I haven’t been updated on current status issues with life and the 4 projects that are being worked on!
Well it has been exciting, my income has increased after leaving school again.Â I finally passed the $500/month gross passive income bracket to the $2,000/month grossÂ passive income bracket.Â You may say, $2,000????? Wes, I make that at my job.
Well thats great if you make $2,000/month at your job.Â I said passive, I’m making $2,000 without working a job. I’am making $2,000/month in my sleep.Â Exciting, so what happened?
- Jingyee, Inc is my internet website holding company, it runs RotaryEngineIllustrated.com and RebuildingRotaryEngines.com, they are two sites that have a niche market and pretty much just make money off Google AdSense,Â they generate approximately $15-$20/day passively without working, which is an extra $500 a month approximately.
- Jingyee has pretty much just been a holding company for the websites, as I don’t work on them much any more.Â However, I’ve tried a couple of times to get people to write articles for my websites and have them get a cut of the residuals that the articles bring in.Â I have failed with two different people, I need to just keep going and then sooner or later I’ll figure out how to do it.Â Success through repeat failure.
- We are still filming new videos for the rebuilding site, and it has helped the income increase slightly, right now my sites are going down in the SERPS compared to wikipedia and howstuffworks.com, they just dominate the SERP.
TempName Online, Inc
- TempName Online, Inc is supposed to be my friend Bryan Baker’s and I’s finance company.Â Sounds cooler than it really is, what we did is start a S-Corporation, so it has its own unique EIN.Â And what we do is borrow money at low interest and then lend it out at higher interest.Â Basically what the banks do, right now we don’t have that much money, we’ve been accepted for one 0% APR credit card out of 4.Â Right now we only have $500 being borrowed at 0% interest, and gaining around a 20% ROI through the peer to peer lending system, Propser.
- We are going to be pushing credit card affiliate programs, and other types of affiliate marketing, and make it a whole round about way to generate income online through affiliate programs and by our original idea making money off of money. Â We are currently building our credit score for the company, it now has made 2 payments to our buisness credit card, thus giving us a two month’s credit history.
Bluetail Properties LLC
- Â Bluetail Properties LLC is my real estate holding company, currently it services my single investment property.Â A 5 bedroom, 2 bathroom home located in Portland, Oregon.Â I put a 10% down-payment, and now I control $240,000 worth of real estate with 10% down. Â I got a no-documentation loan (that means I don’t provide any income documentation verification), and I have a 6.25% interest rate, on a 30-yr fix, no pre-pays, or points paid.
- The monthly mortgage payments are about $1,598/month.Â But it brings in $1,625/month in rental income.
- As an investment, Portland is appreciating about 13% steady year after year, that would result in an extra $24,000/year in equity appreciation growth just by owning the building.Â $24k a year without working, not bad.Â Just need to buy more.
- I was in process of purchasing a 4-unit apartment building in Corvallis.Â It was a great deal, they were asking $250,000 for a 4-unit well below value, but I’m an investor and tried to get a better deal I sent out two offers, one for seller finance full offer, and one a lower offer with traditional financing (home mortgage from lender).Â Anyways, I got denied, so I’ll make more offers.
- I’m currently in process of getting my real estate license, but I’m not sure if I want to actual finish it and get my realtor’s license, I don’t feel like working for a 1 time commission. I want residuals.
- I’m in process of purchasing another investment property, I’am already pre-qualified to purchase another home around $220-$250k. Not bad, I’m only 20 and already own a house, and its just going off my credit score, I had a 740 credit score when I got my first loan.
Prolegic Enterprises LLC
- But perhaps the most exciting company that I’m working on right now, and is taking up most of my time is Progelic Enterprises, which is the holding company for our college campus internet rental sites.Â Currently we service 4 markets, and theses are active sites.Â BeaverRent.com, DuckRent.com, RaiderRent.com, CougarRent.com, when we got started we started franchising our system out to more people.Â Thus creating a win-win situtation.
- We are expering some great growth, we were mentioned in the barometer, we now after 2 months of being live have over 3,000 accounts.Â We have had over 600 instant messages sent back and forth about roommate searches.Â We have sent properties over 300 property leads, we have had over 20,000 views on our buildings.Â We receive around 250 unique visitors a day to all of the sites combined, and around 2,500 page views a day.
- We have now brought more people to the team.Â The company currently works with 9 individuals.
- We now have brought on our first board of director, Bill Syrios, a very successful real estate entrepreneur.Â We have also added Chris Montes to our team fairly recently, he helps us with our marketing documentation, and franchise agreements.
- We are expanding this month to Washington, we are excited.
- We are excited about the new facebook platform that is being launched, we plan on taking full-advantage of this and making things really happen with it.
- We have some new features on the sites, and our traffic continues to increase, we now have 10% of the OSU student body that has beaverrent.com accounts.Â Incredible
- The sites are making around $100/month currently in adsense, and just going up.
- Although I dropped out of school, I still read more books than most college students ever will in their entire life.Â I’m building my library right now, its so joyful to be able to see your library and all of the books you’ve read to help you get to where you are. Â Every 5 books I read my income seems to go up, this is 100% for real too.Â I have books about primarily wealth building.Â If you want to be wealthly, study wealth. Do you want to be wealthy? Are you studying how to become wealthy?
- Mentoring, people continue to contact me about real estate investing and how they may be able to make more money.Â It is a great experience being able to help others, I strongly urge anyone to get in contact with me if your interested in talking.Â My friend G and I, I showed him what I knew about real estate, and we are going to looking at houses together.Â Maybe I’ll buy some while we are looking.Â A fellow friend I met in the middle of the street, him and I are getting together to talk about real estate investing.Â My buddy Adriel in Ohio is going through some difficulty with his online buisness, so I try to help him out.Â Sometimes I could be more helpful, and then just people on facebook a lot of people contact me asking about wealth building its great, and I always shed information, and primarily try to set them on the path of personal development, which is really the key to all great things.
- Programming – I’ve been programming alot, for BeaverRent, and things are moving ahead.Â I primarily spend most of my dad on the computer, and driving around and collecting my rent.
- Well I’ve also played some video games too lol, I’m not going to lie. Sometimes in the midst of work we gotta just relax for awhile. Â My goals are set, written above my head, when I goto sleep at night their they are.Â When I have had my goals above my head, I have never failed acheiving my goals.Â Serious comment that last one is.
- Oh and finally, my web 2.0 projec, which I’ve never disclosed any information about on this blog, is still in process, I’ve shifted focus because I can’t work on it much after involving myself with BeaverRent.com, I was working on it full-time before I was approached to work on Prolegic, I have now outsourced the work and paying a full-time programmer, and brought in another founder to help me.Â So I can contract on Prolegic Enterprises, but still have people help me get my super passion done.Â I’am going to build a web 2.0 community and sell it for millions and buy abunch of real estate investment property with it.
- My blog is called what the heck are you doing, because I can certainly appear like a loose cannon, you see doing all theses projects.Â Although I’m learning now, focus is key, it really is, but sometimes, you can make it work, where you can leverage yourself and spread the work out and get more done with the help of others.
- Thats it for the WesUpdate, hopefully next time I’ll be closer to purchasing my second home, I need the gross income to reach my 2008, January 1st goals.
- I’ll end it with my January 2008 goals, so you see where I’am, and see where I’m going.Â Remember theses goals are real goals, written and PASTED above my bed, I see them everyday, and visualize having it now.
- My businesses are making $10,000/month by Jan 1st, 2008
- BeaverRent is a world class company
- I have multiple streams of leveraged income
- I own/co-own 3 building
- I have 100% integrity