How do i make 5000 passive income?
Thursday, July 1st, 2010 at
2:50 pm
I have about 80 thousand us sved up and would like to get some advice on how to start bringing in passive income of around 4-5k a month. Ive been looking really hard at real estate as well. If anyone with any advice could help me get a good or different perspective on this it would be greatly appreciated. I figure that I would be happy retiring with about 4-5 a month and could work at the same time to pay my kids way through college.
It might be better to ask what is the best ways to invest to start some incoming passive income.
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It’s going to take a while, I’d say. Also, it depends where you live. If you invested in property in NYC you might be able to buy and fix up two studio apts.
In a rural area you might be able to buy and fix up and small building.
You’d still be holding notes on these properties.
My wife and I have one home we rent that we hope to hold for at least 10 years to be our oldest’s college fund. If we are able to hold it beyond that we’ll probably be close to paying off the note with rising rent against a falling dollar, and then 15 years from now we might realize $2,000 in passive income for this one property. . . . .but that might have the purchasing power of $600 today.
Stack your chips slowly and keep them close to you.
$4-5k per month ($48-$60K per year) on $80K of capital? That doesn’t sound realistic at all.
Four thousand dollars a month on $80K investment requires a sixty percent return on your investment. Even you should realize that is not practical. If you live real dangerously, you might get 10% return on your money and make $800 a month.