You definitely need to realize that real estate is all about lifestyle. That’s what initially attracted me to this business.
You can create immediate short term income, and you can also produce long term wealth. If you do it the right way, you can accomplish a lot of this at the same time.
What exactly do I mean by “lifestyle business”?
I mean that you design your lifestyle around your business instead of the other way around.
Most people go through their lives having fun with the “crumbs” of time and the rest of the time “pie” is taken up by work. Most of the time it’s work that they hate doing. Yikes!!!!
I don’t know about you, but enjoying only the “crumbs” of time sounds like a nightmare. We go through 80-90 years just tolerating an okay life? No thank you…
That’s why I made the moves that I made and that’s what I want for you. I want you to dream up your ideal lifestyle and then go get it. Doesn’t that just sound exciting? It’s definitely available to you.
In fact, if you are reading this post, you already have all of the resources you need to get to your dream lifestyle.
So, how exactly do you go about using the real estate business to create your dream lifestyle?
Well, there are a few steps…
It’s not genius work.
The first thing you need to do is make sure you are consistently finding discounted homes to wholesale and also to rehab and sell. These deals are the initial foundation to your long term game. Once you’ve done 3-5 successful deals, you are in pretty good shape and ready to really grow. Most people hear those crazy stories about how someone wholesaled 100 homes their first year and they use that as their benchmark for comparison. Trying to compare to stories like that will only slow you down.
Whether you start out wholesaling or rehabbing, the key is that you’ll be getting lump sums of money that will be your fuel for growth. CASH IS KING!
Then, once you start to gain some momentum with more deals, you’ll be able to put more of that money back in to get even more deals.
Once you are consistently rinsing and repeating this scenario, you are going to have some excess capital at your disposal.
The key here is to be very wise with this money and not go out and buy something stupid and expensive. You want to store this capital to invest back in your business and take out as little as possible for yourself. This will quickly allow you to grow exponentially.
I want to do some quick math with you right now.
Let’s say that you do 8 wholesale deals in one year that average around $7500 profit per deal. (It could be much more, but I’m being as conservative as possible).
8 x 7500 = $60,000
How much actual working time does it take to earn that money?
From the first call to the seller, all the way through going to the closing should take no more than 4 total hours(definitely on the high side) of your time.
So, if you did 8 deals, you would spend a total of 32 hours working for the year.
Do you see what I mean about lifestyle?
And the example I gave you was VERY conservative.
Now, I’m sure you want to earn much more than that. I’m with you. But I just wanted to show you that extremely minimal activity can still earn you a living.
Now, let’s get into some bigger and better numbers.
Let’s say that you wholesale 5 deals and then rehab and sell another 3 deals in one year. I will stick with the prior conservative numbers to keep this example simple.
5 x 7500 = $37,500
3 rehabs x 30,000 = $90,000
$37,500 + $90,000 = $127,500
That’s $127,500 for doing 8 deals.
Now, rehab deals definitely take more time than wholesale deals, but once you learn how to manage them properly, they should only take you about 25-35 hours total. Now, again, I used a very conservative profit of $30,000, but the reality is that making 40-60k is very realistic for sure. I simply want this to be as “in reach” as possible so you can really believe in yourself and your ability to create this lifestyle.
Now, after having done the example amount of deals above, you would have worked a total of 117 hours and earned $127,500.
This leaves an absolute TON of extra time left over for you to enjoy yourself. Imagine yourself earning $127,500 and have the total majority of the year to do whatever you want. Sounds beautiful, doesn’t it?
Now, for the super aggressive, you could spend much more time to make a ton more and STILL have hours and hours of free time per week to live your life with your family the way you want.
This business is one of the original lifestyle businesses that allows people to be free.
I always say that I want to purchase 2 things with money: Time and Freedom.
There is a monetary value on both of those and when you can start to do just a few deals a year, you are well on your way to buying both.
I hope this gives you a little inspiration to get moving and get a deal under your belt. I could have went into much bigger number scenarios, but I think you realize that the sky is truly the limit.