Are you searching for information on passive income strategies, or are you interested in learning how to create passive income? If so, you’ve come to the right place.
If you spend some time reading this blog, you’ll see that I’m very passionate about passive income because the more passive income investors have, the easier it’s going to be for them to live life on their terms.
Passive income is defined as any type of income stream that you spend no more than a couple of hours per month working on.
Sadly, many entrepreneurs and business people in this day in age have multiple side hustles that they classify as ‘passive income’ when in reality the average person has created a second or third job for themselves rather than a true source of passive income.
The good news is that creating passive income is not difficult, especially if you know which passive income strategies you should focus on in this day and age.
In this article, I’ll break down some of the best passive income streams that you can use to generate income quickly.
Simple Passive Income Strategies
House Hacking – Although it’s not for everyone, house hacking (the process of renting out empty bedrooms in your home) is by far one of the easiest ways to generate passive income because those rooms are sitting empty and you could be earning money on a nightly or monthly basis by renting them out.
This method of passive income generation does require commitment because, if you’re still currently living in your house, you’re going to have to get used to the idea of living with roommates so it’s best to carefully consider this option before getting started with house hacking.
Start A Laundry Business – If you have a washer and dryer in your home that you’re not using more than once a week, you should consider starting a laundry business. This is another excellent way to earn passive income because there’s nothing easier than putting a load of laundry in the washer/dryer, folding, then delivering that clean laundry to a customer.
Most people hate doing laundry themselves so it’s entirely possible that you can easily build a thriving laundry business especially if you live in a city that has a large number of white-collar workers or people who vacation there on the weekends.
As your laundry business grows, the most important thing that you should do is hire somebody to do that laundry for you or, pick up the laundry from your customer and then deliver it to another laundry service to have them do that laundry for you.
Rent Out Land – If you’re like many investors in the United States, you probably own a land lot in your town, state, or elsewhere across the United States.
Although owning land isn’t what many investors would classified as being a ‘sexy investment’, the reality is that it’s a practical way to earn a passive income because you can easily rent that land out to a tiny homeowner, or business owner, and earn rent from it every month.
Advertise On Your Vehicle – Depending upon where you live, you may have seen at least one or more vehicles that are wrapped with advertisements promoting national or local businesses.
Vehicle wrapping is an effective way for any business to promote themselves in this day in age because of the simple fact that a vehicle that’s wrapped with advertisements promoting a business is essentially like a rolling billboard that people are going to see every day.
If you live in a high traffic area, or a busy city like Los Angeles, you may want to consider wrapping your vehicle with advertisements that promote businesses in your local area.
This method of passive income generation is not going to be for everyone because wrapping your vehicle with advertisements that promote businesses may potentially damage the paint job on your vehicle but, the catch is that you’re going to be earning income from those advertisements every month so the trade off may be worth it.
Generate Passive Income Online
Affiliate Marketing – One of the most commonly written about passive income strategies over the last 10 years has been affiliate marketing. Why? With affiliate marketing, all you have to do is promote another company’s products and you get paid any time somebody buys their products through your link.
Over the years many investors have gotten started with affiliate marketing simply by choosing a high converting offer then partnering with the right company to drive traffic to that offer.
There still is plenty of opportunities to generate passive income from affiliate marketing in this day in age, and you can also earn income from CPA marketing as well. This means that anytime somebody clicks on your link, fills out a form, or calls the phone number, you will get paid from your marketing efforts.
Digital Products – Another common way to generate passive income in this day in age is by selling digital products like eBooks and online courses.
I like promoting digital products because they are easy to purchase or create and you can earn a consistent passive income from them every year, especially if you keep your digital products updated with fresh content that buyers can use right away.
Flipping Products On eBay – Let’s say that you don’t like the idea of creating your digital products, or reselling digital products that someone else created, if this is the case, you may want to consider flipping products on eBay.
By flipping products on eBay, I’m talking about buying low and selling high. This means that if you purchase a product on Amazon, or at your local Walmart for $10, your goal should be able to resell that product for $20 to $30 on eBay.
Keep in mind that if you decide to flip products on eBay, this method doesn’t work for every product, so it’s best to take the time to download the eBay app to your phone and research products that you plan on reselling before you decide to purchase them.
Invest In Multifamily Real Estate
As I wrap up this article, you need to know that all of the passive income strategies that I’ve listed in this article will enable you to generate passive income quickly.
Even though I stand by each of the passive income streams that I’ve written about, my most preferred method for generating passive income is investing in multifamily real estate.
Why multifamily Real Estate? The answer is simple, with multifamily real estate the more doors that you have under one roof, the more income streams that you’re going to earn from one property.
Some investors will tell you based on their experience that investing in single-family properties is better but, if you’re an investor who is concerned about scaling up your Investments, the best way to generate passive income by far is investing in multifamily properties versus single-family homes.
Let’s be real though, not every multifamily property is created equal, especially in today’s world, as some cities across the United States are far different than they were last year.
This is why you want to take the time to thoroughly do your “due diligence” before investing in a property to make sure that the multifamily property that you invest in is located in what can be considered to be an up-and-coming location.
Specifically, you want to invest in a property that has plenty of shops, stores, things to do, and local amenities because renters in this day are concerned about walkability. They want to know that their rental property is a short walk away from the shops and stores that they may use every week plus a short commute from their jobs.
Contact Trier Capital
Investing in multifamily properties can be tough, especially if you’re just getting started and you haven’t purchased your first property yet.
The good news is that there is an easier way to purchase your first multifamily property, especially when you partner with my company, Trier Capital.
We make investing in multifamily properties easy and will save you the time, money, and hassle of having to do everything yourself since you can rely upon our team to source, acquire and manage your investments for you.
To learn more about the benefits that come from partnering with my company, contact me today by calling (630) 229-2383 or click here to connect with me online