Suppose you own unoccupied property or property bought for capital appreciation (i.e. buy a house to sell in the future for a profit). In that case, you can consider renting it out now to earn some rental income. Properties come in two forms: immovable and movable. Immovable properties will be your house(s) and other real estate properties (what people usually think about as "rental property"). Moveable properties include machinery, cars, boats and even simple things. You can earn rental income if you can find a customer!
Adding value to your rental property will likely increase the passive income you receive. Upgrades do not have to break the bank and are manageable for immovable and movable rental property!
Immovable property examples:
Movable property examples:
However, we urge you to be cautious since you will pass your personal property to a relative stranger. It is optimal to have a legally binding, signed agreement between yourself and the customer, but this is usually only common for immovable (and more expensive movable) properties. If there is no signed agreement, there is little guarantee that the other party will return your property in an optimal state... or at all! You may want to consider third-party apps that will make it easier to find a buyer and enforce the rental agreement.
PASSIVE INCOME IDEAS: RENTAL PROPERTIES. COMPLETED. ✅
1. Cover photo from Unsplash
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