I literally just read Chap 35 of the MFL titled Rapid Wealth: The Interstates, had an idea and now want your input.
My goal is to exit my periodontal surgery practice in 5 years or less (I'm 47) and transition full time to educating busy professionals about FI using real estate via my site and YT channel.
I've been trying to come up with ways to quickly replace our monthly personal expenses to achieve this goal.
Regarding my site...I don't sell anything, simply provide information for FREE.
Here's my thought after reading Chap 35:
I have 2 email lists associated with the blog
1. Blog subscribers (2,600 ) - get emailed 1 article and 1 YT video each week
2. Passive Investor Circle members ( 900) - same benefits as blog subs except these are accredited investors that are privy to what I personally invest in. I simply email out any real estate deal I'm planning on getting into throughout the year (avg 3-5 deals) and they can invest along side me if they choose to. I'm compensated by the General Partners in these deals via equity in each property as I'm a Co-GP in each deal.
So basically my compensation up until this point is equity in the property I invest in and not a paycheck.
After reading the Rapid Wealth chapter, I had a thought about starting to charge the Passive Investors Circle members a small fee and wanted some input.
Here's my thoughts:
I spend a lot of time behind the scenes vetting each deal that I know I do a poor job of letting this be known to the group. So for this work that I do, I don't think it's unfair to charge a small monthly or annual fee ($49 /month or $99/month) for those already in the group.
Moving forward, I was thinking of doubling this to $99/month pr $199/month).
That was my first thought in pricing, have no clue how to price it but that's what first came to mind.
So if only 500 out of the 900 stayed on and paid $99/month, that's $600,000 a year.
NOT TOO BAD!
Anyway, I wanted to first get your thoughts whether you feel this would be a good idea.
What type of strategy would you use to "sell" it to the folks that have already been in the group vs new members.
I was planning on providing MORE value in the future via a potential FB group and possibly an annual event.
ANY information would be MUCH appreciated!
My goal is to exit my periodontal surgery practice in 5 years or less (I'm 47) and transition full time to educating busy professionals about FI using real estate via my site and YT channel.
I've been trying to come up with ways to quickly replace our monthly personal expenses to achieve this goal.
Regarding my site...I don't sell anything, simply provide information for FREE.
Here's my thought after reading Chap 35:
I have 2 email lists associated with the blog
1. Blog subscribers (2,600 ) - get emailed 1 article and 1 YT video each week
2. Passive Investor Circle members ( 900) - same benefits as blog subs except these are accredited investors that are privy to what I personally invest in. I simply email out any real estate deal I'm planning on getting into throughout the year (avg 3-5 deals) and they can invest along side me if they choose to. I'm compensated by the General Partners in these deals via equity in each property as I'm a Co-GP in each deal.
So basically my compensation up until this point is equity in the property I invest in and not a paycheck.
After reading the Rapid Wealth chapter, I had a thought about starting to charge the Passive Investors Circle members a small fee and wanted some input.
Here's my thoughts:
I spend a lot of time behind the scenes vetting each deal that I know I do a poor job of letting this be known to the group. So for this work that I do, I don't think it's unfair to charge a small monthly or annual fee ($49 /month or $99/month) for those already in the group.
Moving forward, I was thinking of doubling this to $99/month pr $199/month).
That was my first thought in pricing, have no clue how to price it but that's what first came to mind.
So if only 500 out of the 900 stayed on and paid $99/month, that's $600,000 a year.
NOT TOO BAD!
Anyway, I wanted to first get your thoughts whether you feel this would be a good idea.
What type of strategy would you use to "sell" it to the folks that have already been in the group vs new members.
I was planning on providing MORE value in the future via a potential FB group and possibly an annual event.
ANY information would be MUCH appreciated!
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