One of the most common financial goals in life is to live financially independently. What does that mean to you?
It might mean that you have no debt but you have a good credit rating in case you need a loan.
It might mean that you have paid off your mortgage, car loans, and you can buy whatever you want, with your cash in the bank.
Being financially independent also means that you need to earn enough to support yourself, your family and any emergencies that might crop up. This often means having multiple incomes and managing cash flow as well as having money in savings.
Having a passive income as well as a day job can mean that you can earn whilst you sleep! Having multiple income streams is more popular these days than in the past. Having income from property, employment, investments and side-lines means that you are moving towards financial independence quicker. You are growing your wealth if your income is greater than your outgoings, so managing your outgoings is vitally important.
Minimise what you spend. Maximize what you earn. Move towards financial freedom.
In this article, we will discuss how you can generate passive income, specifically how you can generate money from other people’s property. First, let us clear up some misconceptions about passive income. This is money coming in that doesn’t need a lot of your time and effort. A few examples of passive income include investments in stocks, bonds, and real estate,
Passive Income With Other People’s Property?
A popular way to do this is through leasing a property and then renting it out or sub-leasing it out.
If you can rent from the owner at one rate, and then increase that rate to your tenants, you are making money!
If you can lease a space and then break it up into smaller spaces, and rent those out for a combined total greater than you are paying, you are making money!
Serviced accommodation is when you rent out an unit or a home for a short period. This can often include the use of platforms such as facebook or AirBnB. Obviously, you may do this with your own property, but you can certainly do it with the property of others. This operates in a straightforward manner. You lease on a place from a landlord with a set fee and instead rent it out on booking services. The homeowner receives a long-term guaranteed payment from you and does not have to stress about property upkeep since you take on this responsibility.
Real estate investing may be lucrative, but it can also be intimidating for some, especially if they cannot afford the whole purchase price. So, if you do not have that huge sum of money to invest in your own property, you can do the aforementioned business to start your real estate investment.
Finding other people’s property available for events, photoshoots, parties or such can be a way of making money off other people’s property. They get a fee from you for their property, you maximize the way that you use their property and then you are making money!