Are you looking for passive income? Grant Cardone has some interesting ideas if you are looking for extra cash to buy a specific item, save for retirement or leave your 9-to-5 job.
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Here are seven passive income streams that scale easily, according to Grant Cardone.
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Automated Car Washes
Automated car washes are relatively low maintenance. In most cases, they don’t require on-the-clock labor. You just need to buy supplies and manage maintenance. To start with this passive income stream, look for car washes on the market or approach owners for an off-market deal.
Laundry Mats
Laundry mats are another great passive income investment. While there might be a larger upfront investment, laundry mats don’t require daily work, making them an excellent passive income stream. Even better, you can open other income streams within your laundry mat, such as by having an ATM, a vending machine or the option to purchase supplies.
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Lending
Lending money to reputable sources can unlock passive interest income. For example, loaning your friend $10,000 for a house down payment at 10% interest results in an annual income of $1,000 per year. Although this income will be taxed, it can be a great way to put extra cash to good use.
Video Arcades
Have you considered opening a video arcade? Video games aren’t reserved for the comfort of your home. Countless people pay to go to video arcades for the nostalgia and social aspect. Like most other passive income streams, you will need to make an upfront investment in the machines. However, after that, it’s smooth sailing. Similarly, you can add other income streams to your video arcade, including vending machines and food services.
Self-Storage
Self-storage can be a win-win situation. First, you can unlock appreciation potential from the real estate itself. Second, you can generate passive income from monthly rent. Most customers will be on autopay, meaning the monthly fee is automatically deducted from their bank account on the due date.
Apartments
Real estate isn’t always as passive as investors would like. However, with the proper backend support, apartments are a great way to unlock passive income and tax benefits. Purchasing a large apartment building with a designated office manager can create passive income. If buying an apartment building is too capital-intensive, consider joining a syndication. A real estate syndication pools investor money to make large investments, such as a 200-unit apartment complex.
ATM Machines
ATMs generate passive income from transaction fees. This could be 1% of the total transaction or a flat fee like $3. Regardless, this passive income is relatively simple to set up. However, you need funds to purchase and fill the ATM upfront. Putting ATMs in desirable locations like restaurants and gas stations is a great way to earn extra income.
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Sources:
Benzinga, ‘Video Arcades? Thanks Boomer’–Grant Cardone Shares Seven Passive Income Ideas, And People Are Amused
This article originally appeared on GOBankingRates.com: Grant Cardone: 7 Passive Incomes That Scale Easy … Psst: One Is Video Arcades!
