I am super excited to share with you the June update. There has been a lot of progress this month as I work towards quitting my job! The June update, like almost every month, was filled with lots of work and good progress to my goal of quitting my job.
At the beginning of June, I started my six weeks of vacation from my job. At the time of writing this I still have one more week of vacation left before I go back to work. There are couple things that really stood out to me in these last five weeks not working for someone else.
Cons for Quitting Your Job and Working for Yourself with Passive Income:
- It is difficult to relax, go on vacation, and or turn your mind off from your business
- There is so much to do that you can probably work 24 hours a day and not get all the things you want finished
- You do not have a steady paycheck that you can count on week after week
- There is no employer who gives you vacation time to take off from work
- There is no medical insurance provided by your employer
- You need to have a budget and stick to it
- You absolutely need an emergency fund to handle those up and down months in passive income
Pros for Quitting Your Job and Working for Yourself with Passive Income:
- Life is so much better when you are not stuck in a job 40 hours a week
- I do what I want to do when I want to do it.
- I get so much more done on my many businesses that I feel I am losing money going back to work
- Per hour, I make more money on my own than working for someone else
- I make money when I am not working because my passive income with online businesses, book writing, and real estate
- You don’t need vacation time from your employer because you can take a vacation every. If you can pull yourself away from your business… J
- My medical insurance costs much less without a job.
- Life is too short to spend your life working for someone else, doing something you don’t want to do, and wasting your life when there are many other things you want to do
- I will gladly give up my 40 hours a week to work 80 hours on my businesses
- I absolutely need to quit my job as soon as possible!
I am so ready to quit my job! All of the Pro's crush the Con's. Everyone needs to quit their job with passive income!
June Update: Big Things Going On
Even though I have been on vacation from work, it has definitely not been a vacation. During this time off from work I have done more work for my businesses in one day then I got done in an entire week working my job. Three things have been consuming my time these last five weeks of vacation.
Maple Heights Property Closed and Already Making Money!
In my May monthly update, I explained how I negotiated the purchase price of my first of five properties I plan to buy this year. In June, I closed on the property in Maple Heights. I purchase the property for $45,000 and the value is close to $71,000.
The great thing about this property is that it was already rented for $1000 a month with a tenant who wanted to stay at the property. $1000 a month is a good rent amount for the area. Right away I am already making money!
Purchase Price: $45,000
Rented for $1,000 a month
Property Management $100
Total Cash Flow: $600 w/o mortgage
Purchase Four More Properties and Refinance Them All with A Commercial Bundled Loan
In my December 2015 monthly update, I explain how I purchased a rental property in Houston Texas. I purchased the property with the cash I pulled out of my primary residence through a cash out refinance. Praise the Lord I had lots of equity in my property as well as other savings to purchase this house and rent it out.
Once I bought the Texas property with cash, I needed to pull all of that money back out in a refinance. In March 2016, I finish the refinance and pulled out $160,000 of the equity to invest in future properties.
Since then, I’ve been on the lookout for good properties that will make me monthly cash flow. The properties also must have plenty of equity in the property so I can refinance them to pull the money back out. With my two main criteria, good steady cash flow and plenty of equity, properties are hard to find. Of course I could pay full retail price for a property but then I would have less money to buy other properties.
In the new area that I’m investing in Akron Ohio, properties are selling for $50,000 or more. They can also rent for $600-$750 a month. In June, I got two properties locked under contract and are in escrow.
The first property in Akron OH was already rented for $575 a month and I paid $21,000 for the property. The value of the property is close to $40,000. Since it was already rented, I was making money from the first minute I owned it!
This property should be rented for $650 a month so I will wait six months to see how this performs and raise the rent up $50 to $625 a month. This will make the property closer to the going rate for a good rental in the area.
Here are the numbers:
Purchase Price: $21,000
Monthly Rent: $650
Monthly Expenses: $257.50
– Taxes: $115
– Insurance: $80
– Property Manager: $62.50
Total Income: $392.50
The second property I put under contract is in Akron OH as well. This property will rent for $750 a month and I bought it for $24,000 and the value of the property is close to $55,000. There was a tenant in the property who was paying $550 a month but was planning on moving out by July 9th.
Because I did not want to buy a property that I had to immediately evict someone from, I set the closing date for July 12th. I said this date because I wanted to make sure the tenant was moved out before I paid for the property.
Once I take ownership of the property, I will rehab the property for about $2000. This should take about two weeks to get finished and I should be able to rent the property for at least $700 a month.
Here are the numbers:
Purchase Price: $24,000
Monthly Rent: $750
Property Manager: $75
Total Monthly Income: $495
These two properties plus the one I purchased in May, Now I need two more properties to get my five properties to then bundle all of them together into one loan and pull out ALL of my money! With a bundle loan, I will also pull out $20,000-$30,000 of equity from all the properties to invest in more properties.
Next Two Properties to Purchase Will Be In Akron
I am currently considering to other properties in Akron Ohio. I want to continue building this new area that I just started investing in. Just today, I got a property under contract for $18,500 from a bank as a short sale. I know this process take a little bit of time but in the end it will be a great investment. The property is worth $50,000 and can rent for $650 a month.
Hopefully I will close within 30 days but you never know with a short sale. Banks could take a very long time to do the short sale. If I close in 30 days I will be very happy.
I still have not found this fifth property yet but I hope to find one in July.
Book Writing Business
Lasting Marriage Book Launch and Passive Income
Since February, I have been working on my most recent book called “Lasting Marriage”. This book is a labor of love for me. I have a huge passion to see marriages be successful and wanted to share what I have learned with as many people as I can.
In June, I finalize my book cover, artwork, formatting, and marketing plan for the launch. This book is designed to help couples understand the meaning and purpose of marriage as it was designed by God.
I picked the launch date of July 24th to launch my book to give adequate amount of time for people to review it. Once we hit the launch date, I have a marketing strategy to try to hit the “bestseller” status and Amazon. There is a lot goes into a book and making in the seller. Maybe sometime in the future write more about it and how to become a bestseller.
From one book, I make anywhere from $300 – $1000 a month depending sales. My plan is to write 10 books in the next two years to build up more passive income for myself. If I have 10 books making a minimum of $300 a month, I would make $3000 a month in passive income.
To make money with books, all you do is write one book and Amazon and other sellers do all the work for you. This is absolutely passive income!
Lasting Marriage Launch Team and Get A FREE Copy of the Book!
In the month of June, I created a launch team of a dozen or so people who will help me launch the book successfully. The launch team is basically a group of people that will do a few things for you. Here is a list that I request from launch team:
● Reading or listen to the book and provide feedback
● Reaching out to bloggers/influencer's or anyone that would appreciate the book to help me get it out to more people
● Promoting book on Social Media, facebook, twitter, etc.
● Downloading book on Launch Day (Free Promo) July 24th
● Writing Reviews – I would even like to put a review from you IN the book if you are willing.
If you want to know about the book and get a free copy of it, you can join the launch team!
Launch Team Has Ended
Lasting Marriage Marketing Plan
Along with the launch team, I created a marketing plan to get my book noticed by lots of people right away. The more people you get to download your book in a short period of time, the higher up in the church you get on Amazon to become a bestseller.
I am using both paid and non-paid marketing for my book. There is so much to learn and implement in marketing a book. Sometime in the future I will write more about how to market a book to get it to be a bestseller.
So, I am so close to quitting my job! After I purchase these last two properties and refinance them, I'm outta there!
How are you guys doing with your passive income to quit your job? Let me know be leaving a comment below.