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Started By
Message
Passive Income Discussion
Posted on 7/30/13 at 9:48 am
Posted on 7/30/13 at 9:48 am
I am 33 with a wife and 3 daughters (14,10,2). I currently work a full time professional job making $51k/year. I am looking for any ideas/suggestions as to ways to earn some passive income. I don't have alot of extra time being I have 3 children still at home so I think landlord is out of the question. Any other suggestions/ideas/discussions about passive income.
Thanks.
Thanks.
11
Posted on 7/30/13 at 9:52 am to ThatsAFactJack
There are no free rides. Money just doesn't fall out of trees. If you want more income, you go out and hustle.
Posted on 7/30/13 at 9:56 am to Broke
quote:
Broke
quote:
There are no free rides. Money just doesn't fall out of trees. If you want more income, you go out and hustle.
I know there are no free rides. I am asking for suggestions of things that I can start out doing and work into having a stream of passive income.
Posted on 7/30/13 at 9:59 am to ThatsAFactJack
I'm just glad there's somebody else here that isn't making 6 figures. 
Posted on 7/30/13 at 9:59 am to ThatsAFactJack
Buy a condo near college campus. Get a management company to run it for you. Make less money but put no time into it. 
Posted on 7/30/13 at 9:59 am to ThatsAFactJack
buy a rental property. should be a free and clear stream of income in about 30 years with little to no effort.
Posted on 7/30/13 at 10:02 am to ThatsAFactJack
I would like to hear more about this too. In a similar situation. I am a bit older make a somewhat more and have two small children 3 and 5 mo.I am willing to invest in something but I don't want to be a landlord or flipper. Just looking for ideas that maybe I can use in my geographical area.
Posted on 7/30/13 at 10:04 am to ThatsAFactJack
does the wife work?
Posted on 7/30/13 at 10:07 am to jjbodean1970
quote:
does the wife work?
I would love to know this + how the budget works out, because I make more than this and would think 3 kids on my salary just wouldn't work. (I do have student loans which changes the game, those are my "babies"
). I just have a giant disconnect between my earnings without kids and others earnings with kids, and therefore it would be good for me to know how this budgets out so I can see where to make cutbacks.
This post was edited on 7/30/13 at 10:09 am
Posted on 7/30/13 at 10:09 am to Grouper Picatta
My wife works
Posted on 7/30/13 at 10:09 am to jjbodean1970
quote:
jjbodean1970
quote:
does the wife work?
Yes the wife works. She is a RN, works shift work, she makes about $70k.
To all the guys suggesting rental properties, that is not something I want to get into until some of my kids are out the house.
Posted on 7/30/13 at 10:11 am to ThatsAFactJack
quote:
She is a RN, works shift work, she makes about $70k.
Do you and your wife not share money?
Posted on 7/30/13 at 10:17 am to ThatsAFactJack
quote:Rich people problems.
Yes the wife works. She is a RN, works shift work, she makes about $70k.
Posted on 7/30/13 at 10:20 am to Salmon
quote:
Salmon
quote:
Do you and your wife not share money?
Yes we share money. I'm still looking to make some passive income. And looking for any suggestions/ideas besides being a landlord.
Posted on 7/30/13 at 10:24 am to ThatsAFactJack
Ok well the OP was a bit misleading then since you have more money than just $51k to work with
Posted on 7/30/13 at 10:33 am to ThatsAFactJack
Passive income is from investments (stocks, bonds, mutual funds, businesses, real estate). In your case, I'd stick with stocks, since you have no time to be a landlord.
Posted on 7/30/13 at 10:36 am to ThatsAFactJack
To all: How much does the management company normally take each year?
Posted on 7/30/13 at 10:38 am to wegotdatwood
I think its 10% of the rent
Posted on 7/30/13 at 10:40 am to wegotdatwood
a shite ton, I look at these things all day everyday
you see them anywhere from about 20% as high as 45%
BUT they handle all the bookings and maintenance for you, you still have to pay for the maintenance, but they just take it out of your income.
ive never seen a more "rapey" business than property management
you see them anywhere from about 20% as high as 45%
BUT they handle all the bookings and maintenance for you, you still have to pay for the maintenance, but they just take it out of your income.
ive never seen a more "rapey" business than property management
Posted on 7/30/13 at 10:42 am to chickman1313
I'm sure it depends on if its a beach condo you rent weekly, vs a duplex you rent on a yearly lease.
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