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Creating multiple income streams is always a smart way to accumulating wealth. In the same way that the saying goes, “don’t put all of your eggs in a basket” you’re going to want to look at your investment portfolio as an opportunity to have variety versus stagnation. Diversifying your portfolio with different assets will give you an opportunity to experiment with what’s working and what isn’t.
Setting your sights on making more money is never a bad idea. Investing in real estate is one of the most common and most lucrative ways to creating multiple income streams in your life.
Money Making Option #1: Turnkey Rental Properties
A turnkey rental property is a freshly renovated home that you can rent out right away. The obvious benefit to this starts with a home being move-in-ready condition. Renting out a property is easily the greatest way to start generating a passive income on the side.
Money Making Option #2: Airbnb
If you’re not ready to make the jump to a rental property, you can rent out your own real estate property with Airbnb. Having a busy schedule, travelling a lot or choosing to Airbnb your rental property are all surefire ways to start making money.
Money Making Option #3: Buy out of province investments.
If you choose to head south down to our neighbour country to purchase a property, or only venture as far as out of province, this can be a great way to diversify your real estate investment portfolio and get into the market for a deal.
If you go outside of Canada, you’ll have to take into account the exchange rate on the Canadian dollar right now but in some states, you can still snag a deal on home prices in the U.S in comparison to the Toronto real estate market right now.
Money Making Option #4: Flipping Houses
Home renovations and repairs can be a great way to increase the value of your home and sell the property at a higher price tag. Your focus should always be on improving the house while remaining within a conservative budget to ensure you make a solid ROI
Creating multiple income streams is a form of job-security in a lot of ways. Especially if you’re an entrepreneur, diversifying your income can mean that you’re not solely reliant on one path of making money.
Having the ability to exercise your options is a form of financial freedom.
Developing passive income and different income streams through real estate investing and establishing a portfolio are great ways to successfully build up a strong foothold in the market. And remember, worthwhile ROI always starts by playing the long-game.
Matt Sloan
Sales Representative
Royal LePage Signature Realty Inc., Brokerage
30 Eglinton Ave. W. Suite 200, Mississauga, Ontario, L5R 3E7
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