So, recently I tried putting one of my house for rent and came across a pretty safe way to earn some passive income.
So here’s how it works basically you pay a high amount and get a house on what we call heavy deposit once the tenure is over or the contract is terminated by either party after 30 days notice period you get your deposited money back until then you live rent free or even better give it to someone else on rent and earn passive income.
Now here’s the thing I want to offer this opportunity to people globally and make some profit myself. I have been brainstorming how can I make this work or if it’s even plausible.
1) The heavy deposits ranges between 3000 – 5000 US dollars and the monthly profits ranges between 60 – 80 US dollars. Does the investment seem too big? Does the returns sound great? If not let me know and I will scrap this idea in no time.
2) Currency conversion. There will be currency conversion for each transaction and it will incur charges. I have looked into it for small transaction paypal is great for big transaction transferwise has lower charges but still there will be a big chunk of change lost in this process. (INR to USD if you are curious) profit stated in the previous question is after deducting conversion charges.
3) How do i establish credibility? I wanna offer a service and make risk free passive income for people and make some profit myself and maybe grow it into a side business. How do I make people believe I am not going to vanish with their money? That i have bigger vision and ambition.
4) Finding someone to rent out your place takes patience. How do I keep the transparency so that the clients don’t think I am skimming off the top?
5) If you are interested in this plan shoot me a dm and we will work something out. Best way to learn would be to actually try and clarify questions then reach an agreement.
My own houses are already on rent and the profit goes to supporting my family.
Expediting the process will take brokerage charges generally 200$ and paperwork costs 50$
I will be making 10$ each month from each successful transaction. I won’t make money until my clients make money.