Melvyn Mangion on raising passive income

[Melvyn Mangion]

If you are able to save enough to buy a home or multi-family rental property, you could use it to bring in rental income. It would be passive income that is working to build wealth for you while you sleep, literally.

It can be challenging to calculate how much you would make, however. People often make mistakes calculating the costs and expenses involved. You need to make sure that you have enough left over after you pay the mortgage on the property, property taxes, needed repairs, and any costs or fees related to property management. You also need to factor in the possibility that your tenants will miss their rental payments once in a while.

The great thing about owning rental property is that people will always need a place to live. It’s one of the basic needs of humanity. So long as you buy a property in a good location and keep it in repair, you can reap the rewards for years and years.