Real estate passive income is essential for me to be able to do what I love.
Are you looking for the next step in your business?
Today, I want to talk about ways to generate real estate passive income. Passive income is simply income that will happen whether you are there, or not. Using real estate as your vehicle is one of the top ways to generate passive income.
In fact, one of my benchmarks for running my business is: Can I leave it for 6 months? Anyone can go on a two week vacation each year and come back to pick up the pieces and get things working the right way again.
But what would happen if you left your business for 6 months?
What Real Estate Passive Income can Allow
Personally, when I left my real estate team and put the right people in my spot they were able to double our gross income, over the years. Does that mean I wasn’t doing as good as I could have been, or does that mean I put the right people in charge?
Today’s Q&A is about this topic. More specifically, we had someone ask…
“How do I build a team that will provide income?”
I assume the question is talking about passive income. To me, there are three ways to generate passive income:
- You can buy/sell real estate (real estate passive income)
- You can own a business
- You can own stocks
I am no expert in number three, but I have years of experience in one and two. Today’s question is really centered around owning a business, because owning a business is where people make YOU money as opposed to you working tirelessly to bring in your income.
It’s a shift from “I do” to “They do”, or more importantly “We do”.
So how do you get there?
You have to become an expert in people. You have to start looking for the people who could replace you, not just the people who can support you. You want the people who can create; the visionaries.
Frankly, you want someone BETTER THAN YOU ARE.
But if you are to truly put people on your team who are better than you, why would they want to work for you?
You have to give them the opportunity to grow! Talent will always leave, move on or start their own business if they feel like they have no place to grow and succeed.
Offer them a chance to build something of their own, but within your business.
You need to become a student of hiring, you need to master people. You need to spend more time lead generating for talent than anything else.
If you surround yourself with the right team, the rest of the pieces will fall into place.
Now over to you!
What’s your biggest struggle in hiring talent or generating passive income? Add it to the comments and I will be sure to reply.