“Passive income” has been everywhere lately—you’ve heard it mentioned on social media, the news, or even in conversation among friends. But what exactly is passive income and is it realistic for the average person?
The entire concept of passive income is to generate money by doing, well, virtually nothing. Of course there is often setup involved, but once whatever you choose is up and running it’s smooth sailing. Some of the more popular ways of getting passive income include creating and selling an online course, investing in the stock market, or affiliate marketing. But one of the most popular is real estate.
The traditional landlord situation (a long term rental) is a slow burn. If you want more money, faster, vacation rentals are a better place to start. Airbnb, especially in a high traffic area like Vail, can kick back very high daily rates. The flip side is that you then have to handle bookings and getting the unit cleaned…if you’re spending 20 hours a week managing your property it’s not exactly passive income! There is a third way. By having your units professionally managed, you can enjoy rental income while spending very little time! Professional management also means better ratings, higher occupancy, and more.
If you’re interested in learning more, be sure to visit www.awayagents.com