I have a couple projects in the works and with an extremely modest projection, I am on the track to making at least $200,000/year in 2020.
There is A LOT of power in writing things down. Blogging has helped me strategize and create a map of what my life will look like and how I will get there.
If you have been reading my blogs, I reached my six figure goal last year. I strategized, blogged about it, then accomplished it.
I recently quit my job, which slashed my income in half but also provided me with the time I needed to sit back and think about my next steps.
Before I start, I must emphasize the importance of talking to someone who is more successful than you and asking them how they got there. There is no need to reinvent the wheel. If you don’t have access to those people in your life right now, i URGE you to pick up their books.
Use my investment properties as collateral to obtain a cash out refinance loan of $225,000 and buy 6 more investment properties. Right now, I am debt free with a credit score of 765. (I buy in Camden county, where the houses start at $17,000 each)
With 10 investment properties, I will be netting at least $100,000/year.
With no student loans and having four homes all paid off, I will be eligible for an 75% cash out refinance loan within the next year on each property. I just started reporting my income properties to uncle sam, so I need 2 years of rental history to qualify. (Comment if you need me to expand on this)
I am blessed to be apart of a family of real estate investors. Right now my family has found a niche in Sheriff’s Auctions.
Sheriff’s Auctions are for CASH buyers only, but are also where investors go to buy homes at the bare bottom price. Houses in Camden County are selling anywhere between $10,000-180,000, which most of the time is 30%-50% lower than their actual value. Banks are not in the business of flipping homes, so when people default on their mortgage the bank will try to get what was owed, not necessarily the value of the home.
I am a licensed realtor, which means I have access to relevant comps and the experience to back up what I am saying.
I recently picked out a house for an investor for $60,000 and the same house across the street sold for $210,00.
The return on that investment is honestly jaw dropping but that is the norm within my close group of confidants.
After witnessing a handful of successful flips, I have decided to jump in!
I can generate AT LEAST $60,000/year flipping because I am lucky to have contractors within my family so renovations are NOT the burden I carry. I plan on flipping 4 homes/year, which should generate more than $60,000 but modesty is always your best friend when making financial projections.
If you were reading closely, you would’ve caught the fact that I am a full time realtor with real estate investors in my family and close circle. What this means is: Consistent Annual Sale Listings.
I am also a realtor for Keller Williams, with that comes a slew of great connections. Right now I am focusing on joining a team that provides a base salary and guaranteed leads.
Being a part of a team does slash your commissions BUT, learning from a top income generating realtor in your area is invaluable.
Income Evaluation: $40,000-$60,000/year (based on realtor commissions averages in my area)
I am just unsure how much time I will be able to put towards this while being a full time landlord and flipping houses, which is this number is also very much underprojected.
MULTIPLE STREAMS OF INCOME
The take away from this blog should be, in order to become rich and successful you MUST have MULTIPLE STREAMS OF INCOME.
Do not put all of your eggs in one basket. Create other streams as safety nets in case one does not work out. My 3 streams include: Landlord/Flipping/Realtor
I know if I work hard enough I might be able to squeeze out $300,000 in 2020 with complete dedication and probably less sleep. BUT when $200,000 is the underprojection, I think I’m doing OK.
Truthfully, I am in awe at everything that is transpiring in my life right now, extremely grateful but also in awe. I owe a great deal of my success to the book “The One Thing” & my mother who has been my mentor and closest friend.
If you have any questions, please comment, DM or email me! I will happily share information, mentor, and have full blown conversations with anyone on here to help you get started.
Real Estate is my passion, so when you love something so much making money from it is just a plus.
|This week I have an interview with Flipology Radio on Wednesday at 10:00 PM! Tune in at: Flipologyradio.com ! We will be doing live Q & A’s!!|