What I did today
Another laid back day on the work side of things.
It’s funny because I’m writing this at 9:30pm today and I’ve been working for about ~13 hours now. Overall, it still feels like a laid back day so I’m excited and considering this one a big win.
Rather, today was much more focused on taking care of myself and building systems for passive income.
On the taking care of myself side of things, I did two things today. The first was eat mostly veggies for the entire day. That’s unusual, in that I’m always tempting to grab a snack that is non-vegetable related. The second is I went to a yoga class and feel much more flexible and loose than before.
On the building systems side, I published a few more words on one of my websites. I actually think one of my websites has a pretty good amount on content on it right now for being ~2 months old, but I need to 2X that amount of content ASAP in order to get more people on the site.
I’m realizing the name of the game is to get 150,000 words of content on an affiliate site within ~3 months, then sit back and slow your output. Then, put on an additional 2,000-3,000 words of content a week as it slowly grows up from there.
But, the most exciting development was we got a HOT lead about another investment property. This property is another small apartment building in the midwest, this time with 9 units in it. It looks wildly profitable, almost too good to be true. We won’t be going to see it in person, but our agent on the ground in the area will and she’ll send us videos from it.
If the property looks good, then we can afford it. If we get it, it should be 7 existing units + 6 units closing in March + this one for 22 units total! We’d expect to bring in ~$4,000 a month in income, which should be $133/day in income
What I’m thinking about today
The love of my life and I talked about this at length tonight, but there is an interesting trade-off.
In the end, we’d love to own million-dollar properties that bring in stable, consistent cashflow across 20+ units per property.
The trade-off is: Do we buy smaller, more affordable properties now or save for a year straight to try and buy a bigger property?
The consultant in me says: build a financial model and the answer will become clear. (Don’t worry….I already built one)
But, that doesn’t consider the ghost in the machine. Real estate prices are extremely high now. They’re due for a decline at some point soon. When they decline, it would be great to pick up million-dollar properties at a discount.
When is that?
We can’t time the market, but it would be great if we could
What I made today
Rental Income: $25
Interview Coaching: $0
Affiliate sites (2 sites): $0
Today’s pro-rated amount of monthly expenses
My plan for tomorrow
Tomorrow looks like another light client day, so let’s hope for a lot of website content published!
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
The hope is that this series of posts will inspire someone else out there to make their entrepreneurship dreams happen.
Dean Woods is currently a VC-backed startup 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.