“How A Homeless Single Mother Became A Millionaire in 18 Months”
After a separation from her husband, Elon Bomani and her newborn son moved into a women’s shelter. She says, “I found myself homeless because I had given up my power. I bought into the idea that men were better at math than women even though I had graduated with two degrees. I was programmed that men are supposed to be the providers and handle the checkbooks.”
“I went to the library and punched in millionaire and I read every single book on biographies of millionaires, anything dealing with money, stocks, bonds, real estate, commodities trading, e-business, taxes, you name it.”
Bomani’s first priority was to leave the shelter and move into her own home. Though she had $36 dollars in her checking account, she knew her dream could come true. With the advice of her father, she studied real estate guru Carleton Sheets’ “no money down programs.” She found a lender that would finance 100 percent of her home loan. She asked the seller to pay closing costs on the $125,000 home and walked away from the closing with a $625 dollar check. Without a job, Bomani says, this was just the beginning of her journey.
“I thought creatively. I rented out my room. By renting out one of my rooms, that gave me half the mortgage, the other half was her (roommate) deposit. “I didn’t have to pay my first mortgage until a month and a half later.
With a new wealth consciousness, she recognized the housing market was profitable at the time and then took equity out of her home to invest in other properties. “I did speculative real estate investing. I went to new developments and put a down payment on property to hold it until it closed. The property closed within a year and it had already increased in excess of $100,000. So I invested approximately $20,000 ($5,000 on four properties) using cash advances from credit cards, not even my money. I walked out of the deal with $400,000.”
“I accumulated over 16 pieces of real estate property over the course of three years. In doing so, that gave me a net worth of $2 million dollars and I was able to live off the positive cash flow of the real estate.
“Being a millionaire, it’s a formula to it. If you study it and practice it, you’ll become it.”
Today, Bomani owns and operates four companies and has a book out, titled: “Dynamic Diva Dollars.”
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