What’s the first thing you would do if you were granted a six-figure salary? $100,000+ a year is a lot for somebody who’s been slaving away at an office job during their better years.
The six-figure salary seems like a myth to most people, but I want you to know that it’s more attainable than you think.
These 7 simple steps will lead you right to that $100,000+ salary, and you’ll be living your dream life before you know it…
Real estate investments have their ups and downs, but—despite what most people think—it’s not random.
If you have any friends that dabble in real estate investments, you probably hear about horror stories that spread like wildfire throughout the industry.
These horror stories are caused by people who try to skip past essential steps, and then learn the hard way.
If they were to follow these 7 simple steps from the beginning, they could be on that six-figure salary that you’re heading toward.
Like anything in life, success in real estate is about being consistent and taking the right steps in the right order.
So, before I explain these 7 simple steps, first I have to make sure you’re in the right mindset to make the right moves to that $100,000+ salary.
Any real estate investment should be run like a business. Therefore, you have to take the necessary steps in order 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’s the 7 steps that’ll set you up for that dream salary:
Step 1 – Imagine
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.
In order 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 – Financial Goals
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.
Step 3 – Cash Flow Target
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 4 – Current Wealth
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 5 – 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. As long as you’re determined, anything is realistic.
Step 6 – Investment Niche
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 have to 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 7 – Investment Criteria
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 7 steps consistently, and in order, you’ll be on your way to that six-figure salary in no time.
