I have a huge income goal that I’m aiming to hit by 2025.
One part of my income will be realestate, and at the moment I’m 18 years old, never touched realestate (have a general understanding of developing, options, etc), and I’m currently making $1,400/week income online.
My question is: how could I get from where I am now, to making over $300k/month income from realestate. I know it’s definitely possible, but I want to hear what you guys think is the fastest possible way to get to that point in 6 years time. I’m not saying that I want to cut corners and take “short-cuts”, but I’d like strategic opinions on the best way to go about this.
I’ve been told numerous times that I’m too young to be thinking about all of this, but life is too short and I’m hungry to build an empire and legacy for my family, generations to come.
I’m determined. Let me know your thoughts.
That is $3.6mil per year. If you receive 10% pa return on your capital you will need about $36mil in unencumbered assets.
To do this you could save $2mil per year, or buy $72mil worth of property and perhaps sell half and use the proceeds to pay off the rest.
How could you spend $300k per month?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thank you Terry for the input on my post. I appreciate that!
I will have other sources of income, so by the sounds of things, it would be best to rapidly grow my net worth elsewhere then invest into property for a somewhat stable stream of monthly passive income.
The following are my projected streams of income.
Ecommerce branded drop-shipping stores – $260,000 / month
Digital marketing agency – $50,000 / month
Forex trading – $193,000 / month
Property – $300,000 / month
These will sound like unfathomed ridiculous numbers, but a multitude of people have well surpassed these numbers themselves; the only difference is that I’m trying to achieve it in such a short amount of time. These numbers are definitely reachable in this day and age; I just need a unique strategy in place and a huge amount of work ethic. I haven’t pulled these numbers out of nowhere either, I know exactly what income I need in order to do certain things and own certain assets.
With this income I will have the freedom to…
– Build my dream home.
– Purchase my parents a house.
– Own a 2008 Gulfstream G200 aircraft with 400 hours of flying annually (7.7 hours/week) – Operating costs are around $321,300 / month.
– Ability to very comfortably start a family.
– Ability to pay successful people for their time and learn 1-on-1 from them to progress myself further.
– Ability to travel where I want, when I want, and with anyone I want.
wow you are keen
best to make you money in business and to hold it in property – perhaps.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Course the hardest bit will be trying to get anyone to lend you money to buy the first property with no initial income.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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