5,703
 

Passive Income Is What You Need


ADVERTISEMENT
 


section  x1   |  0 bx goons and 1 bystanders Share this on Twitter       Share this on Facebook

topics gone triple plat - Number 1 spot 3X PLAT section guap
  
 2 months ago '14        #51
FukHowYouFeel 
space
avatar space
space
Props total: 24615 24 K  Slaps total: 5428 5 K
I dont really get the point of this thread.
-21   

 2 months ago '15        #52
AmillionMo 
space
avatar space
space
Props total: 11510 11 K  Slaps total: 4052 4 K
Saved...waiting for some gems
+9   

 2 months ago '19        #53
Mental Illness 
space
space
space
Props total: 4881 4 K  Slaps total: 5867 5 K
 Tooly Da Gawd said
I have had it with you fu*king liars

send me 100 bucks right now

talking about 100k is laughable you should be able to send me even 1k just for the flex on BX


ill post the receipts, you on the clock
me and him are having an A B conversation so C your way out

 2 months ago '15        #54
jayande 
space
space
space
Props total: 2089 2 K  Slaps total: 82 82
 Fastrap87 said
how much did you/yall start off with to initially get started? My girl and I have about 100,000K total on hand
That's more than enough to get started! We started with the first house we bought. It was cheap and in a rough neighborhood. But then at the time home values started to rise in our area so the equity in our property shot up! We were able to do a cash out refinance and took out roughly $40K out of the property. Used that, got the next one and rented out the first one at a really good profit after expenses. Then we did it again, and again, and again etc lol. So the answer to your question is $40K. You guys are in a much better position than when we started. You should do your research, and go for it. But don't over spend! No matter how anxious you get. Wait for the best deal possible for your situation. Not trying to tell you what to do with your money, but conserve your cash and get manageable mortgages at good interest rates. If you're credit isn't where you need it to be, build it up and then get started. But getting into real estate doesn't begin with buying a property. It starts with a solid plan. Planning is paramount in this business. You plan, then execute. And be flexible enough to make any necessary adjustments between those phases. If you get into the game, don't make it just a money grab and be a slumlord. You don't have to overspend (I do a lot of the work myself)to make a property somewhere you yourself could live. I've come to realize over the years that when a tenant moves into a nice property with basic amenities, they are less likely to damage the property. We rent to many S8 tenants and yeah there are some annoyances, but we've never had significant property damage and never had to evict anyone as yet. Will it happen eventually, sure, it's the game we're in. Are tenants late with rent sometimes? Absolutely lol. But we've never gone a month without receiving payment from any of our tenants. You add on the late fee, send out the necessary notices and keep it moving. But our tenant screening has been on point and we're constantly refining our process. Have a solid plan. And don't be afraid, you will be, it's natural lol. But after that first rent payment hits your account that fear subsides. You can do it, just do it right.
+27   

 2 months ago '16        #55
Iz2real 
space
avatar space
space
Props total: 239 239  Slaps total: 24 24
It’s funny I’m reading this because I dabbled into stocks last year and fell off but yesterday started reading the stock bible that teaches you day trading and told myself I’m going to get back into it. I have 4 units as passive income and I’m netting $3500 a month, my goal is 5-10k so I can live overseas. Hoping to buy 3 more units this year.
+21   

 2 months ago '19        #56
Mental Illness 
space
space
space
Props total: 4881 4 K  Slaps total: 5867 5 K
 Pythagoras said
Nah you a troll tryna sh*t on ppl who wanna do better with their lives, it's pathetic. What do you do and how much money do you make? And can you prove your earnings with a pay stub/bank statement? Cuz otherwise you just a pathetic troll selling lies. Btw, I wasn't bragging. But I'm far from broke. Alot of ppl tryna get passive income are far from broke, it's the smart way of tryna earn.
passive income is socialist bullsh*t
-11   

 2 months ago '18        #57
Eyesofchaos 
space
avatar space
space
Props total: 4178 4 K  Slaps total: 3036 3 K


One of the best youtube channels I found by accident.
+7   

 2 months ago '17        #58
Pythagoras 
space
space
space
Props total: 11628 11 K  Slaps total: 2935 2 K
 Mental Illness said
passive income is socialist bullsh*t
Okay u trolling. No more responses from me.
+7   

 2 months ago '11        #59
Jaymalls 
space
avatar space
space
Props total: 1130 1 K  Slaps total: 97 97
 jayande said
I'm a landlord and own a few rental properties. Real Estate IMO is the GOAT source of passive income. It has changed my family's life. We (me and wife) are at the point where all of our monthly expenses are paid for by rental income. I'm talking about the mortgage on our primary residence, utilities and other expenses paid for by our rental income stream. We essentially live in a nice, safe, quiet neighborhood without using our own labor to do it. Managing the properties accordingly and tenant risk a*sessment (ability to pay consistently) is key. That's where you actually make your money. In management and tenant risk a*sessment. We have another property currently under contract in my area. If you can get into it, it's a Great business to get into if you learn how to do it right. We've developed our own process through the mistakes we've made over the years and doing lots of reading about other landlords and what they've experienced. Also we don't flip houses. We buy and hold for long term income streams. Really look into real estate as source for passive income. Do your research, then do some more research lol, f*ght back your fears and dive in. There's no being half in, in real estate. Just my 3 cents lol.
I agree... do your research then do it again. WAS practicing as a licensed salesperson fresh out of HS in 07 and seen so many families loose their house in a matter of a year or 2 thinking real estate is for play play. The market has been good the pass 5+ years for the average consumer and great for the savvy investor with liquid capital they can leverage to these banks sitting on foreclosures.
+4   

 2 months ago '19        #60
Mental Illness 
space
space
space
Props total: 4881 4 K  Slaps total: 5867 5 K
 Pythagoras said
Okay u trolling. No more responses from me.
-8   

 2 months ago '17        #61
KobeThompson 
space
avatar space
space
Props total: 14478 14 K  Slaps total: 1549 1 K
 Iz2real said
Its funny Im reading this because I dabbled into stocks last year and fell off but yesterday started reading the stock bible that teaches you day trading and told myself Im going to get back into it. I have 4 units as passive income and Im netting $3500 a month, my goal is 5-10k so I can love overseas. Hoping to buy 3 more units this year.
Day trading is tough man especially penny stocks. I learned the hard way it wasn't for me, just felt like another form of gambling like I was at Vegas. I know some who were successful though.
+9   

 2 months ago '10        #62
bunun  topics gone triple plat - Number 1 spot x1
space
avatar space
space
Props total: 5612 5 K  Slaps total: 578 578
 Yanga said
There's no plan. This is all you'll get. Everybody that's trying to SELL you the idea of passive income is WORKING. I don't care how many Youtubers talk about it, they are working as well. All the Amazon, Poshmark, Mercari and Ebay sellers are working. Simply put, this emerging talk over the last 10 years about passive income is just something to sell you, whether it's website clicks, YT views, seminars, podcast or E/ books. Residual income is STILL KING.
i never really liked the word passive income, also i have nothing to sell anyone, dont really care if my n*ggas eat, but have no problem telling others what i do and bits and pieces

+2   

 2 months ago '16        #63
Iz2real 
space
avatar space
space
Props total: 239 239  Slaps total: 24 24
 jayande said
I'm a landlord and own a few rental properties. Real Estate IMO is the GOAT source of passive income. It has changed my family's life. We (me and wife) are at the point where all of our monthly expenses are paid for by rental income. I'm talking about the mortgage on our primary residence, utilities and other expenses paid for by our rental income stream. We essentially live in a nice, safe, quiet neighborhood without using our own labor to do it. Managing the properties accordingly and tenant risk a*sessment (ability to pay consistently) is key. That's where you actually make your money. In management and tenant risk a*sessment. We have another property currently under contract in my area. If you can get into it, it's a Great business to get into if you learn how to do it right. We've developed our own process through the mistakes we've made over the years and doing lots of reading about other landlords and what they've experienced. Also we don't flip houses. We buy and hold for long term income streams. Really look into real estate as source for passive income. Do your research, then do some more research lol, f*ght back your fears and dive in. There's no being half in, in real estate. Just my 3 cents lol.
Preach brotha.
+6   

 2 months ago '15        #64
AdRock 
space
avatar space
space
Props total: 11979 11 K  Slaps total: 1781 1 K
 Tastemaker331 said
Passive income is money made when you are not actively working. It's the best way to build your wealth, as you have no time constraints on when you earn.

Whether you earn it through your business (e-commerce for instance) or investments (rental properties is a good example), you need a passive income stream if you want to be financially free.

Warren Buffett said it best. If you don't find a way to make money while you sleep, you will work until you die.

The internet has made it easier than ever to set up a passive income stream. People are able to purchase goods, any time of the day, any day of the week by simply using their CPU or phone. Sites such as Shopify, Amazon and Ebay give you the means to show what you have, and sell it. Sites such as Instagram, Twitter and Youtube make it possible to advertise what your products or services. Companies such as Paypal, Cash and Stripe make it possible for people to pay you money.

For some reason, you have people out there who say that passive income doesn't exist. Usually because they don't have the brains or dollars to set up a stream for themselves. Im going to put it like this.....

Today, I went OfficeMax to get some printing done, and wound up making some extra purchases. Afterwards I went to go eat at an Asian restaurant. I spent about $140 in total, using my Paypal business debit. By the time I got home, the money that I spent was back in my account, plus a little more, since a few customers had made purchases on my website.

That's what passive income can do for your financial life...
THIS LIKE A MF!!! Entire Goal of 2020 is to build these revenue streams!!

+6   

 2 months ago '17        #65
KobeThompson 
space
avatar space
space
Props total: 14478 14 K  Slaps total: 1549 1 K
I don't really look at ebay/amazon selling as completely passive. I still have to answer questions. provide customer service then ship and package the products.
+8   

 2 months ago '16        #66
Iz2real 
space
avatar space
space
Props total: 239 239  Slaps total: 24 24
 KobeThompson said
Day trading is tough man especially penny stocks. I learned the hard way it wasn't for me, just felt like another form of gambling like I was at Vegas. I know some who were successful though.
Yea I lost a lot the first time around. I figured to really learn it and jump into paper money before I dive into the real thing.
+3   

 2 months ago '17        #67
Pythagoras 
space
space
space
Props total: 11628 11 K  Slaps total: 2935 2 K
 Tooly Da Gawd said
I have had it with you fu*king liars

send me 100 bucks right now

talking about 100k is laughable you should be able to send me even 1k just for the flex on BX


ill post the receipts, you on the clock
He just trolling man. Let's try and keep this thread productive.
+7   

 2 months ago '18        #68
Eyesofchaos 
space
avatar space
space
Props total: 4178 4 K  Slaps total: 3036 3 K
 KobeThompson said
Day trading is tough man especially penny stocks. I learned the hard way it wasn't for me, just felt like another form of gambling like I was at Vegas. I know some who were successful though.
How I feel about investing in single malt scotch (i know there has to be a better way). Whisky Invest Direct is like penny stocks but for Scotch and i was gonna do it but then said no. Idk wtf to invest in!!!!!! I have ideas just need the starting capital and Postmates was good but now sh*t is gettin type trash cuz everyone be on it now. (Yes I know Postmates isn't sh*t by itself but hey it's something for now)

 2 months ago '17        #69
Lazy 
space
space
space
Props total: 12803 12 K  Slaps total: 1523 1 K
 Signor said
So no one is going to say any specifics
Passive income requires a lot of work, time, or money up front, but little work after the fact outside of maintenance

Your best bets are:

Real estate

Long term stock investments

Savings account with high (1.75 or above) annual interest

YouTube or Blog - after a year with good seo use people make min 7k a year, ads make money even after you stop making content

Anyone talking about a selling something, side job or airbnb, etc is not talking about passive income and is still trading time for earnings
+11   

 2 months ago '16        #70
popogogo 
space
avatar space
space
Props total: 20479 20 K  Slaps total: 805 805
I Have double digit real estate holdings using this method.

BRRRR Strategy.

Buy
Rehab
Rent
Refinance
Repeat




Changed my life.


I also have a few websites selling digital products.
One of them is making about $125 a day and my plan for this year is to try to get it to $1,000 a day.
+19   

 2 months ago '11        #71
SpikeSpiegel88 
space
avatar space
space
Props total: 1926 1 K  Slaps total: 137 137
Flipping cars over here. From auctions, Craigslist, etc. Been working with cars for a while so I fix them myself. I'm not in a hurry so I go to junkyards myself, or eBay/Amazon for parts. Once vehicles are running right, put them for sale. I usually make 1.5, up to 3k per car, I figured out what ppl like the most. I'm limited to 5 by the state since I don't have a dealer license and it's expensive to get so sometimes I put cars under my nephew's name but I usually do 5-7 a year anyway. It does require car smarts and a truck with some way to pull a car, or a tow truck. In my case I'm lucky enough to have a friend with one and he lets me use it. Not exactly passive, I try to see it as a hobby type thing.
+16   

 2 months ago '15        #72
kami 
space
avatar space
space
Props total: 26934 26 K  Slaps total: 13983 13 K
 FukHowYouFeel said
I dont really get the point of this thread.
A trust fund baby lecturing others
+3   

 2 months ago '15        #73
jayande 
space
space
space
Props total: 2089 2 K  Slaps total: 82 82
 KobeThompson said
I currently own my condo and I'm eventually going to look into renting it out. What % is the property management company charging you? a*suming you are using one.
Oh we self manage. That's why our profits per rental are so good. I can understand property managers in out of state investment situations, but if your properties are in your state (large states like California I could also understand) or in your area, I think you should learn the business and self manage. There are now services out there that really minimize the need for a property manager. Why pay 10% to 12% monthly for something you can do yourself. Just my experience and opinion. I like getting max profit from my a*sets. But I also get that some people can't do it, or don't have the mindset for it. Outside of the money I don't lose, I like being involved. It keeps me active and engaged. I actually love the real estate game. The competition of trying to beat out other buyers, the rehab, the haggling with contractors when necessary, the inspections to get the tenants in, the first payment from new tenants, all of it. It really gives you a sense of accomplishment, then we cash out refinance and do it again lol. And then there's the valuable experience you gain from all of it. Experience and lessons I teach to my kids. You can't beat that.
+15   

 2 months ago '17        #74
DJdidit 
space
avatar space
space
Props total: 2053 2 K  Slaps total: 130 130
 eightytyson06 said
Man I'm looking at a few areas

Mobile notary
Wholesaling real estate
Ebay used book flipping

I've been watching earn your leisure and they out me on a lot of free game. Just need to get some bread to start something up





Check out Max Maxwell on YT and his wholesaling houses elite podcast. Changed my life.
+4   

 2 months ago '19        #75
ym7171yea  topics gone triple plat - Number 1 spot x2
space
avatar space
space
Props total: 2452 2 K  Slaps total: 665 665
 LikeABoss38701 said
Interesting topics... share some of the things you do first hand... Like starter advice...

Like with me... I started a Teespring account (tshirt design company) & I just upload my designs.. & let the company sell it. I get back half the profit, which is a win considering the lil time & effort I put forth.

Another is EBay... I have old suits, devices I post.. & someone some where likely will buy...

Keep the passive income ideas coming, we good on Warren Buffet quotes bro.. give out them action plans!
If you lazy as me you can do the tee spring with public domain images. Old paintings n sh*t are public domain, just throw hundreds of them sh*ts up n some will sell
+3   



ADVERTISEMENT
Sign me up
 
 

yesterday...


most viewed right now
+21online now  43
Video inside Simp on phone begging his Girlfriend not to go out with her friend!
128 comments
22 hours ago
@wild'ish
most viewed right now
online now  33
ESPN is working Paul Pierce like a mule ? Was Charles Barkley right?
66 comments
22 hours ago
@sports
most viewed right now
+251online now  31
Kobes Parents should have gotten some respect on that stage
256 comments
22 hours ago
@sports
most viewed right now
+43online now  24
Image(s) inside Feb 24 - Former Chicago police officer Jason Van Dyke beaten by inmate..
95 comments
22 hours ago
@news
back to top
register register Follow BX @ Twitter search BX privacy