Passive income is revenue you can earn from a property, investment, low hustle endeavor in which a person is not continuously or actively working, spending time. In this article, we are going to focus on passive income ideas that involve properties. Be it a pair of skiing equipment or a house.
- Rental Properties
First, you need to own a property, so that you can rent it out. But if you do not own it, Then you could think of buying one, to rent it. If you’re looking to buy a property to rent, keep in mind to buy something locally so that you can keep an eye on it, look for a special offer, something priced lower than the market price, a place near to schools, with a good connection to public transport, high circulation, dense population, and where the prices have been rising over the years. Scan the market for companies planning to move or build new factories in a certain area.
- List Your Place On Airbnb
Certainly, Airbnb has transformed the way we see vacations, while we look for more options than just hotels. And here lies an opportunity for you, if you have some extra space, you can list your place in the platform and make some extra cash time after time. Of course the better the location, the more money you can make.
- Rent Your Parking or storage Space
Again, if you have a free parking spot, why not rent it out? Especially if your parking is in a high circulation area, you can make really good money, as you may rent it several times per day. You can even consider buying some terrain with that specific purpose. You have some free storage you could rent? Then do it, some extra money won’t hurt.
- Vending Machines
We all have noticed those silent vending machines in airports, big offices, traffic areas and have smirked when we have noticed our favorite water bottle sell for triple the usual price. But just think how low maintenance is that as a business. You fill it up, check when it is emptied, go collect the money, and refill. It can’t get easier than that. The main issue here is finding the perfect spot, where it would be more exposed.
- Sublease to Housemates
If you are living alone and have an extra room, why not share your rent with someone else or just have some extra revenue coming in every month?
- Rent Personal Items
Old Baby Gear, Baby Sling, Skiing Equipment, diving sets, your car…anything you can think of.
- Turn Your Car Into a Mobile Billboard
You have certainly noticed many cars printed out with several brand advertisements. We usually assume that these are cars of people working for these companies. Well…not necessarily. Anyone can print their car, and turn it into a mobile billboard. Check locally, on how can you turn your car into a walking billboard.
- Raw Land Flipping
Just as with property investment, you have to make some research first on where to invest, location, perspective, price fluctuation over the years. Think of its chances to resell it in the future. And flip it time after time by increasing the land value that you own.
- Invest in a Food Truck
Normally, this will require not only research but also your presence during the first months, always keeping in mind you are doing this with a clear purpose to automate it. You have to think of a good location, type of truck, and type of products you are going to offer. Dive in with your soul in it and gradually delegate responsibilities.
Laundromat is a low-hassle type of business that once you put it working, will only require little of your time. The mos key issue is location, location, location. Make careful research of the area, how many Laundromats are there. What is the density of the population? The combination you are looking for is a high population, low competition location. The best ones are university cities, as students are your best customers.
Here you have a bunch of ideas, but don’t limit yourself to these options. I am certain that this list has triggered your own set of ideas we couldn’t think of. Take a piece of paper, sit and brainstorm.