What I did today
Today was a couple steps forward, but also incredibly difficult.
I’m working with two clients right now on the consulting side of things:
- One is demanding, but very clear on what they want, and super sharp guys
- One isn’t clear on what they want, and don’t understand the market they are in
Which one is making my life difficult?
It’s actually the second one.
I knew I shouldn’t take this project. I did a call with them when they wanted to hire me, and I got off the phone and told my fiancee “this team doesn’t get it.”
That’s not trying to be arrogant or insulting. The team has a good product and wants to raise investor money. But, they want me to highlight the wrong things in a pitch deck for them. Think: going into Shark Tank to raise $1M and telling the sharks how much you slept last night instead of your sales.
So, I’m faced with the age-old consulting dilemma: do I tell the clients what they want to hear or what’s right?
I’m telling them what’s right.
And, I’m sure they hate me and are disappointed in my contributions.
But, I’m not going to flat out lie for a paycheck.
Moralee of the story: be more selective of my clients to avoid this situation in the future.
What I’m thinking about today
I’m thinking about real estate!
As you know from the income report below, there’s some rental income coming in each day.
I can only make ~$1,000/day doing consulting and my day job. To 10X that (as Grant Cardone would say), I need to get the passive income. That’s real estate.
But, to do that, I need capital to invest in real estate.
Right now, we have 7 units. We’re closing on 6 more shortly for a total of 13. We also have an accepted offer on 9 more, which brings it to a total of 22 by ~April 2020.
That’s great because it will be around ~$100/day in income.
We’re also looking into buying a 3 unit for ourselves. We’ll live in one and rent the others (house hack) to save income. In that scenario, expect to see my daily expenses fall off a cliff!
But, that will require substantial cash!
There’s enough money on hand to do it, but it will pretty much exhaust all reserves.
So, it’s risky.
But, it’s the best path forward I see.
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 should be about all the manual work necessary to get these real estat deals over the finish line
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.