Are you a political junkie? Do you follow along with what the White House and the Senate are doing?
I think it pays to be informed and to learn from both newspapers and the comments, but I’m certainly not an expert.
Today, however, politics are very much on my mind. The reason why: buying the 24 unit building we’ve had our eye on for a while entirely depends on Trump.
The 24 unit building could be ours for $750,000. Since it will be seller-financed, we’ll need to put down 12.5%. Maybe even 15%.
Assuming 12.5% to be safe, that means $94K. Assuming inspection and closing costs, it will take $100K to buy this piece of property, split between my fiancee and I.
I also have a tax bill that is going to be at least $20,000, due to the 55% tax rate I talked about a few weeks ago.
I can’t afford to buy the building and pay taxes right now.
Which is where the political angle comes in.
The tax deadline has already been pushed back to July from the usual April. According to numerous sources, the White House is thinking about pushing back the deadline again to September or December in order to help stimulate the economy.
From their perspective, it makes sense. It does keep added money in circulation. Trump can also say in re-election speeches that he prevented people from paying taxes, which will probably play well.
The reason I’m mentioning it though is this building purchase of ours is now political.
- If the tax deadline gets pushed back, we can afford to buy the building now
- If the deadline doesn’t get pushed, we cannot afford to buy it
So, here’s to hoping the deadline gets pushed.
What I did yesterday to make $10K a day at 30
The current phase of the plan
I’m in Phase #1: The Job & Side Hustle Phase. You can read more about the phases and my plan to get to $10K/a day at 30 here.
Wake up & sleep:
Whoop has started working again for me. I woke up at 8:40 after going to bed at 12:23. The late bedtime was directly related to me being up working on my business plan that I’m pumped about and talked about yesterday.
Whoop liked the recovery though of 98% so it was helpful in me getting a lot more stuff than normal done.
Day strain was at 6.4 out of 21, so extremely low. I spent a lot of teh day, even though it was a Sunday, on the phone. I talked about that below in the miscellaneous section.
Diet was coffee, and some curry. 3/5 with 1 being the best.
My Day Job
Sunday, but I did a few hours here and there to help figure out a few different strategies/tactics for a project I’m working on in the office.
Investment real estate
Once we get clarity regarding the tax situation, we’ll move into hyperspeed quickly. I’ll need to get our real estate process going, set up a new LLC for liability protection, and talk with our banker. I also need a quote from the insurance guy.
Lots of steps will need completion very quickly.
My Actual Business
I checked in with my Fiverr guy wh is scraping target emails for me. I’ll need him to get me ~1,000 emails for people to reach out to in order to do interviews.
I need to talk to these customers in order to figure out where there is opportunity, how big of a pain point it is for them, and how much they would be willing to pay for a solution.
I have a few projects going on now.
Emailed back and forth, and a lot of Excel work.
Sourcing new work
Nothing, but I did to do some!
Published the post
My fiancee and I spend time together, went on a walk together, and watched an episode of Cake Wars together.
This was actually the majority of time for the day.
We live in an expensive and small apartment in downtown Chicago. The cost is a negative, and the small size is now negative with quarantine.
By moving, we’ll be able to hopefully save cost and have more space. Maybe I’ll get a BoFlex or something to enable a workout, and use the saved revenue to kickstart my business plan.
I’m very excited about this
Rescue Time Daily Screenshot
What I made today
Rental Income: $33
My Actual Business: $0
Affiliate: Not doing yet
WordPress Maintenance Site: Not doing yet
Dividend Income: Not doing yet
Micro-SAAS’s: Not doing yet,
Hotels: Not doing yet
Today’s pro-rated amount of monthly & yearly expenses
Once I pay off my debt, I’ll break out expenses into a line by line as well.
Today’s Income (pre-tax)
My plan for tomorrow
Tomorrow I need to:
- Do work for my business plan client
- Significant work for my day job
- Help plan the move
About the Author & The $0-$10K/Day Case Study
Dean’s goal is to create $10,000/day in passive income through entrepreneurship. Too many people write “success porn” that skates over the struggles many face in entrepreneurship. His goal is to create something real that highlights the lack of sleep, disappointment from family, and setbacks you really face in entrepreneurship.
To read more about how this case study is set up, check out the ground rules here.
The hope is that this series of posts will inspire someone else out there to make their entrepreneurship dreams happen.
Dean Woods is currently an executive by day and a bootstrapped micro-startup CEO by night. Prior to working in startups, Dean was a management consultant. Dean graduated with honors from The Wharton School.