash Flow � 24
Putting It All Together: The Personal Financial Statement � 27
Part 2:
WHY AM I HERE?
Chapter 3:
The Financial KPIs Dashboard � 33
Developing the Habit of Filling a Personal Financial Statement � 33
My Financial KPIs Dashboard � 34
Limiting Beliefs � 59
Part 3:
WHERE DO I WANT TO BE?
Chapter 4:
Setting Objectives � 81
Time Horizon for Your Objectives � 82
SMART Objectives � 83
Setting Your Primary Financial Objective � � 84
The Three-Step Journey to Financial Freedom � 89
Chapter 5:
Why Are Rental Properties the Best Investment Vehicle? � 94
Why Are Rental Properties a Better Investment Than Paper Assets? � 94
Rental Properties Generate Wealth, But Not a Get-Rich-Quick Scheme � 99
Part 4:
HOW TO GET THERE?
Chapter 6:
Your Rental Properties’ Investment Blueprint � 107
Why Do You Need A Process? � 108
Run Your Real Estate Investing as a Business � 108
Your Rental property investment Blueprint � 109
A Personal Story on Becoming an Employee Multimillionaire by Following
the Rental property investment Blueprint � 111
Chapter 7:
Build Your Team � 114
Why a Team? � 114
Pitfalls of Doing It All By Yourself � 116
Your Team Members � 118
Building Your Advisory Board � 120
Building Your Executive Board � 121
Building Your Service Squad � 126
You Pay Peanuts, You Get Monkeys � 130
Working With Family Members? � 131
Strategy for Building Your Team � 132
What about Partnership in Rental Property Investments? � 134
Who Are Your Friends? � 137
Chapter 8:
Get Prequalified for a Loan � 140
Why Should You Get a loan preapproval? � 141
Paperwork for Preapproval � 142
Debt-to-Income Ratio � 143
Computing Debt-to-Income Ratio Step by Step � 145
Gross Monthly Income � 148
Strategies to Lower Your DTI � 149
How Much Mortgage Loan Will You Be Eligible For? � 154
Your Loan Preapproval Letter � 158
How Many Properties Can I Afford? � 164
Real Life Examples � 164
Real Life Examples Commentary � 173
Chapter 9:
Prospect for Discounted Properties � 175
My Decision Tree (My Hierarchy of Criteria) � 176
Level One Investment Criteria: What Am I Looking For? � 178
Level Two Investment Criteria: What Will I Consider for a Viewing? � 191
Level Three Investment Criteria: What Will I Make an Offer on? � 192
Level Four Investment Criteria—What Will I Buy? � 202
Chapter 10:
Analyse Rental Properties � 204
Analysing a Rental Property’s Operational Performance � 205
Analysing a Rental Property’s Financial Performance � 219
Putting It All Together � 223
Chapter 11:
Negotiate and Submit Offers � 225
Offers Are Driven by Numbers, Not Opinions � 226
Tips for Win-Win Offers � 240
Take Action and Submit Offers � 245
Chapter 12:
Perform Due Diligence and Commit � 246
What is Due Diligence? � 247
Types of Inspections to Make During Due Diligence � 248
Due Diligence Milestones � 256
Exercising the Financing Contingency � 258
The Final Commitment � 259
Chapter 13:
Finance Your Rental Property � 264
Property Financing Options � 265
1. Financing a Property on an All-Cash Basis � 265
2. Getting a Mortgage Loan � 269
Why Conventional Loans? � 270
Watch-Outs of Conventional Loans � 270
Creative Methods for Highest LTVs on Conventional Loans � 271
Other Types of Loans � 273
Steps in Financing a Rental Property with a Mortgage Loan � 275
Chapter 14:
Transfer the Title � 279
The Final Property Walk-Through—The Rule of 24H � 280
Getting Prepared for Closing � 280
Setting Up Separate Bank Accounts for Your Rental Property � 282
Schedule of Payments for Final Settlement � 282
The Closing Day � 285
Chapter 15:
Rent Your Property � 288
Getting the Property Rent Ready � � 289
Renting and Managing Your Rental Property � 291
The Eviction Process from Beginning to End � 303
Chapter 16:
Manage Your Property � 306
My Six-Month Hands-On Experience in Property Management � 306
The Role of a Property Manager � 307
Managing the Property and the Tenants � 310
Murphy’s Law � 311
Should You Hire a Property Management Company? � 312
Advantages of Outsourcing Property Management � 313
Disadvantages of Outsourcing Property Management � 314
Chapter 17:
The Virtuous Cycle of Building Wealth through Rental Properties � 315
Rental Property Wealth Generators: ACE and T � 316
Should You Sell Your Rental Properties? � 322
Chapter 18:
Final Words � 327
What is Your Dash? � 327
Seek the Help of Coaches and Mentors � 328
Will You Take Action and Change Your Life? � 329
Chapter 1:
What Is Your “Big Why?” � 1
Part 1:
WHERE AM I NOW?
Chapter 2:
What Is the Current State of Your Finances? � 9
Why a Personal Financial Statement? � 9
Personal Balance Sheet and Net Worth � � 12
Total Assets � 12
Total Liabilities � 14
Personal Income Statement and Cash Flow � 19
Total Income � 19
Earned Income � 20
Unearned Income � 21
Total Expenses � 22
Cash Flow � 24
Putting It All Together: The Personal Financial Statement � 27
Part 2:
WHY AM I HERE?
Chapter 3:
The Financial KPIs Dashboard � 33
Developing the Habit of Filling a Personal Financial Statement � 33
My Financial KPIs Dashboard � 34
Limiting Beliefs � 59
Part 3:
WHERE DO I WANT TO BE?
Chapter 4:
Setting Objectives � 81
Time Horizon for Your Objectives � 82
SMART Objectives � 83
Setting Your Primary Financial Objective � � 84
The Three-Step Journey to Financial Freedom � 89
Chapter 5:
Why Are Rental Properties the Best Investment Vehicle? � 94
Why Are Rental Properties a Better Investment Than Paper Assets? � 94
Rental Properties Generate Wealth, But Not a Get-Rich-Quick Scheme � 99
Part 4:
HOW TO GET THERE?
Chapter 6:
Your Rental Properties’ Investment Blueprint � 107
Why Do You Need A Process? � 108
Run Your Real Estate Investing as a Business � 108
Your Rental property investment Blueprint � 109
A Personal Story on Becoming an Employee Multimillionaire by Following
the Rental property investment Blueprint � 111
Chapter 7:
Build Your Team � 114
Why a Team? � 114
Pitfalls of Doing It All By Yourself � 116
Your Team Members � 118
Building Your Advisory Board � 120
Building Your Executive Board � 121
Building Your Service Squad � 126
You Pay Peanuts, You Get Monkeys � 130
Working With Family Members? � 131
Strategy for Building Your Team � 132
What about Partnership in Rental Property Investments? � 134
Who Are Your Friends? � 137
Chapter 8:
Get Prequalified for a Loan � 140
Why Should You Get a loan preapproval? � 141
Paperwork for Preapproval � 142
Debt-to-Income Ratio � 143
Computing Debt-to-Income Ratio Step by Step � 145
Gross Monthly Income � 148
Strategies to Lower Your DTI � 149
How Much Mortgage Loan Will You Be Eligible For? � 154
Your Loan Preapproval Letter � 158
How Many Properties Can I Afford? � 164
Real Life Examples � 164
Real Life Examples Commentary � 173
Chapter 9:
Prospect for Discounted Properties � 175
My Decision Tree (My Hierarchy of Criteria) � 176
Level One Investment Criteria: What Am I Looking For? � 178
Level Two Investment Criteria: What Will I Consider for a Viewing? � 191
Level Three Investment Criteria: What Will I Make an Offer on? � 192
Level Four Investment Criteria—What Will I Buy? � 202
Chapter 10:
Analyse Rental Properties � 204
Analysing a Rental Property’s Operational Performance � 205
Analysing a Rental Property’s Financial Performance � 219
Putting It All Together � 223
Chapter 11:
Negotiate and Submit Offers � 225
Offers Are Driven by Numbers, Not Opinions � 226
Tips for Win-Win Offers � 240
Take Action and Submit Offers � 245
Chapter 12:
Perform Due Diligence and Commit � 246
What is Due Diligence? � 247
Types of Inspections to Make During Due Diligence � 248
Due Diligence Milestones � 256
Exercising the Financing Contingency � 258
The Final Commitment � 259
Chapter 13:
Finance Your Rental Property � 264
Property Financing Options � 265
1. Financing a Property on an All-Cash Basis � 265
2. Getting a Mortgage Loan � 269
Why Conventional Loans? � 270
Watch-Outs of Conventional Loans � 270
Creative Methods for Highest LTVs on Conventional Loans � 271
Other Types of Loans � 273
Steps in Financing a Rental Property with a Mortgage Loan � 275
Chapter 14:
Transfer the Title � 279
The Final Property Walk-Through—The Rule of 24H � 280
Getting Prepared for Closing � 280
Setting Up Separate Bank Accounts for Your Rental Property � 282
Schedule of Payments for Final Settlement � 282
The Closing Day � 285
Chapter 15:
Rent Your Property � 288
Getting the Property Rent Ready � � 289
Renting and Managing Your Rental Property � 291
The Eviction Process from Beginning to End � 303
Chapter 16:
Manage Your Property � 306
My Six-Month Hands-On Experience in Property Management � 306
The Role of a Property Manager � 307
Managing the Property and the Tenants � 310
Murphy’s Law � 311
Should You Hire a Property Management Company? � 312
Advantages of Outsourcing Property Management � 313
Disadvantages of Outsourcing Property Management � 314
Chapter 17:
The Virtuous Cycle of Building Wealth through Rental Properties � 315
Rental Property Wealth Generators: ACE and T � 316
Should You Sell Your Rental Properties? � 322
Chapter 18:
Final Words � 327
What is Your Dash? � 327
Seek the Help of Coaches and Mentors � 328
Will You Take Action and Change Your Life? � 329
- English
English
"Investing in rental properties can be one of the surest ways of building wealth, but only if it is done right. H. J. Chammas has done the world a great service by writing a book that clearly explains how to "do it right" every single step of the way. Meticulous, but also enjoyable to read, The Employee Millionaire is an A to Z guide on how to acquire a portfolio of rental properties that will build wealth with every month that passes. Anyone considering investing in rental properties should begin by reading this book."
- RICHARD DUNCAN, Author, Economist a and Publisher of Macro Watch.
-------------------------------------
"To help you obtain financial freedom while reducing risk, read The Employee Millionaire - an enabling guide to achieving your goals through discipline and great self-leadership."
- BRENDA BENCE, Award-Winning Author and Top 10 Executive Coach worldwide.
------------------------------------
"Investing for one's own financial security is not a course taught anywhere: one learns life's hard lessons as one goes through life!! I wish I had access to his learning when I was starting out in my journey. I can strongly recommend this book to every person (employee) starting out in life and wishing to know basics of personal financial planning. It's an easy read, with simple lessons and easy-to-apply tools."
- NANDU NANDKISHORE, Fortune 100 CEO. Former Executive Board member for Nestlé S.A and former CEO Nestlé Nutrition. Angel VC, Mentor, Coach, Keynote Speaker, Consultant on Strategy and Culture Transformation, and Faculty at B schools.
-----------------------------------
"The Employee Millionaire offers a proven methodology for creating wealth through real estate."
- THEDA DAVIDS-MULLER, UAE Advisor, Mentor, Visionary Entrepreneur, Real Estate Specialist, IT/Telecoms/ITIL Eng., Author, Writer, Keynote Speaker, Banker, Start-up Specialist, Supreme Legacy Mentor and Personal Transformational Mentor.
- RICHARD DUNCAN, Author, Economist a and Publisher of Macro Watch.
-------------------------------------
"To help you obtain financial freedom while reducing risk, read The Employee Millionaire - an enabling guide to achieving your goals through discipline and great self-leadership."
- BRENDA BENCE, Award-Winning Author and Top 10 Executive Coach worldwide.
------------------------------------
"Investing for one's own financial security is not a course taught anywhere: one learns life's hard lessons as one goes through life!! I wish I had access to his learning when I was starting out in my journey. I can strongly recommend this book to every person (employee) starting out in life and wishing to know basics of personal financial planning. It's an easy read, with simple lessons and easy-to-apply tools."
- NANDU NANDKISHORE, Fortune 100 CEO. Former Executive Board member for Nestlé S.A and former CEO Nestlé Nutrition. Angel VC, Mentor, Coach, Keynote Speaker, Consultant on Strategy and Culture Transformation, and Faculty at B schools.
-----------------------------------
"The Employee Millionaire offers a proven methodology for creating wealth through real estate."
- THEDA DAVIDS-MULLER, UAE Advisor, Mentor, Visionary Entrepreneur, Real Estate Specialist, IT/Telecoms/ITIL Eng., Author, Writer, Keynote Speaker, Banker, Start-up Specialist, Supreme Legacy Mentor and Personal Transformational Mentor.
