How would you describe a passive income stream? Is it something that you can start today or is it more like a long-term goal? Would you need a financial advisor like Kyle Fuller from Factum Financial to know your current options?
A passive income stream is where you don’t actively work to earn money. This means that instead of going out and working at a job every day, you invest your time into generating cash flow. The idea is to create multiple streams of revenue, some of which might even happen automatically. Some examples include real estate, franchises, and stocks.
5 Top passive income opportunities in Phoenix for 2022:
- Freelancing
Another way to earn side income and start making money online in Phoenix would be freelance web design. There are many ways to go here. You can sell your own products like designs, ebooks, courses, and even offline marketing services. The choice is all yours!
- Start a Blog
You can create your own blog to start earning passive income with publicity or collaborations.
- Become a Virtual Assistant
Virtual assistants perform a wide range of tasks for a variety of businesses, they can help to build sites, call clients, take messages, write emails, and much more!
- Learn About Forex Trading
Forex trading is a great option if you want to start investing and generate a steady flow of passive income. Nowadays, anyone can trade cryptocurrency using online brokers.
- Rental Properties
Investing in real estate can be a great way to earn passive income. However, many people don’t know how to invest in rental properties due to it being a complex business. If you’re interested in this type of investing, then you’ll need to do some research about cash flow and return on investment that we cover in this video.
5.1. Multifamily
Owning a multifamily property on the other hand is not too difficult but comes with its own set of obstacles. You’ll want to consider the costs of maintenance before you decide to buy a specific apartment building. There are several ways of acquiring a multifamily property and here’s our list of best options:
– Buy Apartments through Real Estate Investors: This is a good option for those who have been around since the beginning of the last century. With this path, it’ll be a total investment of $50,000 to $500,000 depending on the value of the building. They are buying directly from the owner and doing renovations themselves.
– Buy Foreclosures and REO (Real Estate Owned): Another good choice for those looking to purchase a multifamily property should they be in an area where they find plenty of foreclosures. Most foreclosures are owned by banks and take time to go through the foreclosure pipeline. When purchasing a property, it pays to be knowledgeable at reading mortgages and reports.
Before going into any passive income ideas get help from a trusted financial advisor
Kyle from Factum Financial has been helping clients with their personal financial needs for years. He understands what it takes to help people achieve their goals and provides services that take into account your current situation so you can make informed decisions about your finances. His goal is to empower his clients by providing them with the knowledge and skills they need to create a plan that works for them.
