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Among the most powerful ways to create wealth is using passive income, which means you can generate income without much effort, even while you sleep. You will find no shortage of passive income strategies in bookstores and online, each with their own strengths and weaknesses.
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This post is going to be a passive income guide for beginners that showcases some of the most powerful ways to generate income outside of work for him. It’s an introduction to passive income ideas that allow you to grow your wealth with little effort.
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Traditionally, passive income is about putting money to work for you through investing. And to be sure, some of these ideas require prior research.
In this post rounding up ways to earn passive income, we’ll start with what has traditionally generated the most passive income over time and work our way down to the most profitable investment opportunities , but safest, passive.
We first identified the type of opportunity and then reviewed the various tools available to take advantage of the opportunity.
Investing in real estate has been one of the most powerful ways to build wealth for generations. The problem until recently was that you usually have to have a lot of money to buy a property. But as technology continues to open up new areas, that is changing.
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There are different ways to make money in real estate, which will affect the return you get and the risk you are exposed to.
The main ways to make money from real estate are recurring rental income or profit from the sale of new or renovated properties.
Several companies are bringing real estate investing to everyday people through something called real estate crowdfunding. Crowdfunding is about getting a large number of people to invest relatively small amounts that when taken together add up to what you could have originally received from large investors.
It allows small investors to pool their money and share the rewards. Some of the most powerful ways to passively grow your wealth come from real estate crowdfunding.
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There are several ways to accelerate crowdfunding and real estate. You can buy a piece of property or development, or you can buy an investment in a collection of properties.
You can invest in new developments, acquire commercial and residential properties with tenants or properties under renovation.
As with any potentially high-reward investment, investing in real estate can involve increased risk.
Unfortunately, some of the most profitable investments are still only available to qualified investors, meaning they have a net worth of over $1 million.
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Some crowdfunding platforms are trying to lower this barrier to entry, but as of this writing there are few options available only to qualified investors.
Fundrise is one of the oldest fertility funding sites. Their goal is to bring investing in real estate to average investors.
As they explain, “By removing gates and structural flaws, Fundrise’s full-stack system enables investors to access the private market at up to 40% less cost than investments traditional.”
Minimum Fundraising: $500 Fundrise is the leading real estate crowdfunding platform that allows you to invest directly in private commercial real estate opportunities. With a minimum investment of just $500, you can start earning passive income or capital growth through one of the financing and investment plans. I personally use Fundrise to invest and diversify my real estate portfolio. REGISTRATION IS FREE
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When you invest with Fundrise, you’re actually buying a share in a diverse portfolio of real estate projects researched, sourced and managed by the Fundrise team.
They operate as a real estate holding company, and the more money they get from investors, the more real estate portfolios they get.
To start investing in Fundrise, you choose a starting account level and set the initial amount to invest:
Depending on your initial account level, you can also choose an investment plan (long-term growth, additional income or balanced investment) that balances your desire for growth and risk exposure.
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RealtyMogul says they are “here to simplify real estate investing through the use of technology… To date, investors have invested over $550 million through RealtyMogul, financing 400+ properties with worth over $2 billion.”
The RealtyMogul team searches real estate offers from developers. Before they give you the chance to invest, their in-house team of real estate experts review the offers and then decide if they meet their criteria. They claim they move forward with less than 1 percent of the jobs they investigate.
The RealtyMogul team focuses on multi-family residential properties, but can also include offices, industrial, warehouse, retail and medical offices.
When you invest in RealtyMogul, you can invest in one or both of their REITs or individual projects, although the first option is only available to accredited investors.
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The application process for RealtyMogul is very simple. Enter your email and verify it with the code they send you.
After that, you go through an onboarding process that asks you about your net worth and earnings for the current year and the previous two years to determine what’s best for you.
After creating your account, you will see the current offers available at deposit level. These are some other real estate sites that crowdfund for non-accredited investors.
Launched in February 2019, Roofstock enables everyday investors to purchase Single Family Rental (SFR) properties across the US.
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As they say, “Our mission is to make investment property affordable, accessible and simple.”
Roofstock offers a marketplace where you can find and buy rental investment properties in states across the US directly within the platform. They analyze the property and the community to assess its price and potential to generate income over time.
The idea is to allow you to buy and manage properties from the comfort of your own home. They want to make it easy for you to buy an investment property without ever seeing the property.
They conduct a market with the available properties, provide inspection services. You will own it and be responsible for its maintenance.
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Getting started with Roofstock is easy, you’ll be able to browse their marketplace after creating an account, no investment required.
Another option for investing in real estate is to invest in real estate investment trusts (REITs) like those offered by Realty Mogul. REITs have been around for decades, however, they are becoming more accessible to the average investor.
REITs pool funds from multiple investors that are used to invest in real estate. Investors provide money, and REIT managers decide how it will be allocated. To qualify for REIT designation, a company must derive at least 75% of its revenue from real estate.
Different REITs include different types of real estate, office buildings, apartment buildings, even warehouse facilities and any combination thereof.
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My best pick is to pick up an M1 Financials piece that focuses primarily on REITs. You can set contributions to this folder and forget about it.
M1 Finance Price: FREE M1 Finance is an automated investment platform that I personally love and use daily. You can set a specific allocation for your favorite investments and have them automatically add to your account on autopilot. You stay invested until you get out and live your life. M1 Finance is completely free to use. REGISTRATION IS FREE
For those who have this opportunity, buying your own property could be the most profitable investment of all. You can pay the rental income towards the mortgage and have money left over that goes straight into your pocket.
If you have money, it’s better in the long run. With the right tenant and no major issues, it can be great. But there is a great danger.
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Use my free rental property calculator to make sure your real estate investment turns into passive income regardless of the situation.
One option to owning a separate rental property is to buy a multi-family house, live in one apartment and rent out the other. That way, your tenant pays part of the mortgage or even the entire mortgage.
You can live for free or at a much lower rate, but you’re also building your equity while paying off your mortgage.
Another option for the benefits of recurring rent payments is to find a roommate to help offset some of your mortgage or rent. Renting out things you already own is a great way to earn passive income.
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This gives you more flexibility than looking for long-term tenants, but still allows you to generate significant income. Find out how I rented my house without a real estate agent.
Want to learn how to rent your RV and RV property? Hipcamp is a leader in helping you rent out your property to campers and campers.
Traditionally, buy and hold investing is the definition of passive income. You find and research companies that you think will be worth more in the future than they are today, buy shares in them and as value
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