In a recent video for my YouTube channel, my wife and I surprise our parents with their dream house! Being able to do this is one of the benefits of having passive income in property. Watch the full video (above) to see us give them the keys and tour them through their new home. The surprise house giveaway to my parents is something they'll never forget. We were incredibly grateful and excited to see their reactions as they explored their new space. It's a touching and special moment for our family that we're thrilled to share with you all.
Many people want to be able to provide for their loved ones like this. Unfortunately, the education system doesn’t teach the entrepreneurial and investment skills needed to get there. In this article, I will give you the exact steps you can take to generate passive income in property, and be their for your family in a big way!
1. Start A Cash-flow Business
If you don’t already have capital to invest, you need to generate some. This means starting a business with good cash-flow. I believe the best way to do this is to become a property entrepreneur! There is a lot of money flowing through the property sector at all times, and it is possible to position yourself to take a slice of that.
There are two main ways to become a property entrepreneur: deal sourcing and rent-to-rent. Deal sourcing is where you find amazing property deals; negotiate them; get relevant quotes and calculate figures. You then sell them on to investors for a fee. You can make £3000-5000 per deal! Rent-to-rent is where you rent a property from a landlord and, with their permission, then rent the property out either room by room or on short stay lets. This provides you with recurring cash-flow.
2. Passive Income In Property: Grow A Property Portfolio
Now that you have a cash-flowing business, it is time to create passive income in property. Use the income you are now generating to invest in owning your own properties! It is important that you do this strategically, however. If you buy property in the way many amateur landlords do, you will make very little and may end up losing money.
One strategy you should use is called buy, refurbish, refinance, rent (BRRR). BRRR is where you buy a rundown property, do it up, and then get a mortgage on the new value of the property. Done correctly, this allows you to recoup the purchase price and the refurbishment costs in the form of a mortgage. This means you can use the same pot of cash to buy another property and do this same thing again!
3. Use The Passive Income For You And Your Family
Now that you have a stream of passive income, you can start to spend a bit more. Use your active income to invest, and your passive income to live. With this money you can start to spend on luxuries and also do good for others. You might decide to buy your parents a house or donate to causes you care about.
Money isn’t good or bad, it simply amplifies who you are. If you are a good person, money allows you to do more good. Money is a tool that allows you to change things for yourself, your family, your community and the world. Choose a path that will allow you to make money now, so that you can achieve your goals in the future!
Learn To Make Passive Income In Property
Do you want to learn how to make passive income in property? Why not learn from a property expert? Join me at my next training event!
On the course, you will learn how to:
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Become a property investor using other people’s money so that you can get started straight away
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Utilise the 5 different types of raised finance so that you know exactly what to offer and when
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Find the perfect properties for the BRR strategy
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Recycle your money so that you can ‘rinse and repeat’
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Build a power team you can trust, so that you can save time and money
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And much more!
Tickets are only £1, and you can get yours here. If you are ready to take action, I hope to see you very soon!
