My worst performing property makes me in excess of $250 for each hour of work I put in.
One of the nicest sources of income is passive income (i.e. money you earn without having to work for it). If you can earn enough passive income then you can retire and experience no reduction in quality of life.
One of the reasons I like investing in property is that it gives me this passive income. I carefully choose each property I buy so that the properties earn me money. They may take a little (but not an excessive amount of) time to find but it’s worth it. Then I have the property managed by a good manager who is proactive and contacts me when I need information. In this way I make a decent profit without spending too much time.
My worst performing property made a profit of just over $1000 last year. I spent less than 15 minutes per month working for this property. That’s less than three hours in total! I wish all my work was that efficient.
The lesson to be learned here is that property gives you the opportunity to earn a good passive income, if you choose wisely. Make no mistake, you need to know what is going on with your investments; choosing the right people to manage your property is critical.
So get your set-up right. Make sure you do your sums. Get a good property manager. Ask him/her whether your rent is right and what you can do to increase it. Once you have a good set-up, the property will take care of itself. And it will take care of you too!