How do you earn passive income this day in age? There are so many ways and it just continues to grow spectacularly. Let me name a few so you understand that it’s real and it’s going to get better. One of the oldest and best ways as many may know is through real estate. You can own multiple properties such as single family homes, multi units, condos, land, manufactured homes, and commercial property. You earn money when you rent the properties and you earn the net after the expenses are paid. In many areas, you really do well because your mortgage may only be only a few hundred dollars making your net substantially large.
There’s a large number of property ownership all across the USA and you will find that many are non owner occupied or occupied by the owner and you’ll find that they would rather pay a property manager than dealing with all the headaches from their own tenants. Be prepared because it can get tough but most of the time, things run pretty smooth depending on how large the property is. Some can be one unit to multiple units. If you have a system in place, you can manage it well.
There are so many other types and you don’t even have to use any of your money and credit. It’s true. You just have to put in the time to get to where you want to get at. Other good ways is through property management whereby you help a seller collect rents and charge them a fee normally anywhere from 5% to 12% depending on the area you work from. There are responsibilities such as collecting rents from the tenants, helping find tenants, maintenance issues, repair issues, evictions, marketing and tenant complaints. All these can be learned and handled fairly easy.
Tenants can be tough at times so as long you can learn the laws and everyone’s rights, you can handle it in no time. Taking property management classes can be made in all states in the USA. You don’t need a real estate license. Check in your state what type of certification you need and you’ll be on your way. There are plenty of jobs anywhere you go because many owners are out of state and need service. You can even start working for a property management company and learn many things through that company with established relationships with owners.
These are just some of the ways to make passive income in real estate but there are so many other business opportunities out there such as networking marketing where you can multiply yourself and making a ton of money but don’t need to buy any large overhead like you may do in many real estate transactions. Just watch out for some companies that are new because some don’t survive and you can lose out from a lot of hard earned money you invested in. Join a company that someone referred you to so you can play it safe. Make sure you start with a company that you can trust and know who is actually making a great living from it. There’s so many out there but choose wisely.