To be succeed as a real estate investor you need to create a plan.
As an example, my plan as an investor is to receive 1 million dollars in passive income from real estate.
To accomplish this plan, I need to take small steps every day.
So, What is passive income?
In simple terms, passive income is making money while you sleep or like some of my friends call it, mail box money. You get a check in your mail box every month, even if you decide to go to work or not.
Also, passive income is a way to create true wealth, as Tony Robbins phrase it, true wealth is the ability to live life on your own terms, so you can design a life that makes you feel alive and fulfilled.
Real estate, is one of the channels to achieve that Freedom that we all are looking for.
I was raised on the idea, like many of you, that having a better life, a better future, I needed to go to school, get a job, and save for retirement.
That’s nothing wrong with that traditional approach. but it is not going to create true wealth or Financial freedom.
One of my favorite books in real estate is written by Gary Keller, he is the founder of Keller Williams Realty, one of the largest real estate companies in the world. So, getting some advice from him its very relevant, right?
The Millionaire Real Estate Investor Plan
He wrote a book named The Millionaire Real Estate Investor. In his book, he mentions this path to financial freedom, that I also like
He talks about the natural progression of the investor that is
- Buy one million dollars in real estate
- Own a Million dollars in equity
- Receive a Million in annual income
This is a very powerful approach, and it’s a plan you can follow as well
Planning your journey is one of the most important aspect of a successful real estate investor.
But the best plan is the one you can get to create based on your own numbers
The Freedom Number
To create your plan, you need to determine your freedom number first
This number is the monthly income you need to live the life you want.
Add all your monthly expenses, then add the extra money that will allow you to do the other thing you want.
The other things can be funds to travel, a college savings for you kids, entertainment, and anything else you want
Also don’t forget to add money for charity as this is a way of giving back to the others and your community.
Now that you have your freedom number, place it in your office, in your bedroom, in the kitchen, anywhere in your house, or any place that you can see it. This will give you the motivation needed to accomplish your plan
Remember, building wealth is a process, so take it one step at a time through each phase.
And the secret of getting ahead in any project you set up to do is getting started
Now that you have calculated your freedom number, that will become your plan, your target you need to reach
I hope this information was beneficial to you and commit to act today
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