Residual Income!!

Another Christmas has arrived! Time really flies...

Every Sunday my friends come over to watch Sunday night football. My good friend Alex wasn’t his normal self. Come to find out he has to travel at the last minute for his job and will miss Christmas Eve with his family. He told me that he was tired working for others. The bonus for him taking this last minute trip was welcomed but he would have rather found another way to get those extra $$. Now don’t get me wrong, he makes good income each month, but his monthly bills and kids tuition eats that alive.

He knows I handle my finances conservatively so he asked me if I had any ideas that he could do to make some extra cash. He said that he is getting older and he hasn’t found a way to consistently improve his financing.

Alex is tired of working for longer hours at the office. In a nut shell I told him that he basically wants, he needs residual income.

What is residual income? It is a stable and reoccurring monthly addition to your normal salary/income. It’s almost guaranteed income on a fixed monthly basis.  

I told Alex that the most excellent method to increase residual income, to improve your financial condition and to secure a better future is by purchasing a real estate property and renting it out. It is honestly the best kept secret. It’s so easy. You basically get a loan from the bank, purchase the house, then rent it out for a couple of hundred dollars more than the mortgage. Wow!

 By purchasing a property and renting it out would ensure that you receive a regular, fixed and definite income every month. This income would simply be increasing your residual income and you can secure your future with this amount of money. The best part is you do not have to increase your working hours or change the nature of your profession for this increase in your income. Spending time with family and friends is extremely important and by purchasing a property and renting it would allow you to spend your time with your family and friends and at the same time, your income would be significantly increased.

The time is right to purchase a property and rent it out because of the low home prices and low interest rates. Experts concur that although the market prices are lower right now, the trend of the prices is going upwards which means that the real estate market is recovering. This means $$$! It is the best time to purchase a property.

Keep these few tips in mind and then you can safely invest your money and increase your residual income. Market research is very important. Choosing the right location and area is also very crucial. You should choose an area where people would love to live. Also, before taking any step it important that you do all the calculations. You might want to consider shopping around and to gather information on the best loan and program for you. Try not to be over-ambitious with your investment. Keep your eye on all the negative aspects of the investment. Make a prudent decision.

If you follow the above mentioned tips then you can boldly purchase a real estate property and rent it out. At the beginning of the New Year you can make a decision which would increase your residual income and secure your future.

Needlesstosay, I’m taking my buddy to see possible investment properties soon after the holidays. It just won’t be on football Sunday!