Multiple Streams of Income in Property Explained...
Updated: Mar 12, 2021
Now more than ever people are looking for a side hustle to supplement their income from the day job. Or even replace the income from their day job entirely.
Property has long been associated with 'wealth creation' through investing, through using certain niche strategies such as; deal sourcing, rent to rent etc. Property can offer income streams across multiple niches, but let me start with a cautionary tale...
Diversifying where your income comes from is a very intelligent move in 2020 and beyond. It bullet-proofs your finances. If one income stream ended tomorrow, it's ok you might have another four income streams to live off.
I just cant help but think about all those poor people who were in the, rent to rent serviced accommodation (R2RSA) space when Covid hit us. Literally overnight their huge income producing properties were sat empty. No bookings coming in, no income, just a huge amount of stress and landlords everywhere being handed back their keys as lockdown number one stopped 99% of the S.A. business dead in it's tracks.
These R2RSA people went from posting photos on Facebook declaring huge bookings giving them thousands in income to disappearing from Facebook. Posting every day and then...nothing. These people jumped on a fast, cash flowing strategy and those that failed to diversify their income, were suddenly earning zero.
It was no doubt a painful and tough lesson to learn and probably one that many were burned by, never to return from.
2020 and 2021 and beyond I think will be a time where lots of people realise that they need not to rely on their day job to sustain their life, they need a side hustle or two to give them more security.
I know many people as I'm sure you do, who have turned their hand to hidden talents, I've enjoyed amazing cakes during lockdown, (so many cheesecakes, so little time!) People have been creative and looked to the likes of Etsy and Ebay and other places to sell and earn a second and third income.
Still in these Covid times at the end of 2020, we have a very fragile jobs market and a very uncertain economy and future. More and more people are realising now that they need to look out for themselves and seek out more sources of income.
People are looking to take back control and start their side hustles to generate their own income. The MLM's of this world are flooding Facebook, this tells you people are desperate for more money, more income! Everybody is looking to earn more to support themselves, their family, their lifestyle and most just to pay some bills! These are desperate times, we find ourselves in.
But if your looking at property and in particular the 'income generating' property strategies, you should probably understand what the real opportunity is with each strategy.
I see so many people see property these days as a quick route to money! There is a wild-over excited enthusiasm for certain strategies, largely due to the way that certain property training companies market their courses or education products. People have an incorrect perception.
When I watch webinars on sourcing, or rent to rent or similar, I am interested and depressed by the pitch as it's always heavily positive and gives a very warped viewpoint on how easy it all is and how quickly you can earn money.
People are calling for property training to be radicalised and regulated but in my mind it's not the opportunity itself that is the problem. You can earn money using various property strategies that's a fact. The problem is huge and lies with... the way that many property courses are marketed to complete novices and newbies as a 'get rich quick and easy option'.
I should point out that not all training is sold in this way, but so many newbies who are chasing money have such an odd misplaced view, that it's massively worrying. Especially when people max out credit cards, take out loans and wipe out their life savings to do a course or mentorship believing that it's their guaranteed route to success and wealth.
For some people they have even seen it as the last roll of the dice to get out of debt or change their life. People are desperate to earn money and when presented with what seems like an easy and very quick solution, bad decisions are made. Bad decisions based on a false perception.
I sell property training (my own unique brand) but let me tell you hear and now... property courses are NOT the deciding factor of your potential success and wealth, how can they be? Property courses only give you the knowledge and theory, on how to do something and that is all.
Let's apply some cold hard logic here...
There are simply too many variables to create one guaranteed outcome!
The reality is... certain people redundant of ethics, need to stop selling training with tag lines like... become financially free in 90 days!
The point is one action (doing a property course) does not guarantee you anything other than you will learn or gain knowledge on that topic. The rest of your 'property journey' is down to you and how you implement your new found knowledge. Property courses are only part of the story, part of the journey.
It's like buying a bike, with every intention of riding every day to lose weight, but you only manage a couple of days a week and you fail to lose any weight. Your success is down to you and how you implement the plan.
Property and it's many niches can offer people multiple streams of income, there are so many ways you can earn money, good money but it's not easy and it's not quick regardless of which superstar guru you listen too!
So my wish for 2021 and beyond is this... I hope that people that get into property and seek out property training have a realistic view of the opportunity and don't fall for the become financially free in 90 days nonsense.
It's high time that some common sense was applied. Don't be the person that chase's shiny pennies, don't chase wealth quickly, don't expect an easy ride and if somebody your watching is repeatedly talking about financial freedom and money probably best to stop that white noise and move on.
I offer property training myself and we offer 1 to 1 support forever and one of our guys was very much the shiny penny guy, so much so he asked me about various other courses... I told him to stop searching for answers and start taking action. It was only then that results started happening.
You see it's very easy to be the course addict, oh that looks good, wow look at this, look at that, it sounds amazing.... just stop. Just start doing something, start taking action, start today. Stop chasing all the answers, nobody has them and you will never feel ready to start. You just have to make that decision...
Whatever your side hustle is in 2021 make sure you start it and stick at it. Results and income are never easy, but those that do make money are the ones that failed to give up, failed to stop taking action, failed to let bad days get them down. Building a business is not easy and never will be! If you're out there baking cakes to sell, creating art-work to sell, or deal sourcing or flipping properties to earn money.... it all comes with it's challenges.
Good luck and remember, diversify that income and enjoy less stress and pressure if one income stream disappears!