The Best Forms Of Passive Income Is The Classic Rental Property

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One of the best forms of passive income is the classic rental property. If you own a rental property, you can easily use it to pay off the mortgage, clear any other debt and build wealth. One of the amazing parts of owning a rental is that you can figure out a few ways to a lot of consistent money. People have been making money from rental properties for ages and this type of income is very doable for anyone with property.

1. Target Marketing
It 's really important to become crystal clear on who you 'd like to rent to. Try to create a picture of your ideal tenant in your head. If you own a single family home in an area with an elementary school nearby, you might want to envision renting your home to a family with small children. This
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Check out various shelter blogs and magazines to know what the next trends are. It 's also good to watch different television shows that focus on home remodeling, upkeep and property development. These sources will keep your creative juices flowing and you 'll be able to draw inspiration for your own property.

3. Multiple Streams of Income
It might seem hard to understand how you can receive multiple streams of income from one renter or a rental property. When you 're working on making money from rental properties, it 's important to get a little creative. The multiple streams of income can flow in more than one way. First, you can charge for the convenience of having a washer and dryer installed in the home. You can either use coin-operated machines or charge a rental fee through the rent. If you 're doing a dormitory-style rental option, you can include a cleaning fee in each person 's rent. Find a cleaning service or even one maid that you can pay bi-weekly for cleaning services. Make sure to negotiate a price that leaves you with extra cash to spare. For example, if a maid charges $100 to clean the common areas of the house on a bi-weekly basis and there are four tenants, include an additional $60 per tenant. At the end of the month, the maid would receive $200 and you 'd be able to collect an extra $40 per month. At the end of a year lease, it would add up to an extra $480. This strategy
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