Easiest Way to Achieve Passive Income
This topic has probably been done to death.
However would like to hear from fellow investors on what has worked for you
For me its been pretty basic, just buy property that is cash flow positive from day 1, distressed properties In the main at below market value and a rent ready rehab.
However is this possible today as many markets have soared?
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Personally I do not understand how people say that there is passive income from real estate.
I buy distressed property, that is not passive. It takes work. I look at maybe 1000 on the INTERNET to find maybe 20 to actually see, at least the outside and neighborhood, to make offers on maybe 8 to buy 3.
Sign offers, negotiate, etc. That is not passive. That is work.
I then fix them with my kids and I doing demo and painting and floors, hire out plumbing, electrical, carpentry, roofing, etc. And manage those contractors. That is major work.
I then advertise, screen tenants, enter into contracts for rent. I collect rent, make repairs, do inspections, manage the house, property, and neighbors sometimes too. I end tenants relationship, inspect property, settle deposits, rehab the house and property and start the cycle over. That is work.
And for me, even if I bought perfect homes, hired a PM, I would still need to find the property and then supervise the PM, so there still would be work, but less work and less money.
For me real estate is profitable, but its WORK! not at all passive!
But I do know that all the important people in the real estate world do say its passive, but I think many of them talk about real estate and pay other people to do seminars in their name and collect tuition checks or sell web access to special content like foreclosure listing, etc. They are not really making money from real estate but from education and access. Some of those set ups are passive...not all.