Did you know around 20% of US households earn some form of passive income? Making money with minimal or even zero effort is the dream for many people, and if you're a landlord, you could increase your bank balance while you sleep.
However, you may wonder how to make a passive income from your rental property. If you've been handling the day-to-day responsibilities that come with renting your property to a tenant, you'll know it can be hard work. The good news is it doesn't have to be this way, and you can use 5 hassle-free methods so your investment property can generate money without your input.
Get comfortable while we take a closer look.
1. Outsource Property Maintenance Tasks
If you take a hands-on approach to maintaining your property for your tenants, then you're not making passive income. Even the most cared-for properties can have issues, and a pipe can burst or the heating could break down at any time of the day or night. By outsourcing these responsibilities to a professional firm, you can be reassured you won't be getting any late-night calls from your tenants.
2. Simplify Rent Collections
One of the most exciting passive income benefits is that money is received without you having to work for it or request the lodgement. But, if tenants pay late, or the payment process is complicated, this can be frustrating for everyone. By providing tenants with the ability to transfer money through a straightforward payment portal, you can simplify the rent collection process.
3. Use Professionals to Keep Your Property Occupied
Finding tenants can take time and be a lot of hassle. But, a professional property management firm will likely have a list of suitable tenants who are ready to move into your house. This can allow you to focus on your other investment opportunities, safe in the knowledge your rental property is making money each and every month.
4. Track Your Passive Income Accounts Online
As a real estate investor, you'll want to know precisely how much you're earning from your rental property. By working with a firm that provides you with regular statements, you'll be able to view this information at a glance.
5. Protect Your Property Rental Passive Income
When planning for your retirement, it's important to know what income you can expect each month. If you partner with a property management company that offers 12-month tenant and 30-day leasing guarantees, you'll know your income is protected.
Enjoy Earning Passive Income From Your Rental Property
Avalon Realty and Oaktree Management can help you live the dream of earning a passive income. Our professional team will be delighted to find and screen tenants, manage your property, and ensure you receive your rent collections. Our exceptional track record and guaranteed services mean you can have peace of mind that your rental property will keep making money while you sleep.
For a free consultation and to start your passive income journey, contact us today.
Bonnie is the visionary that has driven the company and culture of Avalon since 1993. Her passion is improving procedures and practices; incorporating technology and value added services for both our clients and tenants.