Man, I sure do love passive income! And the book “40 Ways to Increase The Net Income of Your Rental Property” by Al Williamson delivers on the promise to reveal ideas on ways to increase passive income sources.
The book is split up into multiple categories, each containing passive income ideas. It is mainly for owners of apartment buildings, but some of these ideas can be used in single-family residences. Adding multiple income streams is the best way to increase your passive money while not reinventing the wheel.
If you own land, you are also in luck. Many of the ideas involve using land to maximize income from things like farms and self-storage. This book is also short and to the point. It doesn’t overextend its stay. You can most likely finish it in two hours of hardcore reading.
But enough of me talking, let’s review some of my favorite passive income ideas from the book.
1) Fitness center. I liked this idea because it was original. Instead of charging a gym membership, you would charge gym trainers to rent the space for their business ventures—a very unique idea and one that works well.
2) Bamboo and Timber. I do not have timber in my yard, but I have a ton of bamboo. There are ways to get a steady stream of income from bamboo. I can also plant rare bamboo to extract even more money. Yes!
3) Parking. Having three acres is fantastic, but we can actually make some money from it. If there are events nearby, we can use our land for parking access. There aren’t too many events around our house now, but maybe as the town expands.
4) Drop off laundry. Instead of just offering a laundromat, offer to wash, fold, and deliver laundry to your residents. Many people would pay for this service, especially when they are busy. You can commission another resident to run it for you.
5) Renting appliances or furnishings. Your residents want nice things but may not like to purchase them. If you have a nice refrigerator to rent, say for $25/month on top of rent, you stand to make some good money.
These were just five of the forty ideas. The author also goes into more detail in some of the more robust passive income scenarios as well—overall, a great, short book. I have begun to value shorter books—direct, to the point, and lots of ideas and information. This book is a Win-Win-Win and a must-buy for passive income seekers.
The Biggest Book on Passive Income. 310 Chapters, 1,250 Pages. Everything you need to start your Passive Income Journey. Read more and download the 20-page Table of Contents. View on Amazon.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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