Wealth Lets talk about building a passive income...

[daviddreamer]

This is one of my ultimate goals...to build a passive income to the point where it pays enough to cover my expenses so I don't have to work anymore. It sounds like a pipe dream but the more confidence I build the more I realize that I believe it is possible if the right investment vehicles are made. I am getting really close to buying my first rental property. I have been looking to rent out a condo...does anyone have any advice in this department?

 

[trashKENNUT]

daviddreamer,

Agent fees. Usually it's better to find out online and on the streets about administrative matters. I am not sure how US works though, but i think because of many citizens rent out illegally and the rented guys made a nuisance and this cause complains. it becomes somewhat a law to have agents although this differs from country to country, state to state.

Aside from that, Cleanliness or you prefer a certain race or certain religion to stay in? Maybe you prefer bachelors? or bachelorette? (just don't do anything with this girl! Haha!).

Some few things to note.

Zac

 

[daviddreamer]

I haven't taken this thread anywhere yet lol.

 

[trashKENNUT]

anything important or something i can help?

Zac

 

[daviddreamer]

anything important or something i can help?

Zac

Its interesting to note that while I am majoring in business I haven't learned one thing about actually running a business....its all theory. I have a year of schooling left. A bit off topic but something to note.

 

[trashKENNUT]

daviddreamer,

Its interesting to note that while I am majoring in business I haven't learned one thing about actually running a business....its all theory. I have a year of schooling left. A bit off topic but something to note.

I am surprised. I am not even a degree holder, but here's what i learn in tertiary school (junior college at a lower level).

- Business Law
- Accounting
- Taxation
- Statistics

Pretty much a variety of general things that is really helpful, especially law. I like it though. Whatever it is, a degree guarantees a certain salary, which is a good thing.

Zac

 

[Sophisticated Gent]

daviddreamer,

I don't thing there is truly a passive income that doesn't involve work. Even if you have a large amount of assets in low risk funds you still have to manage the money. Rental property is a lot of work. There is building maintenance, tenant issues, contracts, taxes, and a lot of other things to deal with.