Let's say you want to make $5k in passive income every month in order to quit your 9-5.

.- Have a set of rental criteria you are looking for and compare against that criteria, like minimum ratio of income to rent, minimum credit score, etc.

You would have some additional flexibility and often they won't worry about your W2 income if you think that might be an issue, as well as your credit.Certainly a lot to consider, happy to connect and talk through your options if you would like!

Obviously, all this income will funnel down to you on your tax return, but you should have go into your LLC if you have it titled that way

In these cities, your financial resources will go a long way enabling you to assemble a diverse multifamily portfolio and initiate a steady stream of income.

.: Quote from @Wale Lawal: @Alex Rivera Jr.Investing in long-term rentals, like single-family homes (SFH) or multi-family homes (MFH), can be a smart way to build wealth and earn passive income.

They share a personal account where only rental income is deposited, and I am listed as the beneficiary of their accounts at their bank.Although this is technically a personal account, we still like to refer to it as a "business" account to internally emphasize the necessity of maintaining a clear distinction between these funds and other personal accounts.

He will likely keep the larger of the two social security checks plus everything else that is stated in her trust.3) Keep in mind as you apply for loans, lenders will count this property towards your debt to income ratio.

Getting a degree is not totally necessary but one that can bring income is good like engineering or computer tech.

@Mel Gardner Hi Mel, Transitioning your home into a rental property can be a smart move for building passive income!