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20 minutes for a huge graphic page to load! lol That is when you know you are getting old! JK!

Yeah we talked enough business for the thread starter so when he has a few 100k's he can open up a subway maybe if he wants too!

And if we manage to get the thread back on track, we might give the OP some more info about his request for 'passive earnings'


today's new adventure

:focus:

Re: Passive income ideas?
 

I was late to the party with working online. Made my first serious cash in 2007, bought some car accessories for a less than a tenth of their real cost. Made a 5 figure sum, and went from there really.

Now I live in a city where the average wage is less than 200 euros a month. Its a beautiful city, I don't work so much, rather be spending my time drinking coffee with beautiful ladies :)

I already have been buying RE and own some rentals and a nice chunk of land a major store needs badly.

Actually flipped a house in 2000 I paid 124k for, put new carpet in, painted the walls, put in some trees and scrubs and sold it within a month for 175.

Bought the home to live in it but realtor said wow, you made this house awesome, I think I might have a buyer for it.

Turned out to be one of the people who looked at it before us and did not see the potential in it.

As Aspkin has said, we have a property with a store front in the bottom and an apartment in the top. Nice monthly profits taking in two payments for rent.

I like making money and only have to collect rent. One problem you have when making rental money is the tenant. Screen them very well so you dont get one who wont pay or destroys your property.

And Aspkin knows that if you clear decent money and screen people the money comes in and you 95% dont have to do anything.

I was thinking it was your first time the way you made it sound! LOL

Very nice profits!

I wouldn't want to deal with collecting rent at all. I have a friend who owns 6 or 7 homes down in Florida, he does very well but some tenants can be a real pain and destroy it and not even pay! They should have some kind of a law against this! I wouldn't deal with properties myself, unless it was in this country were you can rape the prices on people cause they make a lot!

Former Landlord here, and I mean Former, lol.

As SandyD stated, pre-screening is CRITICAL to being a landlord. Treat this as a business, most don't.

I would verify employers, past landlords, etc...

I also ran Credit and Background checks and made the Potential Renter pay for the service (less than $100). If they passed my checking then I credited the background check to their deposit.

From the time a tenant stops paying rent to actually being evicted takes appox 5+ months. 5 months of rent gone forever, lawyer fees, and then the damages to your unit.

90% of renters are good, it's the other 10% that make it miserable.

BTW, a single mother with kids can be almost impossible to get a judge to evict. The courts give them tons of time to move out.

Some VERY interesting business models being portrayed in this thread!