Making money from real estate seems hard… at least that’s what the people who are raking in the real cash want you to think.
They don’t want you swooping in and taking a piece of their pie…
But thanks to this simple checklist, there’s nothing they can really do to stop you from taking 6 steps to your new 6-figure salary…
Real estate investments have their ups and downs, but (despite what most people think) it’s not random.
If you have friends that dabble in real estate investments, you most likely hear about horror stories that spread like wildfire throughout the industry.
These horror stories happen to people who try to skip past essential steps, and then learn the hard way.
If they were to follow these 6 simple steps from the beginning, they could be on that 6-figure salary that you’re heading toward.
Like anything in life, success in real estate is all about being consistent and taking the right steps in the right order.
So, before I explain these 6 simple steps, I first must make sure you’re in the right mindset to make the right moves to that 6-figure salary.
Any real estate investment should be run like a business. Therefore, you must take the necessary steps to create your own real estate business, but once you see the money pouring in, you’ll be thankful that you set it up this way.
So now that you understand that these real estate investments must be run like a business, here are the 6 steps that’ll set you up for that dream salary:
Step 1
Like in any business endeavor, you absolutely have to clarify for yourself what your dreams are.
Dream as big as you like—this is your business after all.
To visualize these dreams, give some concrete objectives. If you want to own 5 real estate properties, then state exactly where you want those homes to be (e.g. Florida, Hawaii, London, New York, and Texas).
It’s impossible to move forward if you don’t have any goals to visualize.
Step 2
This step is all about understanding what sort of wealth and cash flow it would take to actualize these dreams.
One of the most important things to do during your quest for that six-figure salary is to set a date that you wish to achieve these goals by and stick to it.
Ask yourself: Considering the cash flow needed to reach my dreams, when will I be able to say I’ve accomplished them?
Depending on how big your dreams are, this could be anywhere from 3 to 10 years. It all depends on how quickly you can physically reach these goals.
Also, calculate how much money you would need to reach these goals, and then multiply it by 20. It seems like a big number, but this will accommodate for your initial income during these steps, as well as any extra expenses on the properties you acquire.
Make sure this figure covers all your basic needs, and if it doesn’t, increase your target. Keep this figure somewhere that you’ll see it next to a list of the dreams you’re aiming to reach.
Step Three
Ask yourself: Financially, where am I today?
Consider all your available assets, savings, and liquid investments, and figure out how much money you have at your disposal if you were to liquidate all these.
Step Four – Vision, Mission, Values
This step is probably the most important one on your journey to that six-figure salary.
This will act as your business plan as you move forward with your real estate career.
Answer these questions:
What is my vision? (Financial freedom? Unlimited family time? Freedom to travel?)
What is my mission? (Invest in profitable real estate? Accumulate a consistent six-figure salary through my real estate business?)
What are my values? (To constantly self-educate? To respect other people? To be influential? To change the world?)
Just like your dreams, these answers should be as big and as bold as you’d like them to be. If you’re determined, anything is realistic.
Step Five
This step is where you’ll figure out which type of real estate investments are best for you. Whether it’s residential, commercial, or agricultural, you must enjoy finding the right investments for your business.
If you find pleasure in renovating residential homes and providing great rentals for families, then that would be your niche.
Step Six
This last step is where you turn your business into an automated cash machine.
Create a table of criteria for the properties that you’d be willing to invest in. It could look something like this:
Minimum potential property appreciation: 10%
Minimum rate of return: 50%
Price range: $200,000-$600,000
Maximum amount of investment: $80,000
Maximum time commitment: 5 hours/mo.
Location of investment: Eastern U.S. (to begin)
Once you have your investment criteria set up, you can refine your property search and cut out any properties that don’t meet your criteria. This speeds up your process, and as you already know: time is money.
If you follow these 6 steps consistently, and in order, you’ll be on your way to that six-figure salary in no time.
