For many Entrepreneurs, it is a dream to be able to generate passive income. Income for which you do not need to work and that work for you while you sleep.
For many business owners, running their business is nothing more than a glorified job. They are overworked and underpaid and unable to spend time with their families.
However, some smart entrepreneurs know that it is better to take over a profitable business than to build a new one.
Building a new business from scratch takes a lot of foundational work, and sometimes it’s harder than it seems. However, like Hannah Ingram, she focuses more on working smarter than working hard. She understands that if she gets creative, even without credit and no down payment, she can buy a profitable business and write and basically buy a business that has been running for years and has a history of making a profit every year. .
By doing this, you do not have to spend time running the business and can reap the rewards of years invested in the business by previous owners.
Not to mention, Hana Ingram is only 22 years old and bought her first car wash earlier this year. That’s why she opted more for the passive income route than any other route out there. Instead of building her own business or doing something much more difficult, she read a lot of books about famous billionaires and how they think, and started out that way.
How Hannah started
She read this quote from Warren Buffett that said, if you don’t find a way to make money in your sleep, you will work until you die. So that really stuck with him. Hannah started thinking, what are some of the business models you can do where you don’t have to be there and you can make passive income?
That’s when Hannah came up with that car wash, or even a laundromat or storage facility. Hannah earns money all the time while she sleeps. She has established that business model for herself.
He first chose the car wash because it was the first business under his belt, but it won’t be the last.
How His Thought Process Evolved
The normal “get a secure job, work until 65, retire” is not something Hannah wants. She wants to be financially free. She’s like the black sheep of the family, where she’s totally immersed in things like what she did with real estate. She then started reading business books, personal development books, obsessed with improving herself.
Even with the car wash, she thinks outside the box. For example, she has a piece of land where she plans to put some storage units next to the car wash.
He watched videos on YouTube all the time of billionaires, millionaires, just learning how they thought and that’s when he saw the opportunity in real estate. How real estate makes most of the average millionaires in America.
At the age of 17, she couldn’t get her real estate license, so she started emailing real estate appraisers, brokers, and agents begging them to let her work for them for free over the summer as soon as she graduated from high school. high school. She messaged over 50 people until one day someone gave her a chance.
From there the rest is history and she has been doing real estate for 4 years.
Your first car wash is just the beginning of your 7 passive income streams.
During our interview, he said, “according to the IRS, the average millionaire has at least seven streams of passive income.” So his goal is to earn seven streams of passive income before the age of 25.
Right now he has 2 passive income streams and YouTube may become one, but right now he is focused on delivering consistent YouTube content to his audience.
How he was able to buy a car wash with no money or initial credit
Hannah didn’t take a loan from the bank or credit union or anything like that. The sellers were her bank, they got a loan a few years ago. They got the loan for the car wash, and it’s through her bank, and Hannah drew up some legal papers that said she was going to pay her payment every month, but the car wash was going to be hers, too.
It’s a creative financing strategy called seller financing. So basically, Hannah will only pay her payments and the car wash is out of her hands.
He did the numbers and he knew the business was profitable and he also knew he could make some changes to make it even bigger. The previous owners were too busy to even handle the car wash. For all they knew, Hannah might have had 25 cents in her pocket, but no one cared because of her creative funding strategy. She teaches this strategy to over 500 students in her program and got the car washed in less than 14 days.
Wrapping things up and tips for entrepreneurs
Hannah’s advice is to start now. There are too many people caught up in the purchase price.
They are asking questions like which is better, a car wash or a laundromat.
The answer is, it doesn’t matter, get something, go out there and follow what you want to do, and take a chance and take action.
That’s the main thing that there are entrepreneurs, and there are want entrepreneurs once you prefer just want, want, want, want, like, never want to do anything entrepreneurs. They go out there, they take a chance, they take some action, they do it, and you might fail, but fail fast and get it out of the way.
And you will ultimately succeed through perseverance, discipline, and the law of attraction.