Posted almost 6 years ago

The One Thing That Would Make Everything Else Easier or Unnecessary

The One Thing that would make everything else easier or unnecessary is growing my own Money Tree

My #1 goal is to achieve a net passive income of $36,000 before I turn 31 on October 25th 2019 (71 Days) and $75k by the end of the year with no debts. $36k is the amount of money I need to cover my expenses and get by with minimal spending. Why $75k? because I read somewhere at some point that its the amount of money that generates the most happiness before diminishing returns. Why passive? I have a variety of outrageous goals unrelated to finances that will require extreme focus in order to achieve them in this life time. I will require financial freedom to afford me the time and attention necessary for my pursuits.

The Proposed Strategy

Alright, lets get down to business. Since I have no experience, my strategy is going to have to adapt and evolve as I learn. I personally love the idea of cashflowing investment properties and I am developing a strategy for how I can connect properties that will cashflow optimally as Airbnb locations with existing Airbnb hosts looking for their next investment or people that are interested in Airbnb investment property. For now my skeleton plan is as follows:

1) Identify High Airbnb income locations via Airbnb.com, Airdna.co and through networking with vacation rental property managers.

2) Use Airdna analytics to properly vet the rates, vacancy, saturation, seasonal fluctuations and optimal cost to income property type (ex. 2 bdr condo vs 4 bdr chalet).

3) Research properties that fit the optimal cost to income attributes

4) Network at Airbnb hosting events to find current hosts interested in setting up additional locations. Potentially host my own events and Joint Venture with investors interested in working with me to set up our own Airbnb investment properties.

5) Refer clients and partners to my TBD Airbnb Mortgage Specialist.

6) Standard negotiations, contracts and closing based on the established criteria.

7) Once I have verified that the strategy is viable I will plot the monthly trend and scaling required to meet my passive income goal. I will then synthesize my own standard practices manual from this blog.

Just a quick reminder- I currently have no hard evidence to support that this is going to work and I don’t recommend anyone take any investment risks based on what I have written thus far. Everything here is hypothetical and will most certainly change as I learn what works and what doesn’t.

The Rules

The Big 3

1) Carolyn Pogue - My Team leader and Mentor. I meet every week with Carolyn to discuss weekly goals and to follow up on progress.
2) John Peccia - My older cousin who owns and operates an extremely successful property management company. I hope to one day be as successful as John.
3) Morris Marcelli - A friend, Mortgage Broker and potential future business partner.

Promises For Tomorrow

For tomorrow I will establish my Monthly goal for the rest of August and write up the experiment I intend to conduct for the coming week.