Passive Income / Business Ownership

There's a lot of info on REITs out there, I would start with investopedia and go from there!

South America and Central Asia? Sounds way more interesting than the East Coast!
 
ATN_Pilot said:
Rental properties can certainly be passive, as long as you get them cheap enough to be able allocate 8-10% of revenue to property management services, which is relatively easy. Most of our clients have virtually no involvement in their properties at all, and just receive a direct deposit every month.
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I have rental properties and I'm getting out of them. They are located in upstate NY where outsourcing the management is next to impossible. They have definitely not been passive income. However, have friends in more urban areas in other states where good management is available for around 10%.
 
CakeOnIt said:
I have rental properties and I'm getting out of them. They are located in upstate NY where outsourcing the management is next to impossible. They have definitely not been passive income. However, have friends in more urban areas in other states where good management is available for around 10%.
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Where upstate?
 
Koenigsberger_Katjase said:
I wanted to get some input and potentially turn this into a general discussion thread.

I am currently stocking away nearly €4000 per month and due to some glucky real estate moves in my young age I have about $120,000 USD from when I bought a house in Phoenix during my flight training.

I am looking to turn this into passive income so that I can not have to worry about the inevitable collapse of European aviation (which I think is coming sooner than later), and I can spend my time doing fun things (running marathons, learning languages, drinking in the daytime) instead of not so fun things (getting on the bus to the airport at 3AM while everyone else is drunk or homeless)

Okay so, that being said, what should I do?

Constraints:
Buying a house to rent out in Germany is not possible with the money I have on hand
I could buy a house in the US and rent it out, but it may be hard to do that from here
I could potentially move to the US (dual passport) and purchase a business that I could run (I would like this a lot I think)
Or develop/buy a business that is location independent (probably my best option)

Does anyone else here pursue passive income opportunities or run side businesses? I'm not handy at making things, so I don't know what I could sell that I make like some rest pilots I fly with do (and my apartment has not much room).

Interested in hearing everyones contributions.

Thanks!
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Me? I'd start drinking in the daytime right now and continue until the money runs out. ;)

Alternately, I have a couple of bridges in Costa Rica I'm trying to get rid of. Reliably built. Good tolls. Let's talk.
 
That's why I'm selling out of the rentals for the most part, looks like I have to hold onto one four family in Norwich it grosses $2200, nets apx 1100/month, but sales are so slow for multi-family homes in Norwich (except bulk sales) that If I sell it about all it would do is clear out the mortgage of 50K. Know any reliable management firms that could handle a multi in the city of Norwich?
 
CakeOnIt said:
That's why I'm selling out of the rentals for the most part, looks like I have to hold onto one four family in Norwich it grosses $2200, nets apx 1100/month, but sales are so slow for multi-family homes in Norwich (except bulk sales) that If I sell it about all it would do is clear out the mortgage of 50K. Know any reliable management firms that could handle a multi in the city of Norwich?
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No. I'm up in Albany and "reputable" management companies are few and far between.

I have had some luck with real estate agents who need to fill their financial gaps. You might want to take a look at that avenue.
 
I've been asking, but most of the more reliable real estate agents I've met have told me they don't want to got involved with property management, too many horror stories!
 
CakeOnIt said:
I've been asking, but most of the more reliable real estate agents I've met have told me they don't want to got involved with property management, too many horror stories!
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Yeah, it's not a pleasant business. Much better suited for jerks like me. :)
 
I'm sure it's a more pleasant business in other states that the courts don't so heavily lean to the side of the "poor tenant who just cant help but not pay rent, even when its below market rates. My last eviction took months and once I had the court order, the dead beats stayed until the sheriffs had to remove them. They even left me a number of large big horned sheep INSIDE the residence, it took another two months to get rid of the undulates! I think Ive seen it all. If I had a full time staff to handle much of the grief, it might be tolerant, but I am not to "critical mass" with enough properties to keep a crew available at all times. Upstate NY is just a bad place to be in the landlord business, at least for small (10 or less properties) like me :(
 
Yep, I won't touch states that have tenant-friendly laws. New York, Minnesota, Jersey, Vermont, etc. Best to just not buy properties there. Lots of other states understand that the person responsible enough to own property should be given deference over the irresponsible person who doesn't pay his bills.
 
ATN_Pilot said:
Yep, I won't touch states that have tenant-friendly laws. New York, Minnesota, Jersey, Vermont, etc. Best to just not buy properties there. Lots of other states understand that the person responsible enough to own property should be given deference over the irresponsible person who doesn't pay his bills.
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I learned this the REAL HARD WAY!
 
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