2 Simple Steps to Passive Income
Updated: Feb 26, 2020
The best strategy for generating passive income only has 2 steps! It seems too simple to be true but it really is that easy. Each step requires some effort but once you have these two things in place you can sit back and let the funds from your investments roll into your bank account automatically. If you've never heard of passive income it refers to any investment that will pay you money when you are on vacation, sitting at home in your bathrobe, taking the kids to the park, etc. It means income that follows you even when you aren't actively working for it. Are you ready for this super simple strategy for creating passive income right now?
Step #1: Buy an Investment Property
Step #2: Hire a Property Management Company (like mine! Hint, hint)
That's it! I just gave you the best strategy ever for generating passive income. Now, of course you will need to learn a little more about each step. For the first step you will want to research the best property for you and what will generate the most income with the least amount of problems. You will also want to investigate different strategies for buying your investment that will also generate the most income for the least upfront amount. I can share with you some tips and strategies we have learned over the past several years of investing but I'll save the details for future blogs.
The second step is easy if you live in my area you can hire my company to manage your property. If you live elsewhere I can give you some pointers on what you are looking for in a management company. But I'll save those for future blogs as well. For now I just wanted to share how easy it can be to step up a passive income stream that will pay you over and over without the daily grind of a job.
It's interesting to me that so many people are pursing things like Instagram, FB and YouTube in hopes of generating what they consider to be passive income. None of those things are passive. You might generate money in ad revenue or sponsors but the work required to get that income is definitely not passive. In addition, none of those things will continue to generate income if you step away from them completely. Many of the owners that we represent in our company do not live in the state where they own property. Some do not even live in the same country or they spend significant amounts of time traveling to to other countries. Real estate investments can truly give you the financial freedom you are looking for.