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None of what I reading in this thread is what I call passive income.
Passive to me is nothing having to do anything. For example, I purchased several domains over 10 years ago and put some ads on them. Have not touched many of them since but I receive a check every month from some domain company. I know, I'm getting ripped -- they might get $2 and give me 75 cents, but whatever. Point is that is what I call passive.
And I guess being a landlord can be passive... but not passive enough for me. I've known plenty and it really depends on the people you get in.
Not sure it is so rare... hard to do though, I'd admit.
For the real estate example thats why you hire a property manager. Your domain thing your basically using the company as a property manager for your domain same way I use a property manager for my rental home. That makes it passive.
Unless you have gobs of money and can live off interest and investing almost nothing is truly passive income.
You've confused primary residence mortgages with non-owner occupied mortgages for income property.
They are entirely different and the down payment and interest rates and collateral to secure a non-owner occupied mortgage is an entirely different ... and more expensive ... proposition.
Being a landlord, even in a desirable market, is not all peaches and cream. It's a job and it takes far more work than it looks like to do properly, especially if you have more than a few properties to rent and manage. It's just about the furthest thing from a passive income I can think of, and I've been in it for many decades.
In any event, the OP wanted a situation which didn't require much capital to get into doing. Rental real estate isn't it.
PassTheChocolate posted above the types of businesses which don't require much money to get started. There's lot of similar types of services which folk will pay for.
If its his first property he could buy it and say its a primary residence. As long as he moves in he's not lying, now if he moves out after a week and rents it after that he did his part he bought it to live in and he did live in it. He could get a property for 3% down.
If its his first property he could buy it and say its a primary residence. As long as he moves in he's not lying, now if he moves out after a week and rents it after that he did his part he bought it to live in and he did live in it. He could get a property for 3% down.
Weekends only and little start-up, you are talking about some sort of service industry. Rent-a-husband (handyman), gardener, weekend nanny, pet sitting, relief elder care, yard waste hauling, or free metal pick-up.
I actually do the "free metal pickup" thing occasionally and am always surprised at what the recycler gives me when I do.
I actually do the "free metal pickup" thing occasionally and am always surprised at what the recycler gives me when I do.
Good tip.
Another good idea. YOu could put an add in craigslist and the local papers saying you haul off junk metal. The only problem is the OP says he has a car and a truck would be required to do this. I work with a guy that does this and he said he can bring in 4,000 a year. He stores the metal in his yard until he has a full load and drives over to the recycler.
The OP wanted a business with a LOW start up cost (he did capitalize the "low".... )
You would need a pickup truck - 8,000 dollars used (low end)
You would need a trailer - 2,500 dollars.
You would need a commercial grade lawnmower - 5,000+ (used)
You would need weedeaters, blowers and other small equipment- 3,000 +/-
You are looking at 18 to 20 thousand dollars to do it right. I suppose you could try to use a low end mower and knock it down to 12,000 dollars start up cost.
The OP wanted a business with a LOW start up cost (he did capitalize the "low".... )
You would need a pickup truck - 8,000 dollars used (low end)
You would need a trailer - 2,500 dollars.
You would need a commercial grade lawnmower - 5,000+ (used)
You would need weedeaters, blowers and other small equipment- 3,000 +/-
You are looking at 18 to 20 thousand dollars to do it right. I suppose you could try to use a low end mower and knock it down to 12,000 dollars start up cost.
No You Dont need to spend that much.
you can start with a $200 mower, and a good weed eater and blower can be bought for $200 each. Buy a very small trailer for $500 at lowes /home depot. For $1100 your in business.
You can tow these small trailers with most small vehicles.
When you have made some money you can start to expand and buy better commercial equipment and bigger trailers, a truck.
I know because in 1998, I did it just like that and built it to a business that does $750K.
you can start with a $200 mower, and a good weed eater and blower can be bought for $200 each. Buy a very small trailer for $500 at lowes /home depot. For $1100 your in business.
You can tow these small trailers with most small vehicles.
When you have made some money you can start to expand and buy better commercial equipment and bigger trailers, a truck.
I know because in 1998, I did it just like that and built it to a business that does $750K.
I will defer to your experience. Another one he might try is pool service if he lives in the right area.
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Another one he might try is pool service if he lives in the right area.
