It was this time last year that my Financial Partners and I closed on our first investment property in Orlando, FL. It was an exciting moment as I was curious how I would handle a long distance investment. The success of this investment depends on how well the Property management team will cover repairs & rehab work and also do the marketing to find qualified tenants.
I will begin this discussion with explaining why I am passionate about receiving passive income. First, the short
version is that it is the opposite of earned income. So, let me explain – in order to get earned income you must show up & produce a certain amount of duties over a certain period of time. These duties may be labor intensive or mentally intensive. Either way, you had to work & produce results in order to get paid at the end of the day/week or however your payroll department rolls out checks. In addition, in order to receive earned income you must show up in some capacity, otherwise you don’t get paid.