I know not everyone wants the headaches involved with owning investment real estate so I ordered and read the late night infomercial books “Winning In The Cash Flow Business”.
In comes in three manuals:
1. Find Em – This book tells you how to find real estate notes to sell using various techniques. It also has lots of real estate terms and definitions which I believe are filler.
2. List Em – This book shows you where to sell the real estate notes you have found and how to profit from them.
3. Make Money – This book is filled with legal forms you will need to give buyers and sellers of the real estate notes. Also shows the various techniques to make money on owner financed notes.
After reading this program I believe in theory it can work but due to all of the time required to understand the process, legal forms,and matching buyers and sellers it’s not a realistic formula for the average person.
I consider myself more knowledgeable than the average person due to my many years as a real estate investor and I found the system relatively complicated although it could work.
I wouldn’t waste your money on this program but if you do decide to give it a try buy it used through Amazon for a few dollars.
If you have ever paid a monthly fee to a dating site, an investment site, or a membership site you know that membership sites can be expensive. On the other hand, if it’s your membership site you have a great money making tool.
I researched starting a investment membership site some months ago and here’s what I learned. First the software can be very expensive and normally is charged annually. The fee ranges from a few $100 – $1,000/year and can be very complicated to set up.
You are also going to need quite a bit of informational articles and other information that members wouldn’t normally get else where. Another words your going to need some pretty unique and valuable information that isn’t provided anywhere else online otherwise why would anyone pay a monthly fee.
There are several membership sites that will sell you pre-written ready to use content however it won’t be unique nor up to date. This rules out this potential option. You could also hire a freelancer to write up your membership content but that would be relatively expensive, time consuming, and may not pay off.
The final option is to create the content yourself which although it may take some time would provide the most valuable and unique content available. If your creating income from other projects while setting up the membership site you could pull off a pretty decent potential passive income.
Then all you would need to do is advertise your new membership site and start accumulating passive income. Obviously you will also need to add new content and information but it would be much more manageable when your collecting the membership fees every month.
Everyone has heard of Mcdonalds, Burger King, and other popular franchises but they also cost a few $100,000 and more to start. Instead, there are some really pretty decent franchises that can be started for less than $50,000.
1. Sears Cleaning Business – The start up cost is $26,000 but you get a well known name with the backing of the sears cleaning team. This fee includes training and forms and they also will provide financing.
2. Sell 4 Free – This is a company that does not charge a fee to sell a customers home as long as the seller also buys a home through the franchise. The start-up fee is $29,000 which the franchise will finance.
3. Senior Helpers – This company provides assistance and help to seniors in need of care. The initial start up fee is $40,000 and the company also provides financing.
These are just a few of the possible franchises available for under $50,000. You don’t need to risk a lot of capital to start your own franchise.
After several years of testing lots of survey sites and selecting the ten best sites to make $1,000/month I began to experiment with making passive income through referrals.
Some things I learned were that most survey sites referral payments are low. These sites paid a flat $1-$5 one time payment and required as many as 50 referrals before getting paid. Not many people get 50 referrals so I considered those sites a waste of time.
Other sites just didn’t seem to credit referrals when I knew of several people that had signed up using my referral links. I dropped these survey sites for generating referrals since they were dishonest.
What I was left with were three survey sites that generate passive income but no upfront payments. To be honest I would rather get residual income than a one time upfront payment. This way I get paid for every survey that my referral takes for the life of their account.
Here are the three survey sites that I have been very satisfied with their referral programs:
1. Cash Crate – This survey site not only pays you for every survey your referral takes but also pays you if your referral gets referrals. This is called second level referrals and it’s a great way to have your referrals make you even more money.
2. Treasure Trooper – Again this is the same type of two level program as Cash Crate uses and they have lots of free and paid surveys to take daily.
3. Survey Savvy – Although this survey sites only pays you for your referrals surveys taken the residual income is higher than the other two survey sites.
If you have a website or could send out emails to your friends with your referral link you could generate a nice passive income from these survey sites.
One little known and untapped market for passive income seems to be buying expired domains. When a website owner for whatever reason doesn’t renew their domain name it’s up for grabs.
Since many of these domains/websites had advertised around the internet before being left to expire traffic keeps coming in. When you buy an expire domain you can take advantage of this free traffic by redirecting it to one of your websites, building a new website with the domain, or setting up ads on it via domain parking.
If you don’t have a website to direct the expired domains traffic to setting up the domain with ads is an ideal way to create passive income. Sites like parked and godaddy will set up the ads for your expired domains and pay you the revenue it generates monthly.
For some reason I rarely hear of internet gurus mentioning this tactic but it can generate a nice passive income with no work involved for the domain owner. You can buy expired domains for as little as $20 each over at godaddy.
It just occurred to me the other day why shopping how empty the stores were. Then I realized everyone else is working at their job during the day while I am shopping.
When you work from home, specifically the internet you can basically set your own hours. It’s been a few years now for me so it I sometimes forget that most people work from 9-5.
It also made me aware at how great it is to work from home. Even when I have owned other businesses most required me to work during business hours since that’s when I needed to contact other business owners, customers.
With the internet you don’t get a lot of customer service issues. If I do I simply fire off an e-mail and I am done. I love to structure my business around my needs. I like to jog, workout, and spend time with friends during the day.
It’s so nice not to HAVE to get up at a specific time and sit in rush hour traffic. If you are looking to get started on an online business check out my .99 cent “Beginners Guide To Making Money On The Internet“.
If your looking for ways to make more money from your business your probably going to need to advertise more. Advertising costs money but there is a free classified site that gets results without costing a dime.
US Free Ads is a free classified ad site that performs pretty well for me and I believe it can help anyone generate more business. I have gotten lots of responses from the ads I place there and the site is very easy to use.
You simply select the category you want your ad listed under and write your ad with your contact information. You can also upload a picture and include your contact information. If you won websites you can provide a clickable link directly to your website.
If your looking to generate more leads for your business this is your chance to do it, for free.
With real estate in such bad shape the last few years deals are everywhere. If you have equity in your house now might be a good time to sell even at the reduced market value and buy a cheaper home for cash.
I know many of you might think I am crazy saying this but the reality is that owning your home versus making a mortgage payment every month is smart. At the end of the day, I would rather live in a cheaper paid off house than a mortgaged higher priced home.
If you are curious of your housing options and the value of your current home you can do some research at zillow.com which will give you all the information you need to make well informed decisions. This site is a best kept secret and free to use.
You can find out what all the homes in your area are worth, what home have sold for in the last year, etc. A good site for finding cheap homes is realtor.com which is also free to use. Just input the house your looking for with the prices, areas, etc. and up come a list of properties for sale.
You can really get some very good deals by using both of these sites together to research and locate property. There are many homes for sale for under $25,000 in most areas throughout the country.
If your a new real estate investor or looking to become a investor there are some great but little used ways to increase the income on a property. Not only will this increased revenue help you make more money every month but it also improves the resale value of your property.
1. Advertising – I love to buy buildings in urban areas that have lots of traffic by them since this traffic represents money to the keen investor. I have had billboards put up on the sides of buildings facing traffic and rented the space for a monthly fee. You would be surprised at how much money you can make this way. I average between $100-$500/month extra income this way.
2. Parking – One of the easier ways to generate additional income is to charge an extra fee to the tenant for the use of the driveway or garage. If the tenant isn’t willing to pay an extra $50-$100/month than I rent it to the neighbors.
3. Cell Towers – Since cell towers are crucial they are a must for phone companies. You can call these companies to ask them if their interested in using your property for a monthly fee. If your lucky enough to get accepted for a cell tower on top of your building or property they pay very well. I have heard monthly income from $1,500-$5,000 plus.
4. Rezoning – The best way to potentially double or triple a properties value is to have it rezoned as a business zone. As a business property your property will be available for higher rents and multi-use which makes the resale value much better.
5. Adding an Apartment – This is the best way to increase your monthly income on a residential property. Making additional income also makes the resale value worth that much more.
These are just a few of the possibilities for increasing a properties income and values. If you get really good at these hidden income sources you can buy underpriced properties and increase their value substantially.