It’s probably not the first time you’ll hear about ‘the importance of maintaining multiple revenue streams’. Passive income is something that should never be taken for granted, and as such, it is important to set yourself up with secure forms of income.
🏡 Property can seem scary and it’s usually a bigger investment than most, however, property is one of the soundest investments out there. Real estate investing has a variety of advantages. Investors may benefit from consistent cash flow, good returns, and tax advantages. Investing in property is also a way of hedging against inflation. So long as there is life on the planet, housing will always be in demand. And as such providing rented accommodation is a great way of securing your financial success.
But first, a disclaimer, while the property is a fantastic means of generating income unless you have an enormous amount of funds to spend from the get-go, you will have to allow this business to snowball. Buying property is not cheap and barring the ability to buy large amounts of housing from the beginning, you will benefit far more from buying a single property, then building up from there.
Once you have ‘set the ball rolling’ you can use the income you earn from that first rental property to purchase another, thereby doubling your revenue. And of course, the source only increases from there. McDonald’s as a company is not rich for selling burgers, but rich because they have some of the most exclusive and expensive real estate in the world!
👉 Event of Champions® founders Andrew & Camilita Nuttall have a property portfolio worth £Millions that they have amassed over the years.
With 15 years of experience in successful property investing, Andrew & Camilita will teach you how to invest in property with ease by finding deals, investments, builders, contractors, agents, and more.
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That’s not to say being a landlord is easy, you have to put in the work to maintain this income. The National Landlords Association (NRLA) is an institution worth checking for reliable certifications in the UK. They support Landlords by assisting with establishing property businesses and provide training and examples of paperwork that is provided to clients. Accreditation by associations like this ensures the system is upheld and you can keep a close eye on your properties.
⛏ Tenants will inevitably encounter issues with the property. All houses have things that break, and as a landlord, it is your duty to maintain them in working condition. It’s down to you to find a network of solid housing maintenance engineers, such as builders and plumbers, that you can call out to your properties to fix any problems. While these circumstances do not happen often, it’s guaranteed they will occur, so it’s better to be prepared for them before they strike.
You may already have some of these on hand if you are planning on fixing up housing after purchasing it. House flipping is the process of buying a generally run-down property that needs repairing, fixing it up and applying a fresh coat of paint, then selling it on for more than you purchased and fixed it up for. You will often be doing the same, but you will earn passive income from tenants instead of from a one-time purchase from a single buyer.
While the idea of letting a few things slide might be more economically beneficial for you, cutting corners won’t get you far. Sooner or later it will come back to you. Ensure all your documentation is up to date, boilers get their required checks and rent gets paid on time. It is up to the landlord to keep an eye on these things and maintain them up to standard, which prevents possible legal backlash later.
😀 Once you have your system up and running, you’ll find you have a very profitable passive source of revenue that mostly runs itself. Your tenants won’t want to contact you unless they have a problem and will tend to pay rent on time. Provided you properly check your tenants before you accept them, everything should move smoothly. Don’t be shy to establish tough criteria before consideration of potential tenants as it might save you lots of time and stress!
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