I’m Andy Walker, creator of Monoperty. If you’re new to the world of passive income and property investing, this page is for you! It contains the information you need to get up to speed quickly and start your own investment confidently!
Passive Income: The Definition
Many personal finance experts believe that passive income is the key to early retirement, financial independence, and permanent wealth. But what exactly is it?
“Passive income is an income received on a regular basis, with little effort required to maintain it. It is closely related to the concept of unearned income.”
Simply put, passive income is the opposite of active income. The money you earn at your 9-to-5 job is not passive income, nor is the money you earn through your car boot sale.
Real passive income is earned in your sleep and regardless of the amount of effort you put into it. And that’s why the idea of passive income has always been so popular.
As a bonus, property also provides the ability to obtain capital growth while enjoying increased cash flow, via a passive income stream, which will allow you to enjoy a better lifestyle.
What Passive Income Is Not
Let me be clear and set realistic expectations before we go any further.
1. Generating passive income is NOT easy and it takes a lot of work.
Nothing in life comes easy. Earning money with property is no different. Some property experts will try to persuade you to think otherwise. Why? Because they’re trying to make money from your lack of knowledge. I’m here to tell you the truth: property investment is daunting when you start. I’ll do my best to guide you and give you the information you need, but I can’t force you to take action; that’s up to you.
2. Generating passive income does NOT happen overnight.
I don’t live, teach or believe in get-rich-easy schemes. The income I receive took time to achieve and I did this through trial and error. I am sharing this information in the hope that I will give others the confidence to start, improve and reach their goals as fast or faster than myself.
3. Generating passive income is NOT impossible.
Having passive income replace my salary was just a dream for me in 2013. That’s when I decided to leave the Armed Forces. I had two choices, either find a job or bet on myself by trying to make my dream a reality. And you know what? The dream is coming true, and I have enjoyed the journey, even though it has been tough at times! I get to spend more time at home with my family and make my own decisions. This lifestyle is possible, and I want you to experience it too.
Property Investing: A Standing Start
Before you jump in head first, its important to know what your getting into. That typically means getting your finances in place, researching the rental market in your chosen area and gaining an understanding of current and past trends in rents and occupancy.
It’s also important to figure out what you need to earn to cover your expenses and turn a profit. And if you don’t like the idea of dealing with tenants or doing repairs (like me), you can also research property managers in your area. For a monthly fee, they’ll do all the work for you – including finding tenants, hiring out repairs, and more.
Becoming a landlord isn’t for everyone, but its a great way to earn a passive income. And if early retirement, money for your child’s education, or financial freedom are your goals, its just another way to make them happen.
Here is my 7 step process to getting started:
I Appreciate You!
I just want to finish by saying that I’m here for you, not only as a guide while you begin or continue your property journey but also as a friend. Many people start investing in property because they have seen friends succeed and they turn to them for advice. I want to be able to do the same through the internet for my current and new friends.
I do my best to respond to all emails and messages and I don’t hold myself above anybody. I’m not special; I’m just a guy who likes to work hard, work smart, and use the influence I have online to make the internet a better place.
Thank you so much for your support. And if you’ve made it this far, I’d love for you to come and say hi to me on my Twitter and/or Facebook Page. I’ll definitely respond, and I look forward to meeting you!