I remember the first time it dawned on to me that my blogging income as well as my online store income were enough for me to quit my job. They were also enough for me to basically sign up for all sorts of retirement programs so I’m well taken care of when I turn 65.
It really blew my mind that simply putting up page after page on the Internet on certain topics talking about issues a certain way and promoting certain programs would result in this much money.
Well, interestingly enough, figuring out how to create an online passive income system also creates its own set of problems. You’re probably rolling your eyes. You might even be laughing out loud. You might even be saying, “That’s the kind of problem I’d love to have.”
Believe me I agree with you because when I first heard that people were making passive income online, I didn’t believe it as well but when I started seeing it for myself, I said to myself, “Well, that’s the kind of problem I’d like to have.”
One way to turn your online passive income into real-world or brick-and-mortar passive income is to get rental properties. Think about it. Making money this way is like shooting fish in a barrel. People have been making money this way for a long, long time now. It’s extremely passive. You just buy a building, you rent it out and month after month, people pay rent.
The best part to all of this is the loan than that you took out to buy that building in the first place is being paid for by the rent of your tenants. If you don’t operate in rent-control zone, you can keep raising the rates to keep pace with inflation.
If you play your cards right, you basically get property at a steep discount. I’m not going to hype you up and say that you’re going to get it for free. There are certain remote situations where people do get to play their rental/real estate game for absolutely free, but they don’t happen so frequently for me to be comfortable sharing them with you, but you get my point. If you want to create passive income for yourself that is also self-liquidating, you might want to consider real estate.
With that said, as mentioned earlier, it carries its own set of problems. As awesome as this way of making money may seem, it has its own set of challenges. One of these challenges is tenant comfort. Let me tell you your property is not going to pay for itself if there’s nobody renting it. That’s basic logic. That’s common sense.
Unfortunately, a lot of landlords do not practice common sense when it comes to the creature comforts of their spaces. They really don’t. They think that people would be happy if they just have a roof over their head, four walls and nobody comes in and robs them. In their minds, when somebody flicks on a switch and the lights come on and they turn on a tap and the water out or they flush a toilet and everything goes where it’s supposed to go, then they have done their job.
Absolute wrong! If you’re that type of landlord, you would deserve what you have coming to you, which is not much.
You have to understand that the name of the game when it comes to passive rental income is to make your tenants happy. Making tenants happy is actually not rocket science. The water has to be heated. People should not feel like they’re taking cold showers in the middle of winter.
How do you fix this? Read primeheaters.com so you can get the right heating solutions for your rental units. There is really no excuse for you to run a substandard housing unit. You’re trying to build a passive income system. You’re not trying to be some sort slum lord. There is a difference.