By far my favorite aspect of Real Estate is passive or residual income. Our parents have taught us that money does not grow on trees. They are correct. It doesn't grow on trees, but it does grow on real estate. How would it be if each month you could look into your bank account (money tree) and money was deposited from someone else, but you had not worked that day? Isn't that what a money tree does? It grows each season and then you harvest the crop (money) when it's ripe.
I have a confession to make, if I were addicted to anything the closest thing I could come to is passive income. I love working hard to acquire the right piece of real estate that will consistently pay me each month regardless of how hard I am working. At times I feel guilty that someone is willing to work so hard to pay their rent or mortgage payment and I am able to collect that from them with little to no work. This is truly my "happy place" to create this kind of income. I want you to have this to.
It's not always rosy. At times, toilets break, rents come in late, pets make messes, but every job has it downsides. These are all issues that can be overcome with good management and a close eye on your investment. The reality is most tenants are great people and take great care of the place, while 1 of 10 is the problem tenant that everyone is telling their horror story about. I really enjoy my tenants, for the most part they are great families and have been very pleasant to deal with.
So kids tell your parents to plant their "Real Estate Trees" in the backyard and start making some passive income today!
No comments:
Post a Comment