Inspired by Ryan Scribner’s video, here’s a breakdown of my 6 income sources, how and why I was able to build that up, and the timeless that led me to each of them - enjoy! Add me on Snapchat/Instagram: GPStephan
Join the private Real Estate Facebook Group:
The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $125 million in sales: https://goo.gl/UFpi4c
My first, and currently largest income source is what I make working as a Real Estate Agent here in Los Angeles. This began in mid 2008, at a point where I was barely out of high school, had no college degree, I really had no marketable skill whatsoever, so I figured…”Hey, I can just sell real estate!”. If any of you watching haven’t experienced a commission only sales job at some point in your life, I highly recommend it…even if you never want to do sales ever again, I really believe the experience a commission-only environment provides is invaluable.
My second income source is by owning rental property. This was because my income was so inconsistent from selling real estate, that I wanted something I could rely on month-to-month. I now I own 6 properties, and the passive income generated by those properties is roughly $4750 per month.
However, even though selling real estate and investing in real estate is fun and I really enjoyed it, I just felt like I wanted my own creative outlet to have fun, which led to my third income: YouTube ad revenue. In the beginning, I made pretty much anywhere from a few cents to make two dollars a day from ad revenue…but once my first video took off out of nowhere, I had a single day make me about $170. YouTube Ad Revenue now generates an average of about $14,000 per month.
But with YouTube, just like any great YouTuber, it becomes a right of passage to introduce…the course. To me, this was really about providing something additional to my YouTube videos…Instead of spending my time teaching one person how to sell real estate, I could create a really, really detailed program that HUNDREDS of people could learn from instead.
My fourth income source is money from rents that directly pay down the mortgage in form of equity. When you have a mortgage, that payment is broken down into two categories: Principle and Interest. This means part of the rent pays down my loan balance, which means that over time, eventually the tenants pay for the property until I eventually own it outright. This is how I make an ADDITIONAL $2500 per month by paying down the loan balances.
Finally, my 6th income source is probably the least exciting, but I’ll occasionally do real estate consulting calls, and that generates about $1000 per month. I don’t do them too often and it’s really just on a case by case basis, but I do really enjoy doing them and talking with you guys, so I figured I’d throw this in there.
The moral of this entire video is this: don’t rely on only ONE source of income and learn to leverage your time to maximize what you can make. This is so powerful, and gives you the protection and flexibility to be able to divide your time as you see fit. Also, remember that this was NOT started overnight..this is something that took me YEARS to do. It took me about 6 months before I started really making any significant money on YouTube. It took me YEARS to scale up my rental income. It took me months to create my course. Don’t get impatient, take your time, and see this as a long term outlook.
For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at [email protected]
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3