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- Residual Income (219)
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2 Responses to “what is the best way for someone to earn residual income?”
I believe investing in rental properties is the best way for a person to earn a residual income. Here are my reasons why:
1. The tenant is basically paying the mortgage. The rent you charge should be more than the mortgage so you have a monthly cash flow.
2. There really aren’t too many headaches associated with landlording. I know one guy who manages 17 rental properties, and only gets 2 or 3 calls a month total. If you really don’t want to be a landlord, you can hire a property management company to do all the dirty work for you (such as evictions).
3. Once your rental properties are paid off, all of the rental income goes into your pocket!
4. You can take advantage of numerous tax advantages associated with investing in real estate that you can pocket even more cash.
5. You can use the equity in your rental properties to buy even more rental properties!
However; before you invest in rental properties you have to know what your doing. It’s best to find a mentor who’s been there and done that and can guide you along your real estate investing endeavor.
By Michael P on Feb 5, 2008
Investing in online properties like blogs, dot.coms etc give higher returns than normal properties . But make sure that they don’t eat up your time. It has to be a minimal overhead investment.
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By Mitchell W on Feb 9, 2008