The term “retiring early” is used by a lot of people. However, I like to say that I am Successfully Unemployed.
I love being successfully unemployed, and I also like the term better than retiring because it sounds like an older person. No, what I did and what I teach others to do is quit the J.O.B. The Just Over Broke Job and become successfully unemployed.
To become successfully unemployed as a real estate investor, I want you to understand a few things.
I did this; I became successfully unemployed at 37 years old and started buying property after property. Starting in 2006, and in six years, I had 19 properties that made me about $6,500 per month in passive income.
I knew I could quit my job with that amount, and I know you can too. After I got the 19 properties, I kept buying more properties and kept growing my business.
At year nine, I was finally able to quit my job.
It was such a relief to become successfully unemployed because I could do whatever I wanted, whenever I wanted.
You know all of the benefits from becoming successfully unemployed or retiring early. Benefits like having enough money to pay your bills, buy the car you want instead of the one you need.
You will be able to go to a restaurant, look at a menu and know that you don’t have to worry about the prices anymore because you have the money.
Not only monetary benefits but things like time are benefits. You will have the time to spend with your family, or on a hobby you have.
There are so many great benefits to retiring early or becoming successfully unemployed, and I want to teach you how to get there.
In the process of investing in real estate, there are a few things you need to know and prepare for in advance so when it is time, you are ready, and you can quit your job.
Outline to Prepare for Becoming Successfully Unemployed
Prep #1: Calculate All of Your Expenses
You want to make sure you calculate all of the regular monthly expenses that you go through. Essentially, you want to make an itemized budget for yourself.
As a quick example, I calculated that our family spends about $4,000/ month on expenses. I knew that I needed to make more than that per month on my rental properties to quit my job.
Of course, these items included mortgage, food, insurance, and household items.
To do this, you could look over your credit card and bank statements, or just tracking for a month or two to make sure you have all of the expenses accounted for.
Prep # 2: Account for Life in Your Expenses
You have already accounted for expected expenses, now you need to account for life’s happenings. This includes vacations, Christmas presents, or anything that may come up that will cost money.
Add in a buffer for your monthly expenses to allow for unexpected events. You can start by adding about 10% to your monthly expenses. So in my case, about $400 or just round the amount to $4,500 per month.
Prep #3: Learn How to Invest in Real Estate
I can’t tell you enough, how much there is to learn about investing in real estate.
Things like building your business first, finding and area of the country to invest in, finding the right properties, making sure you have people working for you.
I am going to offer you a huge jumpstart. I am giving you my real estate investing course, absolutely free. You can access that here.
With this free course, you will learn all of the things listed above as well as how to make $250/month per property in passive income and become successfully unemployed.
If you would rather, you can even test “RENTAL” TO 33777 to get your hands on the free course.
I don’t want to make it sound daunting, but there are so many ways to do this business, WRONG.
So many people come to me from my Wealth Builders community that have done something wrong, or bought the wrong property, and I show them how to do it properly.
So start here. Watch my videos, take the free course and start learning now because there is so much you need to know and learn in order to do this business right.
Prep #4: Buy Income Producing Assets
These are properties that are going to make you money. If you have a job, you trade an hour of your life for income, you are earning it. That is not what this is.
I want you to make money where there wasn’t money before. I want you to buy a property, rent it out, and make that money. Our properties are what make us money and do all the work.
Prep #5: Buy a Property that Makes You $250 a Month
Find and buy one property that makes you $250 a month in passive income. That is $3,000 a year in passive income. That amount of money can go along way in supporting your family.
Prep #6: Scale the Business
Since you are already doing the prep items above, now you want to scale, or grow, the business more. Think about having 10 properties, that is $30,000 a year in passive income!
Make the business bigger by buying more properties.
Pro Tip: Do Not Spend The First Money You Make
Save the $250 per month from your first property to use for future purchases. You want to keep recycling that money into your business for the next properties.
When you start making an extra thousand dollars a month, it might be tempted to spend it. Save it instead!
A personal example is for about nine years, my family and I didn’t go on any vacations, aside from visiting my in-laws once at Christmas.
Every penny that didn’t go to a property that was spent on fancy food or vacations, was one more step away from me quitting my job.
Prep #7: Scale Your Business to 20 Properties
This is where the savings becomes important. It keeps adding up and getting bigger, when eventually you will have the 20 properties in your business.
You are going to have so much money coming in, you may be buying properties every couple of months. This is what the wealthy know, and this is what I am teaching you.
I am passing this down to my children so they can have generational wealth. Not only the money but also the principles are taught to my children.
When you get 20 properties, that is $5,000 a month. $90,000 a year in passive income! And remember, $250 is the minimum to aim for from each property each month.
It can be higher, of course. An important thing to remember is that once you get things rolling and paying off mortgages, that is only going to increase your passive income!
Prep #8: Quit That Just Over Broke Job
This was the best feeling for me. Saying goodbye to the J.O.B feels great, and I want you to feel that too. When you have that passive income, you can leave the job.
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