Residual income: creating time through real estate investing
Well, after conducting a thorough analysis (talking to some of my good friends on the phone) I’ve come to the conclusion that most people are incredibly busy. There are different kinds of busy, of course. There’s the student, trying to finish up a group project on top of finals. There’s the stay at home mom, dealing with a teething baby. And there’s the office exec, too busy to take a vacation–and many more examples, definitely too many for any writer to convey in a single post.
I, like the people described above, struggle with busyness. As I get older, my responsibilities expand and so do the demands for my time.
But perhaps one of the biggest tools I’ve found to combat this nationwide epidemic of busyness is residual income. You’ve probably heard those words before–they’re big buzzwords right now as more and more people are trying to escape the daily grind of work requiring a time clock. Most have heard them associated with multi-level marketing companies or with the royalties writers and actors receive as their book or movie continues to sell after its completion.
Real Estate investing, however, is one of the strongest and most popular avenues for residual income, also referred to as passive money. I began to research real estate investing, tentatively at first, by reading a few different authors. Everything just sort of clicked at that point; I thought, ‘If they can, I can.” Most importantly, I realized that this could be a way to ensure that elusive residual income I read and heard so much about.
And I had options.
There was foreclosure investing, flipping, wholesaling, long-term holds, short-term holds, and everything in between. For example, I could invest in a property, rent it out (equaling monthly residual income) and sell it after years of growing equity and appreciation. While this is, admittedly, over-simplified a bit, it’s a viable investment option that utilizes creativity and ownership–and a chance to escape from the busyness.