There are lots of ways to earn income – passive and otherwise – in real estate investing. You can fix-and-flip properties or wholesale them. That means you’re taking control of them for a short period of time and selling them to a buyer. As a wholesaler you can easily earn six figures your first year. That’s what investor J. Massey did.
Over time you’ll want to move into buy-and-hold properties where you hold onto the property and charge tenants rent. This is the #1 way to produce ongoing passive income.
To be an effective buy-and-holder, you have to understand whom you serve. Who is your ideal customer? If you don’t have the answer to that question you won’t be able to focus on being an effective investor. You will miss opportunities and that is like walking past streams of hundred-dollar bills on your way to pick up pennies. Why would you do that? Learn whom you serve and you’ll experience success as a real estate investor much faster.
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Jay Massey here, with the CashFlowDiary.com and in this video we’re going to talk about the passive income that's available through real estate in two minutes or less.
Now when it comes to doing real estate various different forms you can do that fix and flip and the quick turn idea but that doesn't necessarily create passive income.
The primary and biggest passive income model that many of us are aware of is when you buy a piece of property and then rented out.
Now that comes in various different shades with its commercial property whether to cell tower whether it could even be a resort or hotel, as well as something as simple as a single family house. There are so many ways to make your own business model in that way when it comes to real estate that you must remember to ask the number one question.
That number one question is going to be:
Whom do you wish to serve?
Then you have a clear direction from to which to build the rest of your business so that you can know:
• What type of real estate to buy?
• Where to buy the real estate?
• What you should pay for the real estate?
• How to finance the real estate?
All of those things are absolutely predicated on whom you wish to serve. If you don't know who you're serving this real estate can eat you alive with so much opportunity that you never really get started or focused because then are coming questions like:
• What paperwork do I use?
• How do I get the money?
• Where did all this come from?
There are so many choices that are available to us today especially with the use of technology and most importantly because we can get across many different state lines and countries and lickety-split no time seconds. We must be very clear on whom we want to serve.
That’s what's going to create your best success at developing passive income because the system that you use must also support this specific person and their unique needs.
Thanks for watching.
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