What I did today
Today was a website day. I published ~4,000 words of content on one of my affiliate sites to help that grow.
I also built out a plan on how to have 20 functioning affiliate sites by my 30th birthday. That’s a tall-task because 20 affiliate sites is an unbelievably huge amount of content in just a few years.
The math projects I’ll need exactly 8 million words of content!!!
I started writing “If I hit that”, but now I’m re-writing that. When I hit 8 million words of content, I’ll have 20 sites that are marking at least ~$2,500/month, and possibly up to $5,000/month per site.
In that case, I’d have created $50-$100K a month in income, which would be anywhere from 16-33% of my $10k/day goal.
That’s a really healthy chunk of the way to the goal, and enough recurring income to put towards more real estate.
So, in other words, I built a more detailed plan and started executing that plan today.
What I’m thinking about today
I need to make as much as possible from consulting, ebooks, websites, and more. Then, I need to use that income to buy real estate. This is my strategy to hit $10K/day.
There’s a building that my finance and I have had our eyes on for a while. Right now, we own 7 units and we’re closing on 6 more this week. That’s 13 units.
But, this other building has 24 units in it. It would be ~$3,000 a month in rental income, after all expenses. That’s fantastic!
But, it’s >$700K, and we don’t have enough for the down payment.
Since the seller of this one is also the seller of the 6 unit (so they know we close our deals…important in real estate), they have mentioned being willing to do seller financing.
In essence, we’d put down 10%, they’d put down 10%, and the bank finances the remainder. We’d then pay back both the seller and the bank, paying the seller back in full within a year.
Theoretically, this is a great deal. We’d pick up 24 units, bringing our total to 37. We’d have roughly ~$5,000 a month in rental income each month, after all expenses.
It could also be financial ruin with the coronavirus. If rent is no longer mandated, we might not get paid the rent we’re owed. That makes the monthly payments dangerous and prohibitive.
As I work for a startup for my day job and am an expensive resource, I’m a possible layoff target. My consulting business might also really struggle with what’s going on.
I also still have debt.
I also have a little baby coming.
So, the smart choice would be to pass on this particular deal. The risky choice would be to go for it.
If we go for it, the “need to belives are:”
- I need to believe that at least 50% of the rental income will continue to come in (which covers the mortgage, at a minimum)
- I need to believe I can keep my monthly income (job + consulting income) above $5,000/month
I think this is a risk worth taking.
What I made today
Rental Income: $17
Interview Coaching: $0
Affiliate sites (2 sites): $0
Today’s pro-rated amount of monthly expenses
My plan for tomorrow
Website work. As mentioned in the plan above, I need 8 million words over the next few years.
I need to hit my monthly word count targets.
So, let’s get writing.
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.