Are you interested in making half a million dollars a year in passive income from real estate? In today's blog, we will be discussing an exact blueprint for achieving this goal, and more importantly, how you can begin this journey to financial freedom with little to no money of your own, just as I did. It will shock you how simple it is. Let’s dive in!
Firstly, it's important to clarify your financial goal and when you want to achieve it. My goal was to achieve $500,000 a year in passive income from my properties within the next 10 years. To make it simpler, I wanted to buy one investment property a year that nets me $50,000 a year for the next 10 years. Once you've done this, you need to identify your “Buy Box” criteria or the investment criteria your property needs to meet in order for you to want to buy it.
In my case, I wanted to buy one property a year that made me $50k when all was said and done, so I narrowed my search down to medical plazas and retail strip centers. It doesn't have to be the same for you, but it is important to find an asset class that generates enough income after subtracting all the expenses, to still have enough leftover to chip away at your goal.
Commercial real estate has much more upside potential than single-family real estate with the same or even less effort. The ability to increase a property's value and cash flow potential is what makes it appealing. This is why I formulated a new passive income plan that has worked for me.
As you create your own passive income plan, it's important to remember that financial freedom is not achieved overnight. It is made in a crockpot, not in the microwave. The main mistake people make when starting this journey is thinking it's going to be easy and quick. This isn't a fast money plan, and it will be challenging at times. However, when done right, it will make you a multi-millionaire.
To start, all you need to do to achieve this plan is make one simple investment every year. If your goal is $200k a year in 10 years, then it’s just one investment property a year that nets you $20k a year. By thinking about your passive income plan in the context of a 10-year time horizon, you will have an action plan that you feel confident you can execute on.
In conclusion, the key to success is creating a passive income plan that aligns with your financial goals and investment criteria. By breaking down your goals into manageable parts and focusing on commercial real estate assets with the most upside potential, you can achieve your financial freedom dreams in the long term. Remember, it's not a fast money plan, but with consistency and patience, it can make you a multi-millionaire in the process.
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