Maximise Your Rental Property Income: Upgrade and Enhancement Tips

Both immovable and movable property can be rented out!

• Passive income streams usually require a lot of initial work and may require constant attention, so it’s not entirely “passive”.
• When setting out to earn passive income, you should be patient and expect to start slow.
• If you already own unoccupied properties or property bought for capital appreciation, you can consider renting it out now to earn some rental income. 

Rental Properties (Including Real Estate)

Suppose you own unoccupied property or property bought for capital appreciation (i.e. buy a house to sell in the future for a profit). In that case, you can consider renting it out now to earn some rental income. Properties come in two forms: immovable and movable. Immovable properties will be your house(s) and other real estate properties (what people usually think about as "rental property"). Moveable properties include machinery, cars, boats and even simple things. You can earn rental income if you can find a customer! 

Upgrade Your Rental Properties

Adding value to your rental property will likely increase the passive income you receive. Upgrades do not have to break the bank and are manageable for immovable and movable rental property!

Immovable property examples:

• Redecorate the bathroom with new showerheads
• Improve the lighting around the property
• Fitting new carpet

Movable property examples:

• Include a sat nav for older cars
• Give your boat a new coat of paint

However, we urge you to be cautious since you will pass your personal property to a relative stranger. It is optimal to have a legally binding, signed agreement between yourself and the customer, but this is usually only common for immovable (and more expensive movable) properties. If there is no signed agreement, there is little guarantee that the other party will return your property in an optimal state... or at all! You may want to consider third-party apps that will make it easier to find a buyer and enforce the rental agreement.

Other Ideas: 

PASSIVE INCOME IDEAS: RENTAL PROPERTIES. COMPLETED. ✅

1. Cover photo from Unsplash