We will look at the income streams and some simple-to-follow steps for how you can build passive income starting with step one.
First, we should define exactly what “passive” investing is. It means that your property is paying you every month, with little to no work on your part needed to get paid. If this sounds like a dream come true, it’s because it really is! Passive income stream options in Colorado Springs including 1)Landlording 2)Flipping 3)Becoming an Airbnb Host
#1 Landlording – Make sure that you have a solid tenant behind any door before signing the lease.
There are a number of ways you can increase your investment potential. These include, but are not limited to:
1. Buying the right mix of market-driven residential and commercial properties in an area that has good long term growth prospects;
2. Finding the right property manager who will work for you, the landlord to help maximize your income stream; and, finally;
3. Managing your investment by keeping up with current economic trends and adjusting when necessary to change, protect or grow your assets. We invite you to be a part of our family-owned organization’s success story
One method to create passive income in 2021 with Colorado Springs real estate is to locate distressed homes among high-demand rental areas, rehabilitating them and converting them into viable rentals to appeal to the current demands of tenants.
Investing in Rental Property – Part-time or Full Time?
You may find that you want to get involved in real estate investing in a full-time capacity. Some investors are able to completely retire off their rental properties, doing it as a side business and nothing more. Others use it as a primary source of income and supplement with other investments they make, such as stocks and bonds. The journey is up to you! Even if you choose the latter route, it can be fun only having part-time involvement since you have made your choice on the location for your home base. Letting others do the dirty work makes this type of investment so fun and exciting!
If they are unable to reach you by phone during business hours, what happens if a fire breaks out? You wouldn’t be there to extinguish it.
The same is true for repairs, so the contract will recite that any problems with the residence related to basic maintenance and upkeep will be handled on your terms over time as you see fit. In other words, don’t guarantee everything works perfectly or replaces anything at all. The last thing you need is an aging parent calling you from their death bed saying that something in the refrigerator isn’t working properly or there’s a leaky faucet dripping in the basement pooling up water on the floor below.
Property management is one of the biggest areas that investors overlook when they have multiple properties, and I know exactly why: it’s because property managers are annoying. They call you up with issues all the time, usually to tell you something that could be fixed by taking care of it yourself. They charge you fees for literally everything, and those fees always seem higher than what a landlord would pay… even though landlords pay for this stuff to be done as well! And then there are issues like “emotional support” — where your property manager will keep in touch with you frequently just so they can let you know how awesome the market is doing. But if you’re looking at hiring a professional property manager anyway, and it’s features Call HBR Colorado at (719) 286-0053 or send us a message today.