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What’s your passive income play?
Posted on 2/28/21 at 4:45 pm
Posted on 2/28/21 at 4:45 pm
Been looking more and more into the passive income game. Would eventually like to take a different role in my company or switch careers all together to be at home more. Considering some passive income to help alleviate the would be salary loss. With so many options out there just wondering what actually is profitable. Anyone willing to share their accomplishments?
Posted on 2/28/21 at 4:51 pm to GAFF
I’ll say this first, residential real estate is NOT passive income unless you have property management
Posted on 2/28/21 at 4:53 pm to Upperdecker
I considered the real estate game hard but the market here really boomed and I’m not interested in buying out of state
Posted on 2/28/21 at 4:56 pm to GAFF
I purchased an ice machine thing and set it up at a boat launch.... Thing is paying for itself and I'd love to buy a few more and set them up
Posted on 2/28/21 at 4:59 pm to tduecen
How does that work? You rent the spot at the boat launch? What’s the upkeep like?
Posted on 2/28/21 at 5:31 pm to GAFF
Rent a spot and the upkeep isn't horrible, I go once a week and collect/clean the machine
Posted on 2/28/21 at 6:07 pm to GAFF
Passive income is the Holy Grail, my plays
Continuing to build my book of business in the insurance industry until I feel like I could live off 25% of the residuals. So the residual income is passive, building it is not.
Real Estate becomes passive once you have enough to have someone else manage the rentals. Working on this.
DRIPs can generate a lot of passive income, but it either takes a YUGE initial investment or a long time, or both. Best time to start doing this is... yesterday.
There is no easy way to generate significant passive income, and anyone who claims differently is selling snake oil. There's always an investment of time, money, work, or all of the above involved.
Continuing to build my book of business in the insurance industry until I feel like I could live off 25% of the residuals. So the residual income is passive, building it is not.
Real Estate becomes passive once you have enough to have someone else manage the rentals. Working on this.
DRIPs can generate a lot of passive income, but it either takes a YUGE initial investment or a long time, or both. Best time to start doing this is... yesterday.
There is no easy way to generate significant passive income, and anyone who claims differently is selling snake oil. There's always an investment of time, money, work, or all of the above involved.
Posted on 2/28/21 at 6:15 pm to Vols&Shaft83
I want a trailer park. I’d like to get a top notch one for about 1 million and just do upkeep and cut grass for tenants.
Posted on 2/28/21 at 6:20 pm to diat150
quote:
I want a trailer park. I’d like to get a top notch one for about 1 million and just do upkeep and cut grass for tenants.
People might laugh, but I have a friend who makes a killing by renting out mobile homes. Lot of work, and tenants aren't always the most desirable, but it's cheap to get started and once you get enough of them, the profits are terrific.
This post was edited on 2/28/21 at 6:21 pm
Posted on 2/28/21 at 6:22 pm to Upperdecker
Good thing about real estate is it always goes down.
This post was edited on 2/28/21 at 6:26 pm
Posted on 2/28/21 at 6:27 pm to Vols&Shaft83
You’re friends with Brandon Turner?
ETA: Gaff: You able to turn a hobby into making money? I’ve had plenty of friends that have turned a craft into a side gig and if you’re working from home, you may be able to manage your daily time around it well. Not a bad place to start if there’s a low amount of cash to start up something.
ETA2: I’m in real estate. It’s not really passive since I manage the properties but is a decent gig. If there’s a business partner you trust with your life with the same vision, even better.
ETA: Gaff: You able to turn a hobby into making money? I’ve had plenty of friends that have turned a craft into a side gig and if you’re working from home, you may be able to manage your daily time around it well. Not a bad place to start if there’s a low amount of cash to start up something.
ETA2: I’m in real estate. It’s not really passive since I manage the properties but is a decent gig. If there’s a business partner you trust with your life with the same vision, even better.
This post was edited on 2/28/21 at 6:32 pm
Posted on 2/28/21 at 6:42 pm to diat150
quote:
want a trailer park. I’d like to get a top notch one for about 1 million and just do upkeep and cut grass for tenants.
I own one in the panhandle of Florida. Primary tenant is a retired northerner on a fixed income. We have very high standards for appearance and a retired Army grunt running day to day. He gets free lot rent and a sense of duty keeping his neighborhood safe. Outside of standard paperwork for taxes, I talk to him a couple times a month and go down to visit once a year.
Posted on 2/28/21 at 6:45 pm to Vols&Shaft83
quote:
People might laugh, but I have a friend who makes a killing by renting out mobile homes. Lot of work, and tenants aren't always the most desirable, but it's cheap to get started and once you get enough of them, the profits are terrific.
I don’t want to fool with the homes, just the land. About 100+ lots.
Posted on 2/28/21 at 6:45 pm to hottub
quote:
own one in the panhandle of Florida. Primary tenant is a retired northerner on a fixed income. We have very high standards for appearance and a retired Army grunt running day to day. He gets free lot rent and a sense of duty keeping his neighborhood safe. Outside of standard paperwork for taxes, I talk to him a couple times a month and go down to visit once a year.
How many lots?
Posted on 2/28/21 at 6:47 pm to diat150
45
ETA: with 20 RV spots.
ETA: with 20 RV spots.
This post was edited on 2/28/21 at 6:48 pm
Posted on 2/28/21 at 6:51 pm to MrJimBeam
Anyone here do covered calls for income? I just got started in options and admittedly don’t know all the ins and outs but I wrote 6 covered calls for March 19 exp for around ~$1000 total. Nothing breath taking but still a nice profit. Strike was above my average and I don’t hold long in this account so I can’t lose.
This post was edited on 2/28/21 at 7:31 pm
Posted on 2/28/21 at 6:56 pm to GAFF
quote:
Strike was above my average and I don’t hold long in this account so I can’t lose
I'll take "Famous last words" for $1,000
Posted on 2/28/21 at 7:00 pm to GAFF
I am dabbling in crypto mining. Nothing massive yet. Just bought an $800 gaming pc with one gpu to work out all the kinks and do some learning. It’s actually way simpler than expected. Just pool mine ethereum thru Nicehash. 2 weeks I have around $56 in BTC based off of current value. At this rate, investment will be covered in 200 days. Next couple weeks, i plan to try and secure as many gpus possible even if used. I do nothing but check my hashrate a couple times of day. I’m really thinking about setting up an llc, so I can take advantage of depreciation and any expenses I run thru it. Maybe build a shed, put in a generator system, and few other upgrades, and then charge the business rent. It has the possibility of being exactly what I want. No employees to deal with. No traveling to visit my stores. NO managers calling because a toilet is broken. Just me and a bunch of gpus and ASICS mining. My biggest concern is the viability of the market long term.
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