Are you searching for information on the best examples of passive income? If so, you come to the right place!
Passive income is the top thing that every investor is interested in learning more about because of the more passive income streams that you have, you’re going to have more time and freedom to live life on our terms.
In this article, I’ll break down some of the best examples of passive income for 2020 and provide you with tips on which income streams are right for you.
Best Examples Of Passive Income Streams
Vending machines are by far one of the oldest ways to earn passive income today.
They’ve been in existence since the mid 1880’s and continue to have popularity because there’s nothing easier than filling a machine with products, walking away, and having confidence that that machine will continue to produce sales for you without you having to do any work other than keeping its stocked, secure and in good working order.
Owning vending machines is very similar to owning commercial real estate because the success of the vending machine all relates to the location where you place it.
You can have a great vending machine that offers an awesome product but, if no one’s ever going to see that vending machine, you’re not going to make any sales.
Yes, a vending machine is one of the Best Examples Of Passive Income, but before buying a vending machine, it’s best to research the best locations for placing vending machines in the city where you live then, once you find some great locations, the next thing that you should do is research the best products that are in demand at those locations.
Some of the most time-tested products to sell from a vending machine include snacks and sodas, but in 2020, vending machines have also been used for selling PPE products like surgical face masks, gloves, hand sanitizer, and other products to keep people safe during the pandemic.
Do your due diligence before investing in a vending machine and that hard work is going to pay off nicely by providing you with a passive income for years to come.
The next easy way to earn passive income in 2020 is from Storage rentals. These are facilities were people store their overflow items from their homes, businesses, or other purposes.
Storage rentals can be simple, or they can be complex and be secured, climate controlled facilities. The great thing about getting started with storage is that there are a wide variety of storage facilities available across the United States so that you can easily get started by purchasing an existing storage facility outright or you can purchase some land and build a storage facility yourself.
These days almost everybody is storing something at a storage facility and it’s not uncommon for the average family in America to have at least one to two storage units where they keep their excess or overflow items.
If you choose to invest in a storage facility, it’s best to purchase a storage facility that’s on more than one acre because this will give you the ability to expand your storage facility and include additional space for your storage tenants to park their RVs, boats, or other commercial vehicles.
The more options that you can offer your storage customers, the more valuable your storage facility is going to be to them so it’s best to always keep focusing on ways that you can grow your storage facility because this will enable you to earn more passive income from your facility in the years to come.
Another one of the Best Examples Of Passive Income is investing in a laundromat.
Laundromats are everywhere these days and can be found in cities all across the United States because everybody needs to do laundry and many people use laundromats for a variety of reasons.
The great thing about investing in a laundromat is that there should be plenty of opportunities for you to invest in an existing laundromat in the city or town that you currently live in or you could start one yourself.
If you plan on investing in a new laundromat, it’s best to spend a significant amount of time researching the best location because you want to make sure that the location that you choose for your laundry mat is going to be in high demand.
Multifamily properties are what I consider to be one of the Best Examples Of Passive Income in 2020 because people always need a place to live.
Rental properties are more in demand than ever before especially by tenants of all age groups of generations including Baby Boomers, Millennials, Generation X and also Generation Z.
One of the main reasons why rental properties are in high demand is because the fact that homeownership has never been more unaffordable. This is especially in states like California where the average home buyer has to come up with a down payment of at least $60,000 to purchase a home there, this makes buying a home Out Of Reach for most people.
Even though there are plenty of single-family properties out there on the market today, I prefer investing in multifamily properties because, with a multi-family property, more doors always equal more income for me.
As with the other passive income streams that I mentioned in this article, the key to successfully purchasing a multi-family property all boils down to choosing the right location.
Location is important in real estate, especially when it comes to owning multifamily properties. You can own a great multifamily property with tons of amenities but, if it’s in a bad location, you’re going to have a more difficult time than you ever could imagine it keeping that property filled with tenants then you could if you were to own a multi-family property that was in a great location.
Another important thing that you should do when purchasing a multi-family property is your due diligence. This means that you take the time to fully analyze the financials for the property, including the rent rolls, just to make sure that the property is earning the income that the seller is claiming that it does.
You’re also going to want to have a multifamily property inspected before you purchase it just to make sure that maintenance is up-to-date and the property doesn’t have any deferred maintenance costs which could come back to haunt you in the years to come.
Save Time And Money Investing In Multifamily By Partnering With Trier Capital
At Trier Capital, we know that Multifamily real estate investing has proven to be one of the Best Examples Of Passive Income, especially for long-term wealth accumulation, but few investors invest in multifamily correctly because they are spending a lot of time or money investing and managing their properties themselves.
Thankfully, we do all the hard work to find and acquire ideal properties, and then oversee asset management after purchase, while our investors sit back, relax, and receive tax-advantaged passive cash flow.
To learn more about the benefits of working with my company, contact me today by calling (630) 229-2383 or click here to connect with me online.