Here’s how I made $65,000 PER MONTH in Real Estate in 2017 (Income Breakdown + Strategies)

Video Description

This is exactly how I ended up making $65,000 per month in real estate last year, and some of these concepts and strategies you could begin implementing in your business going forward. I’ll break it down, share the numbers, and share what’s worked best with me. Enjoy! Snapchat/Instagram: GPStephan Join the private Facebook Group: https://www.facebook.com/groups/therealestatemillionairemastermind/ I have three main sources of income when it comes to this number: 1. Working as a real estate agent 2. Rental property income 3. Equity gained by buying a renovating a property So lets talk about the largest income source, and that’s working as a Real Estate Agent. In 2017, I had 19 total transactions…11 sales and 8 leases. In total, that worked out to $21,838,100 in total sales volume. Now my business isn’t so much structured around selling as many houses as possible, but it’s about focusing on fewer, higher priced listings throughout my current and existing clientele. Most of this sales volume was made up between repeat and referral business, and this is how I’ve structured my business. This is how I was able to achieve a $22m sales volume without much prospecting, without driving myself crazy working nutty hours, and how I’ve still managed to increase my sales volume every single year, while still making 2-3x youtube videos per week, buying properties, and having free time. That’s why I also put such a huge importance on customer service, because making a good impression early on = huge payouts later on, and everyone benefits from this. The next income source is my rental income. Right now I have 7 tenants, and this worked out to about $4650 per month…it was about 30% lower for most of last year since I was in the process of buying a duplex, so the net income was a little less than it is now, but you get the idea. Again, to get this rental income, this is about 6 years in the works in terms of of savings and investing since buying my first place. So didn’t come quick, but it’s something that was able to scale nicely over time. This is also where I try to keep my expenses at every year, and that allows me to save everything else I make…so even though I make way more, there’s no sense spending it if you don’t absolutely have to. Finally, my last source is equity. The last two main properties I bought and renovated both went up in value by about $150,000 last year, which means I’ve gained an extra $300,000 home equity. Yes I count this as income because I purposefully bought these properties to fix up in areas that I felt were going to increase in value, and they did, and I could sell them for profit if I wanted to, but I’d rather keep them and do a cash out refinance. This saves on taxes AND I get to keep the property. This has always been my philosophy when it comes to investing in real estate - it’s to buy something that needs work in an area next to other ares that have rapidly increased in value, fix it up, and reap the increased equity as it goes up in value. From there, you can cash-out refinance and continue. So between the approximately $480,000 of income from my first two sources, plus $300,000 in appreciation, my real estate total for 2017 came to $780,000, or $65,000 per month. Again, not counting some other things in this just to keep this simple, but you get the idea. So here are my main takeaways from this: First, in any business, do it for the long run. Customer service is so important, and without it, there’d be no way I’d have any repeat clients, ever. Nothing great is built overnight. Set long term goals and stay consistent with it. The next…save. Doesn’t matter if you make $50,000 per year or $500,000 per year. Save as much as you can. And once you save, invest it. Finally, diversify your income if you can. Plus it’s easier to make more money when you have a few different sources of income coming in, especially if those other sources are passive and it’s something you can leverage. For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at [email protected] Suggested reading: The Millionaire Real Estate Agent: http://goo.gl/TPTSVC Your money or your life: https://goo.gl/fmlaJR The Millionaire Real Estate Investor: https://goo.gl/sV9xtl How to Win Friends and Influence People: https://goo.gl/1f3Meq Think and grow rich: https://goo.gl/SSKlyu Awaken the giant within: https://goo.gl/niIAEI The Book on Rental Property Investing: https://goo.gl/qtJqFq Favorite Credit Cards: Chase Sapphire Reserve - https://goo.gl/sT68EC American Express Platinum - https://goo.gl/C9n4e3