What is the best SPECIFIC pathway to both short-term and long-term passive income in REI? That is, how to get the most amount of passive income with the least amount to work put into it to set it up and keep it going? Let’s assume you have to start with essentially little to no money.
If you can only speak about the specific area that has done well for you (regarding passive income) in the past, then let us know your story!
As mentioned, unless you are a member of the Lucky Sperm Club, you can do nothing and mooch off of those that have worked hard in their lives to have their money given to those that do NOTHING.
Or you can realize, outside of winning the lottery, getting rich or at least financially free, requires effort and work. Once you decide that it takes effort, planning and work. Figure out what you LOVE. Do what you LOVE and it will never seem like work!
I know I’m jumping in here, but what about owning an apartment building and hiring a management firm? Seems like the only work would be to keep up on accounting to make sure the firm is performing honorably. Correct me if I’m wrong, please.
seems like the wrong kind of attitude to me. For the most part, all of us on this site want to be financially free, from flipping houses a few times a year to leasing/renting SFH to MFH, to owning commercial RE. You have to work hard at it and be persistent to be successful.
Looks like you tripped a real hot button, aggiecrew. But JeffInCT has the right idea. What is it exactly that you think of as work? If you mean manual labor such as painting and patching, then yes, there are a number of ways to avoid that. If you want to avoid paper work and legal stuff, it’s a little different story, but you can get help.
If it’s not something you LOVE, you simply can’t do well with it. Find the aspect investing that appeals to you personally, and go at it full steam. With some persistence, the blanks tend to fill in themselves.
The easiest CHEAP way in that I can think of is preforeclosure workarounds. It really doesn’t require any financial investment on your part, but you’ll have to LOVE talking to people, and enjoy negotiating with lenders.
The EASIEST cheap way (notice the inflection) might be tax lien (deed) sales. It’ll take some money, but if you pick the right state (think cowboys), it can be quite lucrative.
You can find SOME information about both avenues by searching this forum.
Neither of these leads directly to PASSIVE income, but it’ll get you into the arena: you’ll make some money, see how things work, then when the right deal does come your way, you’ll be able to both recognize it AND take advantage of it.
Whatever you do, it will only BECOME passive after you’ve put in a sufficient amount of effort to make it self-sustaining. If you push a car, it may roll a little while, but soon it’ll stop. If you want it to roll and pick up speed like a downhill run, first you have to push it UP that hill!