A few years ago, I went with an acquaintance to a neighboring city in search of work, since we were very tight with this. I had some savings, I took them with me and went. First of all, we bought a newspaper, where there were advertisements for renting out apartments. Started looking at prices. There were apartments for 800 USD. per month, at 1000, were more expensive, but one ad came across with a price of 700 USD. a month for housing – it was the most profitable option and that’s where we called. The place was still unoccupied, so we agreed to come and see the living conditions.
In general, the owner of the house was a pensioner, he did not work anywhere, because his health did not allow, one pension was not enough, and that’s what he came up with to earn extra money.
Well, now I’ll actually tell you how this person created passive income from real estate.
He had his own house to which he made an extension. On the first floor he had a kitchen, and on the second floor he and his sons made two rooms, each with two beds and a wardrobe. Between the rooms there was a shower room and a toilet. To make an extension and equip everything they needed, they took out a loan – which they paid out of the money they earned from renting out rooms.
Since there were two rooms there, and he rented a room for two for 700 USD, his monthly salary was 1400 USD.. To be honest, I don’t know how much it took to pay off the loan, but it definitely wasn’t in the red. Unfortunately, I did not take photos, but in a graphic editor, this is what happened.