Have you ever heard of the concept of making money while you sleep? That's the idea behind having passive income. Passive income can come from all types of investments. Consider dividends on stocks you own or coupon payments on your bonds. While you might consider this passive income, it's not exactly making money while you sleep.
Here are the 5 steps to actually make money in your sleep:
- Buy an apartment/townhouse at a great price
- Purchase a really comfortable bed
- Go to bed in the evening at a reasonable hour to get a good night's rest
- Repeat for 2.5 years
- Sell the property at a great return
That is exactly what my wife and I did when we purchased an amazing deal in Battery Park City. We grossed approximately $500 every night. That's $250 per person. At an average of 7 hours of sleep per night, that's almost $36 per hour of sleep per person. That's what I call making money in your sleep.
The key to this is finding properties in neighborhoods with solid upside. This takes expertise and a good understanding of market dynamics.
Are you looking to make money in your sleep? What are you waiting for? Get to bed!
Blooming Sky specializes in New York City real estate investment opportunities. We help clients find and secure properties that match their investment criteria.