Don’t worry, this isn’t one of those scams and I’m not promising that you can start earning $10,000 tomorrow. It would certainly be nice to earn an income by doing absolutely nothing, but for most people, life just isn’t that easy. Passive income is certainly a reality however; you just have to put a little bit of work up front to earn it.
It Could Happen in Just 10 Years
If you are currently single, in just 10 short years you could quit your job and earn $10,000/mo. in passive income. Compared to all of the get-rich-quick schemes out there, 10 years might sound like a long time. But, what if you’re only 25 years old right now? You could completely retire by the time you’re 35! Plus, you could still continue to increase your earnings if you wanted to.
If you’re married, you could earn your $10k per month within the next 10 years as well, it’s just not going to be all sunshine and roses along the way. It will take some sacrifice. However, think about what you could do if you had a $2,500 check coming in every week for life! It’s only 10 years away!
Just to be clear, I’m making absolutely no guarantees (I don’t need to get visited by an angry mob on July 26,2022), but after reading my plan (which officially comes in Part 2 of this post) I’m sure that you’ll have the belief that you could follow the steps and earn your way to financial freedom!
Before we get into the steps that create an insane amount of passive income, you’ll need to understand and live by the principles below. If you can’t do these things, there’s absolutely no reason for you to read Part 2 of this post.
1) The Value of Real Estate
Would you agree that the value of residential dwellings are at an all-time low? A house that used to be worth $150,000 could be purchased tomorrow for just $75,000 (believe me, I just made a purchase like this earlier this year). Therefore, if the housing market had bottomed out, there’s really nowhere to go but up! Alright, that’s the first important piece of our plan.
2) Big Loans Are Risky – Avoid Them at All Costs
There are many real estate investors that have used OPM (Other People’s Money – ie. the bank’s) to purchase a multitude of real estate investments. Sure, they might look successful with all of these properties, but in reality they have a massive debt load with no guarantee of success! On top of that, much of the profits are razor thin because there’s still mortgage payments, home repairs, taxes, and insurance. If they’re unable to find renters or if the value of the property decreases, they could soon be in big trouble!
3) Reduce All of Your Expenses
If you want to make it big in the real estate business, you’ll have to learn how to keep your expenses to a minimum. I’m not just talking about your rental house expenses, I’m talking about your daily living as well. To earn big profits in a short amount of time, you’re going to have to pay off debts and build up cash for the next purchase.
I suggest that you live in a modest residence in the inexpensive part of town (make sure your dwelling is still safe – don’t get too extreme here) and rent out all available rooms. If you own a 3 bedroom house, rent out each of the spare rooms for $300 a month. Suddenly, you’ve increased your income by $600, which will help you tremendously throughout the course of the next 10 years. I mean, think about it, that’s an extra $72,000 by essentially doing nothing. This move alone will buy you an entire house!
On top of this, there are the regular cost saving tips – don’t eat out more than once a month, cut your cable, reduce the speed of your internet, get rid of your smart phone and get a regular one. The list can go on and on.
4) Increase Your Income
You will initially increase your cashflow with your real estate investments, but to speed up the process, don’t be afraid to get a part-time job. Any little bit helps, even if you just work one day a week. If you could earn $20/hour and work 4 days a week, you could earn yourself an additional $640 a month! Put this money toward your next real estate investment and you’ll be retired in no time.
To Be Continued….. Check back on Monday, July 30 for the detailed step by step plan that will earn you $10,000 per month in passive income..