at 7am I’m headed off to Dayton, OHIO for the RISE Conference, a congolmerate of 200+ colleges, for the Global Student Investment Forum. Paid mostly by the Finance Club, which I of course signed up for, and why most people diddn’t I don’t know, one of those mysterys of the unknown!
Lets make sure we take advantage of opportunities!
OK Dayton OH, 3 Buisnesses and Real Estate!
Well OK, maybe 3 buisnesses is an exadoration, but its official now.
My buddy Bryan Baker and last week filed our new corporation, BW Online Incorporated, what we will do is basically be a middleman for money, right now the current idea is getting lines of credit from the bank at 10-12% interest, and then trading our funds on the prosper market for 22%+ interest. If you haven’t seen prosper check it out, http://www.prosper.com, we will be starting a whole blog about it, my buddy bryan will be leading it.
We filed the corporation, so we get our EIN, Federal Tax ID.
While I’ve hammer getting focused on buisnesses one at a time, this is going good, I’ve started to learn how I can leverage myself with other people and accomplish more, get more done, and be able for me to focus on what I do best and get them all done within resonable time.
This one is pretty passive, prosper has 3 year loans, our lines of credit are infinite pretty much. We get $10,000 cash. Note: We are not using our money, OPM, OTHER PEOPLES’ MONEY. The key word is leverage, and who is leveraging you, we know we don’t have leverage when we aren’t making money in our sleep.
So thats #1, the corporationf iling sohuld be done pretty soon, we’ve been going to all of the banks in corvallis and researching the bank rates, once thats done we are going to file, and I’m using my credit score, and doing the loans, bryan will be doing the accounting, and the blogging for the most part idea right now, and we will be fair to eachother and work things out. This is pretty residual about 1-2 months worth of work, for a 3year on-going income producing asset.
On a $10,000 loan from a bank we are planning on making an extra $1,000 a year. Not that much, but its residual thats just off one loan, my buddy Stephen over at GoobTech suggested getting a 7% apr credit card, we might do that, to increase revenue by almost DOUBLE!.
Thats buisness #1, a residual buisness. As I mentioned earlier, and you should maybe consider this too. I don’t work on anything that doesn’t provide a passive income. Why would I, work for something that doesn’t pay me for the rest of my life, yeah, you could if its a big one time job, but honestly I don’t, me personally, I won’t work on anything that doesn’t have residuals. If you want to get rich thats one easy concept just to take, just work on residual passive producing income.
Buisnesss #2 is almost ready for launch we just filed BeaverRent Incorporated, which will be located on BeaverRent.com, more about this buisness to come. I’ve been working on getting the nitty gritty done for the last month, my buddy is putting together the marketing plan. We are merging with a successful student site in corvallis, again more details on this.
The important part to take away here, is I’m doing the programming, web design, accounting, filing, legal stuff, and I’m going to be merging with the other student site. While I just do that about once, and yes spend some tim ehere and there, my friend is going to be making the sales, calls, and setting up appointments. Again, another residual leveraging my efforts once and then that goes.
Real estate actually qualifies as another buisness, which is also extremely leveraged, and passive. I’m working on that right now as I mentioned. We had an accepted offer on my counter, which was REALLY LOW. And I’m surprised they accepted, and we did a walk through yesterday all looked good.
Schedeueld inspections, home inspection and oil tank inspection for $500 schedueled for Tuesday next week I’ll see if the property is good. And then I’ll rent out 5 rooms for about $1,750 a month passive.
Everything on the list is pretty passive, the websites are 100% passive, I haven’t worked on them very much at all in the last 6 months. The BeaverRent will be passive, because I’m just doing the website and once done, I’m not working on it much just collecting checks. The Propser is passive because once we have the money at 10% interest we are loaning it out for 3 years at 20% interest, thats extremely passive. The real estate is passive, in theory, it takes work, but thats passive too.
A combination of passive producing income from C-corporations invested into real estate is the goal.I ts spring break, hope you my buddy are getting at it too! CYA in dayton! Lets get it done guys, you could make $100,000 within 3 months if u really wanted to. So the question is if we are going to make it happen.