If you know me but at all, you will know how much I love talking about Passive income. Ways to build you passive income streams. Passive product ideas. How to turn existing services passive… all of it!
So if you’ve ever researched passive income before you will see the top two passive income sources that are recommended are stocks and bonds (boring!) and rental income. As a property owner I have dabbled in rental income. The joy you feel when someone signs on that dotted line and says they will pay you £450 a month just to live in your spare room – AMAZING! However, if you do rent out a room in your house, you actually have to live with that person. This seems obvious I know, but what I mean is this stranger will now be in your house, constantly!
During my “lets rent a room” phase, I had 3 different tenants. All of which came with an unbelievable twist! If I was to write this out it would probably need to be published as a novel. So instead I’ve done a story time that can either be listened to on the podcast, or watched on YouTube. Both of which I am linking in below for your entertainment.
The moral of the story:
Your sanity is much more important than a little extra money.
If you do plan on renting out the property you live in, please set more boundaries and research your tenants more than I did!