How to make 10k a month?

Question

Hello everyone, I am a 19 (turning 20 next month) year old female that just started really getting interested in real estate. I am very good at managing money, I can stay down and save money. It’s hard but with a goal I know I can achieve it, probably the best thing I know how to do. I never really liked school AT ALL so college never was really an option I was looking at, and still I’m not. My brother has been telling me about if you have good credit, and you stay at a job for 2 years you can take a nice loan out from the bank and start doing real estate. While that sounds nice and I’ll still do it, if I have to work a job for 2 years I’d rather be saving my own money to go into real estate. I just graduated from high school in 2017 and I haven‘ been able to keep a stable job for 2 years, I’ve been in and out of temp services. But one thing I know I CAN do is save money. So, I said all this to ask, if I was to save up 100k in a year starting my own business, could I still take out that loan even if I got money not from a real 9-5 job? And if I was to start out with 100k from my own money, can I be making 10k a month passively with real estate? And If I can, how should I do real estate in order to get 10k a month passively and FAST.

Bjorn Ahlblad · Answer

@Rhema Holloway welcome to BP. Having the ability to amass capital is one of the key elements to getting successfully involved in REI; but it is not a get rich quick venture. Most of us here, me included, would love know how to turn 100k into 10k/mo. I will be following this thread waiting for secrets to unfold.

Eric Bilderback · Answer

It would not be easy to turn a million into a 10k a month.  Depressing I know but the return on capital is low at least at this point in history.  The up side is not to difficult to create equity/wealth.  This is what I will be telling my kids when they get to your age.  House hack buy a plex (low down payment) and rent out the extra units and even the extra rooms.  After that is established use the 100k to buy a rental personally if I were investing today in my area I would be thrilled with 800-1k back if I am managing it.  Then  move every year move into (owner occupied) a new plex using a low down payment.  5 years would be my goal although unless the market is especially kind to you or you become incredibly lucky I think this will take more like 7-10 years.  You will all of 27 so.  And you will be so happy that you did this the rest of your life.

Once you have made or are on the way to this great accomplishment don’t screw it up by marrying some knucklehead!

Good Luck

George W. · Answer

You can get to a point eventually where you make 10k/month in passive income but it takes time and that won't happen overnight. It will take quite a number of units after expenses to acutally make 10k/mo. The thing with any investment really is that if it's "fast" it's probably more risky. You don't want to over leverage yourself.

What kind of business would you start? You should focus on continuing to save and to have a stable income and focus on more manageable steps because 10k/mo over night with 100k isn't going to happen

Bjorn Ahlblad · Answer

Not exactly. More like when Jim Carrey, in Dumb and Dummer, says to Mary Swanson; "so you're telling me there's a chance"?

Rhema Holloway · Answer

@Nick Earls wow. So I’d basically need like.. a million to start out with if I wanted to START out making 10k a month. Or am I still wrong? I’m really new to all of this so any advice is good for me.

Nick Earls · Answer

$10,000 a month in passive income from $100,000 invest isn't realistic in real estate today, especially if you are just starting out.  The quickest way to scale using 100k in cash would be flips in my opinion, but no one would call flipping passive.  There are lots of resources on how to flip houses and you can even learn new construction once you have some experience.  Use some of the profit from flips to buy multi families and you can gradually work your way up to 10k a month in passive income.

Brad Stephens · Answer

Being young you have time on your side, do your homework on compounding interest over time (play with some calculators). To think you'll be able to open a new business and generate enough income to save $100k after taxes all in the first year, is very optimistic. If you make good decisions with your money and investing OVER TIME, your money compounds and starts working for you. It takes time though. First thing I would do is read "Millionaire Real Estate Investor" and "HOLD" by Gary Keller, Cash Flow Quadrant by Robert Kiyosaki, etc. Listen to BP podcasts, etc to educate yourself. Wealth is a long term journey. Snowball your returns and keep reinvesting. You got nothing to prove to anyone - don't get trapped in the golden handcuffs either improving lifestyle when income goes up. Look into getting your real estate license too if you're thinking about starting your own business too. Low- barrier of entry and you'll get more familiar with property values. "my 2 cents"

Rhema Holloway · Answer

@Bjorn Ahlblad so you think there is a way 100k can turn into 10k a month is what you’re saying?

How to make 10k a month?

Most Popular Reply