Are you searching for information on how to generate passive income? Passive income is one of the most searched for topics on the internet today, especially by investors because, everyone knows that the more passive income they have, the more freedom and flexibility they’re going to have to live life on their terms.
Sadly, in 2020, many people have been misguided, or sent down the wrong path by marketers who have no idea about how to successfully create passive income streams.
This is why in this article; I’m going to provide you with several tips that you can use for getting started with successfully creating passive income streams.
How To Generate Passive Income In 2020
Tip #1 – Flipping Products On eBay
Flipping products on eBay is one of the most common passive income streams that many people become involved with, especially investors and business people like Gary Vaynerchuk, the well-known internet entrepreneur, who has stated in the past that he frequently enjoys going to garage sales on his time off, off looking for collectibles that he could flip on eBay.
Even though eBay may seem like an easy marketplace to get started with, the reality is that not everything always sells as often as some eBay flippers claim that it does.
This is why before you get started with eBay, you should make the effort to connect with somebody who is already successful when it comes to buying and selling products on eBay.
Doing this will save you the time and hassle of heading down the wrong path by trying to flip things on eBay that will never sell.
Also, one of the easiest ways to get started with eBay is by downloading the eBay app to your phone. By doing this you will have the inside track into what’s selling on eBay always in your pocket, or purse.
One of the cool things about using the eBay app is that in some cases all you have to do is scan a barcode and you can easily look up a product on eBay to find out what it’s selling for on their website.
Many marketers typically use the eBay app during the holidays so that they can buy low and sell high, or flip toys and other items that are on sale in stores like Walmart.
Tip #2 – Start A Laundry Service
Does the home that you’re living in have a washer and a dryer? If so, another great way to earn passive income in 2020 is by starting a laundry service.
Laundry services are one of the oldest and time-tested ways to make passive income because there’s nothing easier then offering to do the laundry for someone if they’re willing to pay you for it.
Let’s face it, most people hate doing their laundry, and given the right price they would be open to paying someone else to do their laundry for them.
Before getting started with a laundry service, make sure you outsource the labor side of it because anything that you spend more than a couple of hours per month working on can no longer classified as being passive income.
Tip #3 – Affiliate Marketing
Affiliate marketing is another excellent How To Generate Passive Income way in 2020 because there’s nothing easier than choosing a high converting offer and then sending paid traffic to that offer.
The key to success with getting started with affiliate marketing is to choose a high converting offer. This means that you’re promoting a digital product or service that will pay you a high commission when someone either clicks on a banner, calls a phone number, or opts into an email list.
Since affiliate marketing has been around now for a long time, there are a wide variety of tutorials and courses that’ll teach you how to successfully get started with affiliate marketing.
As I’ve mentioned in previous blog posts, before you take the leap to becoming an affiliate marketer (or any new venture) make sure that you spend the time researching how to do things like running paid advertising correctly, before you start spending money doing it for real.
Earn Passive Income From Real Estate
Last, of all, my favorite way of earning passive income in 2020 is from Real Estate. The good news is that there are a wide variety of different strategies that you can use to get started with earning passive income from Real Estate including the following:
Real Estate Investment Trust – In 2020, there are a wide variety of real estate investment trusts that pay out dividends on a quarterly or annual basis. The great thing about being invested in a REIT is that you don’t have to physically manage the property. This makes a real estate investment trust one of the best ways for any new real estate investor to get started in real estate.
Buying Notes – Another way to get involved in real estate investing and earning passive income is by buying notes. Many investors typically go this route when they get started with real estate investing, especially if they don’t have the desire to manage the properties that they invest in themselves.
House Hacking – Although it’s not always popular with some investors, house hacking is another great way to get started with real estate investing because there’s nothing simpler than renting out a room to a tenant in a property that you are already living in yourself.
Rent Out Land – Let’s say that you don’t want to invest in a rental property right away but you do want to get started with real estate investing. Another way to accomplish this goal is by renting out land to either businesses, or people who own tiny homes and need a place to park them.
Invest In Multifamily – Last of all, but most important, my obvious and most favorite way to How To Generate Passive Income and get started with real estate investing is by investing in multifamily properties.
More people are living in multifamily properties than ever before and this isn’t expected to change in the 2020’s. People always need a place to live and most people are not interested or able to purchase homes like they may have been in the past due to the high cost of housing in some states.
Contact Trier Capital
At Trier Capital, we specialize in sourcing, acquiring, and managing multifamily properties across the United States.
Over the years we’ve been able to acquire and manage over 100 million dollars’ worth of multi-family properties Nationwide for our investor clients.
If you’ve been thinking about getting started with investing in multifamily but you haven’t taken steps towards purchasing a property yourself, I invite you to give us a call today at (630) 229-2383 to learn more about the benefits that come from working with our company or click here to connect with us online.