Are you searching for information on how to get passive income?
Passive income is something that every investor is interested in, especially in 2020, as stock market losses have had investors looking for alternative investments to protect the net worth that they have left.
If you’re someone who is searching for alternative income strategies that will generate passive income, or you’re just interested in learning how to get passive income, this article is for you!
Tips For How To Get Passive Income
Affiliate Marketing – It doesn’t matter if you are a new, or inexperienced digital marketer, affiliate marketing is one of the oldest ways to make money online. It involves sending traffic to an affiliate offer and you get paid a commission anytime somebody buys a product from your link.
Although many digital marketers claim that making money with affiliate marketing is easy, the reality is that it takes time to start making money.
The key to success with affiliate marketing is to first find someone who is already successful in this industry then take the time to learn from them. Once you do this, the next thing that you should do is find a high converting affiliate offer. This will make it a lot easier to get paid well for your marketing efforts.
After you find a high converting affiliate offer, the next step is to set up your lead capture page and marketing funnel. Once everything is all set up, the last step is to either start advertising your capture page utilizing Google ads, Facebook ads, or you can purchase traffic from any of the wide variety of traffic brokers online.
Remember, for affiliate marketing to be classified as passive income, your goal should be to work no more than 4 hours per month maintaining your capture page or affiliate marketing funnel. Why? The more time that you invest in this opportunity, then you essentially will have created a second or third job.
Create A YouTube Channel – It doesn’t matter if you’re young or old, just about everyone in today’s world knows YouTube and has utilized this website to search for educational, entertainment, or sports videos within the last 30 days.
YouTube means opportunity for anyone who wants to create passive income so, if you have not created a YouTube channel yet, you should consider creating one as soon as possible. Once you have 1000 subscribers, and 1000 hours of watch time, YouTube will start running ads on your videos and you can get paid a significant income by posting daily videos to your YouTube channel.
Which type of channel or videos should you create? This is a good question that most people who are interested in How To Get Passive Income typically ask.
The key to success with getting started with YouTube is to think about the things that you know, or are passionate about, then create a channel based around those things. Your channel can be something as simple as Channel which promotes your passion for classic 1980s toys, or it can be a channel that’s completely devoted towards entertainment, fashion, Cosmetics, or all of the above!
Like affiliate marketing, it’s also important to take the time to learn from someone who’s already succeeding in YouTube before you attempt to create a channel and start the process of creating videos. This step is important because it’ll save you the headache and hassle of wasting time when you can start right and get your channel into profit within the first 90 to 120 days.
Some of the most successful YouTubers that you may want to check out include Meet Kevin and Making Sense of Cents. Both creators have YouTube courses that can teach you how to successfully create YouTube videos following their proven strategies.
Invest In An Existing Business
If you’re the type of investor who is not excited about the idea of creating a YouTube channel, getting started with affiliate marketing, you may want to consider investing in an existing business.
Investing in a business is a great way to increase your passive income because you’re going to be leveraging the efforts of the owners who spent the time and money to get that business up and running.
Before investing in an existing business, it’s important to take the time to do your due diligence because you don’t want to waste time or money investing in a business that may have seen a significant loss of revenue this year due to covid-19.
Although businesses like retail, restaurants, and hospitality may come back next year, many businesses will not, so it’s best to use caution when investing in a new business, especially if your goal is How To Get Passive Income in your first year.
Invest In Real Estate
Rental Properties – If you’ve been following this blog for a while, or this is your first time here, you will know that my favorite way for generating passive income is through rental properties, specificially, multi-family rental properties.
The reason why I prefer multi-family rental properties, over single-family, is that more people want to have the freedom and flexibility of living in a multifamily rental versus a single-family home plus multi-family is always in demand.
Land Lots – Besides investing in rental properties, another excellent way for how to get a passive income is investing in land Lots.
Land is always in demand, so it doesn’t matter if you live in a big city or small town, if you have the opportunity to invest in land, you should take that opportunity for How To Get Passive Income, because you never know what the demand for land will be like in that location in the years to come.
Mobile Home Parks – Another excellent way to generate passive income is by investing in a mobile home park. What’s ideal about mobile home parks is that they can be found in most cities across the United States and, depending upon location, you may be able to invest in a mobile home park for a lot less than the cost of buying a home in California.
As with any real estate investment, the goal of investing in mobile home parks should be to offer your tenants the highest quality environment possible.
Sadly, many mobile home parks have had a bad rap in recent years because their owners purposely let those Parks fall into a state of disrepair. Don’t let this happen to you! If you plan on investing in a mobile home park, take the time to provide the best maintenance, homes, and amenities possible and you’ll have tenants living there in most cases who will want to continue renting those spaces for the rest of their lives.
Self-Storage – Last of all, but most important, another effective way for how to get a passive income is to invest in a self-storage facility.
As with mobile home parks, self-storage facilities can be found almost anywhere across the United States because most people typically have two of everything and they would rather store their overflow items in a nearby self-storage facility rather than selling the possessions that they know and love.
With most self-storage facilities charging $50 or more per month, this creates a huge opportunity for the investor who can purchase a self-storage facility in a high-traffic location.
Contact Trier Capital
At Trier Capital, we specialize in investing in multifamily properties. Our simple step-by-step process allows you to accelerate your wealth creation so you can live a magnificent life on your terms, whether that means traveling the world, spending more time with family and friends, or making an impact.
To learn more about How To Get Passive Income, our process of investing in multifamily properties, contact us today by calling (630) 229-2383 or click here.