How can you generate $50,000 in cash flow per month?
Uncle Tony says in Awaken the Giant Within: successful people ask better questions and as a result get better answers. Think about that for a minute… Mindset is critical to success in real estate investing whether you are just getting started or have many deals closed. If you are asking yourself limiting questions, you will get limiting results. You need to focus on asking great questions so your mind allows you to get great answers. With that being said, I’ve been asking myself this question a lot lately and my mind is narrowly focusing in on answering this question. How can you generate $50k in cash flow per month?
Recently, I was reviewing my company spreadsheets that track income, expenses and cash flow for each of our properties to see where we add up and it’s around $10,000 per month. If we continue down the path we are on then we will have to do fifteen more deals to generate $50,000 in cash flow per month. Alternatively, we need to shift our mindset to focus on doing fewer deals but make them more profitable and that’s exactly what we are going to do. We need to adjust our focus and start asking better questions like: How will we acquire another commercial building? How will we buy a large multifamily property? How will we add value to a property to increase income? How will we think differently to improve our business? I highly encourage you to run through this exercise to ensure you are asking better questions, tracking to your goals and adjusting your process if needed to achieve your goals.
The two main takeaways are: 1. Start asking better questions. E. E. Cummings said it best “Always the beautiful answer who asks a more beautiful question.” 2. Have a process to track your financials so you always know where you compared to your goals.
You can learn more about my properties from my previous posts: How I got started and Multifamily Purchase
