What kind of things would it take to eventually get to > $1k per month of passive income? Aside from something like buying a $1 million office block and renting it out?
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OnlyFans
Nah OnlyFans is the opposite. You can get 1 mill per month after buying a 1k office block
I personally like the model of having Airbnbs and finding reliable property managers to handle everything. After you get all setup, you can kick back and relax and do nothing.
Not sure if that is what you meant when saying not to mention rental properties, but I think AirBnb has really opened up a lot of opportunities versus the traditional ‘renting out a space’.
what kind of fees do property managers charge? is it a revenue share or a fixed fee? do you have a ballpark amount?
and how do you find a 'good' one?
I bet GoldenCinderblock would know more than me about this subject, but I would probably engage in a sort of profit sharing to keep the property managers happy.
Finding good property managers is likely key. That’s part of the equation to success and avoiding problems. You likely want to find people that handle all the shit so you don’t have to deal with anything except ‘signing the checks’ per se.
Opening up additional businesses in a franchise is similar. You always want to find good managers that handle everything so you don’t have to be on site cracking the whip.
agreed. i'm assuming there's not a 'craiglist for good property managers' is there? have to vet people yourself / through personal network?
tough to get going, but this is my #1 plan for passive income.
Yeah I mean the beauty of it is that you can search for people who want to do good work, but currently are out of work and they basically need no experience. Then as you build up properties, you can create regional property managers to distance yourself from the front line day to day work.
Let’s say you have 5 properties - you probably don’t need or can’t handle financially a regional property manager. But, let’s say you’ve been building up more properties in a region for 5 years and you have 300 rentals. You have a ton of passive income and can afford a regional property manager and give them a cut of the 300 properties for them to crack the whip with the individual property managers.
I don’t have the time to get into this industry currently, but would like to be in it in the future and that’s how I would run it. But, I think finding good property managers and building up quality at each level from the start is ideal. You don’t want shitty employees in any enterprise so ensuring quality would be paramount for success and also keeping your employees and clients happy. Having top reviews on Airbnb and also the presence of ‘superhosts’ is what brings in the money on that platform.
I've never been involved in short term rentals. I managed residential multifamily in Chicago. Short term rental PMs were charging in the 25% range when I looked into it 5-6 years ago. I think I remember hearing it's lower these days. For residential management, my company typically charged 7% of gross collected rents and 1/2 month lease-up fee. A lot of companies mark up maintenance too.
I actually have met a really good AirBnb property manager - this is him:
https://m.facebook.com/profile.php?id=100000754021066&ref=content_filter
QYLD
NUSI
JEPI
DIVO
If you have around 100k give or take there's your 1k a month and you didn't have to do anything but click a few buttons.
ETH
Yeah I've definitely been a victim to the "oh once it pulls back then I'll finally go in!!" and have just been watching ETH every year from around $700. Fucking painful and I'm too pussy because I think they'll pull the rug on it somehow still
what o you think of a crypto atm. With the popularity of crypto on the up, if placed an area with enough foot traffic it could work.
LUNA
https://newsbitcoin247.com/terra-luna-price-prediction/
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