Passive income Ideas?

[Chad McDaniel]

I once read (or heard) that everyone should have at least 7 different forms of passive income. Other than real estate, What are some of you doing to create passive income?

I currently own and opperate a small vending business. I'm also looking into starting or buying car wash. (Maybe Franchise?).

Any of you running something on the side that has good passive income coming in, and does not take too much time away from real estate? Please let us know.

Chad

[Mark Podolsky]

Chad,

I like to buy land at tax deed auctions or acquire property from people whom owe back taxes, etc. and will sell their raw land at a discount. I then flip that property on easy terms, $200 down $200 / month and have been able to generate a substantial passive income the past few years. No physical inventory, no maintenance, a one time buy and then income coming in every month until they pay off the note. Plus, I use land contracts so there are no foreclosure issues. In the worst real estate market since the great depression I've been growing my land note portfolio.

By leveraging technology and inexpensive virtual assistants you could set up a lucrative note business that will provide you passive income for the rest of your life. Car washes are great and have tremendous margins, but it is capital intensive, competitive and difficult to scale.

Ken makes a good point as well. I prefer focus and specialization over chasing the next big idea in generating wealth.