What are any of you doing for passive income? Owning farmland that gets leased out? Something that brings in money that doesn't take a lot of hand-holding......and I am not talking 401ks or IRAs that you dump money in and wait for the monthly statement.
I used to do this but it went from being passive to active due to a situation with the farmer so now 30 acres sit vacant
I have one rental house that's paid for. Of course it's rented to my daughter which means that my $1200-$1400 possible rent is now me forking out taxes and insurance on the place and collecting very little rent. I think I'm doing something wrong here
Yeah. And she wants me to work out some plan for her to buy it. Now I bought this place in 1987 for $58K (my wife and I lived in it until 94). This house is in the middle of 5 houses that are exactly the same. Within the last month the houses on either side sold for $430K and $390K. And my little girl barely gets by on her $36K per year salary. What's a dad to do?!
Well , she has one plus...her boyfriend makes good money. But she sure as hell isn't getting it for free!
If my current company gets bought out (seems to be on a good path as of last week), I'll probably buy/start some ecommerce sites for some "mostly" passive income. They'd require some amount of maintenance (maybe an hour every day or two) but there are lots of sites (think drop shipping only) where you never touch the product and just arbitrage the difference between retail and wholesale pricing.
For real now back to the OP's question.... How passive? Ive seen guys do rental property and use a management company. Commercial may be less hassle than residential. Passive farmland was recently discussed on another forum I'm on...rate of return sucks. Maybe bank on appreciation as your main source of investment but normally very little income stream. Another option is putting money into one of these crowd-funded consumer loan sites...I know nothing about them though.
S*^%T....I could come up with some sort of reverse inheritance mortgage situation where you pay all the taxes and insurance and when you die she owns it...and now your estate has to pay those...
I personally wouldn't be in a hurry to jump into the rental income market at the moment (in my area). Lots of people currently not paying and some who believe it is within their rights to not pay. Seems like there is a big opportunity to acquire properties at the moment though, however sad the reasons may be for the availability.
I own farmland. Trust me, that ain't passive income. The lease on the land covers the property taxes and maybe a nice steak dinner once per year. I have rental properties, lucky enough to have good tenants that continue to pay but I'm scared of what Washington is doing. Actively looking for another rental. Rental properties are nice when either A) You have a management company handle it all or B) You buy quality units that don't need a lot of work AND 1) You have good tenants.