Rentmaxxing

[chrisN]

Best means of passive income comes from rent, house prices have been on the rise which reduces our abilities but its still possible.

1. Build up credit/requirements to get a mortgage large enough to buy a house.

2. Rent it out and pay off the mortgage using the money from it whilst gaining an extra 200-300 pounds

3. Repeat process buying more houses ideally near each other so that maintaining them as a landlord is do able

4. Once you get enough houses your revenue will eventually be good enough to make it your full time interest, all you would have to do is make sure tenants are happy and maintain the houses


Probably already a known plan but incase its not at least its here

 

[MoggerGaston]

4. Once you get enough houses your revenue will eventually be good enough to make it your full time interest, all you would have to do is make sure tenants are happy and maintain the houses

At this point you are 50+ years old.

Living from easy income from wealth is a known-strategy. It can be rent, it can be REITS, stocks, it can be other investments.

Point is that average people don't have wealth and aren't born in wealthy families.

 

[chrisN]

At this point you are 50+ years old.

Living from easy income from wealth is a known-strategy. It can be rent, it can be REITS, stocks, it can be other investments.

Point is that average people don't have wealth and aren't born in wealthy families.

Agree, but mortgage requirements aren't impossible to fulfill in order to get your foot in the door

 

[MoggerGaston]

Agree, but mortgage requirements aren't impossible to fulfill in order to get your foot in the door

And where will you live while you rent out the home you are paying a mortgage+interest for?

 

[chrisN]

And where will you live while you rent out the home you are paying a mortgage+interest for?

Backfall: parents place, ideally you would have a good enough job to pay for your own rent in the meantime

 

[JovenCansao]

Good but not viable enough in the short term