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OfflineMo.Sigh.Aw
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Registered: 09/04/14
Posts: 61
Last seen: 5 years, 5 months
residual income/passive income
    #23860354 - 11/23/16 11:25 AM (7 years, 2 months ago)

So after a few years of research i'm ready put some of this learning into action. i'm going to set up a few websites and try to get as much traffic over to them. Has anyone tried and been successful at passive income? has anyone failed from trying to make passive income? I want to hear from everyone and i will be giving updates and tips to help people out.
Do you make residual income?
You may choose only one


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OfflineMo.Sigh.Aw
Stranger

Registered: 09/04/14
Posts: 61
Last seen: 5 years, 5 months
Re: residual income/passive income [Re: Mo.Sigh.Aw]
    #23873919 - 11/28/16 12:13 AM (7 years, 2 months ago)

The first week has been slow but this is to be expected since I did this on a whim. Having an established website means seeing results quickly. Lucky I have a job that pays the bills. Eventually I would like to move away from working though.


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Offlinefinalexplosion
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Registered: 11/04/16
Posts: 370
Last seen: 7 years, 1 month
Re: residual income/passive income [Re: Mo.Sigh.Aw]
    #23883025 - 11/30/16 09:01 PM (7 years, 1 month ago)

Quote:

Mo.Sigh.Aw said:
The first week has been slow but this is to be expected since I did this on a whim. Having an established website means seeing results quickly. Lucky I have a job that pays the bills. Eventually I would like to move away from working though.




I have been trying for awhile man. It is not easy. There are several sights that look to pick up contractors for deals but it is like a race to the bottom. A series of them are online. Sites like User testing, sites that will generate passive income but, this is not shit you can live off. You can look at internet marketing, on app development, and a variety of other things.

If you look at Nintendo, the stock went through the roof when pokemon go went viral. When they realized, nobody from Nintendo had anything to do with it, the stock plummeted. Not horribly but, it leveled out.

Stack paper. Build up assets. Keep it simple. Pack lunches. View yourself not as an employee but as a brand and business. Market yourself. I am on the same path as you my friend. I am basically firing at a variety different routes but, nothing is paying me more then my job. When it does, you pull the chute.

I wish I knew what I know now years ago. At the end of the day, you must sell the fuck out of what service you are providing. I think that rubbish term "passive income" is hocus pocus. If you truly want passive income, purchase a home, rent it out, and you just developed "passive income" stream. That 4hr work week Tim Ferris noise is just that. He made most of his money on selling his books and products more so then actually anything else. Look at guys like Tai Lopez, Jordan Belfort who is selling his persuasion sales method, and others. Network.

Maybe get involved in a local mastermind group.


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The light of wisdom is driving away the darkness. Look at the ground. Now you can see your own shadow. If you are scared by the shadow that follows you, just remember, wherever shadows fall, light is always nearby.


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OfflineMo.Sigh.Aw
Stranger

Registered: 09/04/14
Posts: 61
Last seen: 5 years, 5 months
Re: residual income/passive income [Re: finalexplosion]
    #23884093 - 12/01/16 10:10 AM (7 years, 1 month ago)

Thanks for that input. I was just thinking about Tim ferris and his four hour work week book. He even mentions in the book that it took him a while to get to that success. I realize that this is going to take some years to accomplish if I do it myself and probably a lot more money if I try to spend the process with some help. I was also looking into e-commerce businesses for sale but the ones that are legit cost a couple thousand and I don't have money like that. I'll do some research on that local mastermind group.


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Offlinefinalexplosion
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Registered: 11/04/16
Posts: 370
Last seen: 7 years, 1 month
Re: residual income/passive income [Re: Mo.Sigh.Aw]
    #23884216 - 12/01/16 11:08 AM (7 years, 1 month ago)

Quote:

Mo.Sigh.Aw said:
Thanks for that input. I was just thinking about Tim ferris and his four hour work week book. He even mentions in the book that it took him a while to get to that success. I realize that this is going to take some years to accomplish if I do it myself and probably a lot more money if I try to spend the process with some help. I was also looking into e-commerce businesses for sale but the ones that are legit cost a couple thousand and I don't have money like that. I'll do some research on that local mastermind group.




You can generate "passive income" through things like user testing and other sites very similar. The thing is that, you are no closer to quitting your job. You want multiple streams of income as in, your 9-5pm, some side business you got going that creates another stream but, it still takes time.

Look at property, rental properties, and commercial businesses. A co worker use to own a arcade business years ago. It just isn't practical anymore. Location is a huge. My father and I looked at triplex. The thing is that, the law protects tenants in the winter so, you could be carrying slobs if you have them. You must source for renters, for properties, and you are paying capital gains so, its a fucker. They ding you coming and going.

I read Tim Ferris' book but, I am highly put off by this notion of doing nothing to make money. You can put a million into a annuity and leave off it. Likely, it pays as much as your salary or more. The problem is getting to that point. I think Tim is correct in being smarter with your time but, you got 24hrs in a day, 168hrs in a week. There comes a point, you want to chill the fuck out, and that's retirement but, most never reach that point.


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The light of wisdom is driving away the darkness. Look at the ground. Now you can see your own shadow. If you are scared by the shadow that follows you, just remember, wherever shadows fall, light is always nearby.


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OfflinePatlal
You ask too many questions
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Registered: 10/09/10
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Re: residual income/passive income [Re: finalexplosion]
    #23915379 - 12/11/16 07:30 AM (7 years, 1 month ago)

Real estate is a great passive income vessel.

Pasive income is what m=will make you a millioanire


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Offlinefinalexplosion
Stranger
Registered: 11/04/16
Posts: 370
Last seen: 7 years, 1 month
Re: residual income/passive income [Re: Patlal]
    #23935016 - 12/17/16 10:32 AM (7 years, 1 month ago)

Quote:

Patlal said:
Real estate is a great passive income vessel.

Pasive income is what m=will make you a millioanire




You have to own the property first which costs thousands of dollars. Then, when you own it, you pay capital gains. Yes, the government for all your hard work takes half that income for doing fuck all.


--------------------
The light of wisdom is driving away the darkness. Look at the ground. Now you can see your own shadow. If you are scared by the shadow that follows you, just remember, wherever shadows fall, light is always nearby.


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OfflinePatlal
You ask too many questions
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Registered: 10/09/10
Posts: 44,795
Loc: Ottawa Flag
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Re: residual income/passive income [Re: finalexplosion]
    #23935104 - 12/17/16 11:10 AM (7 years, 1 month ago)

Quote:

finalexplosion said:
Quote:

Patlal said:
Real estate is a great passive income vessel.

Pasive income is what m=will make you a millioanire




You have to own the property first which costs thousands of dollars. Then, when you own it, you pay capital gains. Yes, the government for all your hard work takes half that income for doing fuck all.




You won't avoid taxes forever. Plus its still a solid profit.


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InvisibleAhab McBathsalts
OTD Windmill Administrator
Other User Gallery Ultimate Champion: Blackjack


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Re: residual income/passive income [Re: Patlal]
    #23935969 - 12/17/16 05:07 PM (7 years, 1 month ago)

You don't have to pay taxes if you are broke as fuck :shrug:


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"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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InvisibleThe Blind Ass
Bodhi
I'm a teapot User Gallery


Registered: 08/16/16
Posts: 26,657
Loc: The Primordial Mind
Re: residual income/passive income [Re: Ahab McBathsalts]
    #23936499 - 12/17/16 08:49 PM (7 years, 1 month ago)

:bigyesnod:


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OfflineDuncan Rowhl
Fiducia Christum
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Registered: 10/08/12
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Loc: UK Flag
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Re: residual income/passive income [Re: Mo.Sigh.Aw]
    #23954860 - 12/24/16 06:45 PM (7 years, 1 month ago)

Quote:

Mo.Sigh.Aw said:
So after a few years of research i'm ready put some of this learning into action. i'm going to set up a few websites and try to get as much traffic over to them. Has anyone tried and been successful at passive income? has anyone failed from trying to make passive income? I want to hear from everyone and i will be giving updates and tips to help people out.




Where will you obtain your traffic?


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OfflineReposadoXochipilli
Here, there, inbetween
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Registered: 08/30/05
Posts: 7,501
Loc: Sand and sunshine
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Re: residual income/passive income [Re: Patlal]
    #23956144 - 12/25/16 10:32 AM (7 years, 1 month ago)

Quote:

Patlal said:
Real estate is a great passive income vessel.

Pasive income is what m=will make you a millioanire



Also a great way to have scumbags trash your property. This path is not without risks. Even a month empty can set you back what you made over the previous year.


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Invisibledemiu5
humans, lol
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Registered: 08/18/05
Posts: 43,948
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Re: residual income/passive income [Re: Patlal]
    #23956381 - 12/25/16 12:20 PM (7 years, 1 month ago)

Quote:

Patlal said:
Quote:

finalexplosion said:
Quote:

Patlal said:
Real estate is a great passive income vessel.

Pasive income is what m=will make you a millioanire




You have to own the property first which costs thousands of dollars. Then, when you own it, you pay capital gains. Yes, the government for all your hard work takes half that income for doing fuck all.




You won't avoid taxes forever. Plus its still a solid profit.





that is assuming utilities don't fail sooner than anticipated, that tenants don't destroy the property or do things inadvertently that cause damage to the property.  then there are factors such as weather (hail/wind) that can create sudden money-drains, or rodent/termite damage to wood or wiring, carpenter bees/ants.


lots of things that can happen with rentals, and that is all assuming the market is desperate enough to guarantee a tenant.  in cases of over-saturation of open rentals, life gets harder


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channel your inner Larry David


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OfflinePatlal
You ask too many questions
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Registered: 10/09/10
Posts: 44,795
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Re: residual income/passive income [Re: demiu5]
    #23956394 - 12/25/16 12:27 PM (7 years, 1 month ago)

Quote:

demiu5 said:
Quote:

Patlal said:
Quote:

finalexplosion said:
Quote:

Patlal said:
Real estate is a great passive income vessel.

Pasive income is what m=will make you a millioanire




You have to own the property first which costs thousands of dollars. Then, when you own it, you pay capital gains. Yes, the government for all your hard work takes half that income for doing fuck all.




You won't avoid taxes forever. Plus its still a solid profit.





that is assuming utilities don't fail sooner than anticipated, that tenants don't destroy the property or do things inadvertently that cause damage to the property.  then there are factors such as weather (hail/wind) that can create sudden money-drains, or rodent/termite damage to wood or wiring, carpenter bees/ants.


lots of things that can happen with rentals, and that is all assuming the market is desperate enough to guarantee a tenant.  in cases of over-saturation of open rentals, life gets harder




I've been ding it for 8 years. Cant complain


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Invisibledemiu5
humans, lol
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Registered: 08/18/05
Posts: 43,948
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Re: residual income/passive income [Re: Patlal]
    #23956807 - 12/25/16 04:48 PM (7 years, 1 month ago)

i know a lot of people who are landlords and it works out for them. 

i've known a few who it didn't


lots of factors involved, including thorough screening of tenants


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OfflineParadigm Shift
Strangler
I'm a teapot


Registered: 12/25/16
Posts: 57
Loc: Outer Space
Last seen: 6 years, 10 months
Re: residual income/passive income [Re: Mo.Sigh.Aw]
    #23957270 - 12/25/16 08:37 PM (7 years, 1 month ago)

What do you know about SEO?

What secondary drives of traffic to your site have you devised?

My advise is using apache seo and authenticating complying with google for seo is vital and then after this work you need to make other methods of getting traffic, youtube, creating backlinks and social media pages.

It takes a long time to rise up the ranks in google and you ned very good search terms for the keywords in your seo urls and meta data.


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InvisibleLunarEclipse
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Re: residual income/passive income [Re: demiu5]
    #23957723 - 12/26/16 06:11 AM (7 years, 1 month ago)

Quote:

demiu5 said:
i know a lot of people who are landlords and it works out for them. 

i've known a few who it didn't


lots of factors involved, including thorough screening of tenants




Buy low, sell high.  Many landlords just keep hanging onto their property and collecting rent, and that can be fine too.

If you are buying rental property on a mortgage, and trying to fix it up and rent it out to make money, I'd say forget it.  I dumped 5 properties in the last 2 years, this real estate market is toppy and likely going to get a smack down starting in 2017.  The demographics for home ownership in this country flat suck and are not going to get better, period. 

Rents are stupid high along with property prices, but when interest rates go up (as they are now) expect both prices and rents to drop.

When considering a real estate investment, always look at the cap rate, in other words what percent is the yearly rent to the property price.  10% used to be considered reasonable.  Now people are down to 5% in many cases.  What this says is that the property is likely overpriced. 

People are largely tapped out, and the economy is on fumes at this point.

I'd advise someone to buy a fixer and live in it and fix it up with sweat equity, wait 2 years or more, then sell it for a profit and repeat the process.  That's one way to avoid dicking with tenants and still make $$ in real estate over the long haul.  I'd wait until 2018 end of the year or early 2019, when prices probably will be considerably lower.

These asset bubbles in the bond market in particular, stock market too, real estate as well which is past 2006 peaks, won't hold up forever.  Better to sit on cash or physical silver until the smoke clears.


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Anxiety is what you make it.


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OfflineSpinScratch
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Registered: 07/26/13
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Re: residual income/passive income [Re: LunarEclipse]
    #24142664 - 03/07/17 12:10 AM (6 years, 10 months ago)

Quote:

LunarEclipse said:
Quote:

demiu5 said:
If you are buying rental property on a mortgage, and trying to fix it up and rent it out to make money, I'd say forget it. 




I bought a $34K 2 family house, put my last $15K for down payment and fees, dumped $10K on a 0% APR credit card to fix it up and now I rent it out for $1300 total, of which about $600 is left over for me every month after all expenses including that credit card payment. After 25 months my initial investment will be returned. It can work in the right market.


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