Support NeoGAF

[Banjo64]

Wondering what side projects everyone has to make extra money?

I'm UK based.

Thinking about either;

• Buying and letting a static caravan
• Buying a second house/flat to rent (I'd look for a tenant where I would receive housing benefit directly).

I've looked at letting a canal boat, but the operating costs would be prohibitive.

Any other ideas?

 

[GeekyDad]

Can't imagine either would be "passive," as you'd still have to maintain the property, look after maintenance and upkeep, deal with property insurance, realtor, etc. Sounds like a fucking headache to me. And if you come upon shitty tenants, you have to deal with them. And laws protect tenants under certain circumstances, preventing you from automatic eviction.

 

[sinnergy]

I digital design UX/UI designer by trade and run multiple webshops / sites with my wife. In the end we want to be self employed, she started this year, she now has enough income.

 

[Soodanim]

I digital design UX/UI designer by trade and run multiple webshops / sites with my wife. In the end we want to be self employed, she started this year, she now has enough income.

Congrats, but that doesn't sound passive, that sounds very much like active work

 

[Ionian]

Can't imagine either would be "passive," as you'd still have to maintain the property, look after maintenance and upkeep, deal with property insurance, realtor, etc. Sounds like a fucking headache to me. And if you come upon shitty tenants, you have to deal with them. And laws protect tenants under certain circumstances, preventing you from automatic eviction.

There are 'ways' to sort that issue.

 

[BigDeadFreak]

I live in the UK as well and my wife and I have three flats which we rent out.

It's not that much hassle as long as you are sensible about who you rent them too. I would never use a letting agency as they charge a fortune and don't care who they let to. Hold the interviews yourself, meet with the prospective tenants and pick decent people.

If possible try to get one with a freehold rather than a leasehold. This isn't easy as most are leasehold but it's definitely worth it if you can. Also, look at the maintenance cost as they can eat into your profits. Generally avoid anything with period features, plush landings, hallways, etc. or a lift. These often cost a fortune to maintain and add very little to the value of the property.

The only problems you're likely to get are with ongoing maintenance of the flat (blocked pipes, damp, leaking roof, etc). Ideally you'll be good enough at DIY that you can do minor jobs yourself but it not you'll need a reliable, local tradesman who can sort this out for you.

The profits aren't as great as they used to be due to increased stamp duty and the fact that that you are now taxed on all of the rent you receive rather than just the profit you make. However, it's a great pension and gives you financial security as you get older.

 

[dr_octagon]

I'd look for a tenant where I would receive housing benefit directly

 

[Sosokrates]

I prefer AirBnB'ing or doing holiday lets, rather then renting. If you get bad tenants while renting depending on the locations laws the tenant can stay months without paying rent and they can trash the place and cause damage.
AirBnb guest can also cause damage but at least theres a reputation system and its easier to get Airbnb guest out the property.

 

[Go_Ly_Dow]

Investing / Trading on the UK stock markets.

 

[DKehoe]

I get rent paid to me and it's pretty decent. I do try and take care of and pay for any issues asap but they don't really come up that often. I guess the trick is just getting someone decent.

 

[sinnergy]

Congrats, but that doesn't sound passive, that sounds very much like active work

It costs nothing to let the sun shine .. you think you can do nothing at all and receive money? Maybe people can go in early retirement .

Bitcoins .. I also have .. I make a decent profit .. but who knows.

 

[Ionian]

I prefer AirBnB'ing or doing holiday lets, rather then renting. If you get bad tenants while renting depending on the locations laws the tenant can stay months without paying rent and they can trash the place and cause damage.
AirBnb guest can also cause damage but at least theres a reputation system and its easier to get Airbnb guest out the property.

Air Bnb isn't guarenteed rent, plus you need the right area, clean up their dirt and also risk squatters. Just risky unless you vet clients. And tenants ALWAYS lie, it's a given.

I'm a landlord, as was my father. Looked after a house of 10 flats. I've seen much of it all. Can't faze me now.

 

[dr_octagon]

Air Bnb isn't guarenteed rent, plus you need the right area, clean up their dirt and also risk squatters. Just risky unless you vet clients. And tenants ALWAYS lie, it's a given.

I'm a landlord, as was my father. Looked after a house of 10 flats. I've seen much of it all. Can't faze me now.

Roof cannabis?

 

[Soodanim]

It costs nothing to let the sun shine .. you think you can do nothing at all and receive money? Maybe people can go in early retirement .

Bitcoins .. I also have .. I make a decent profit .. but who knows.

No one claimed zero effort, and putting words in my mouth won't work.

If you're running multiple web shops it sounds like you're providing goods or services, which is just self employment unless you have employees that do it all and you and the wife are silent partners. It might be an easier job, but it's still a job.

Bitcoin is a lot more passive, and that's more along the lines of what OP is going for.

 

[Sosokrates]

Air Bnb isn't guarenteed rent, plus you need the right area, clean up their dirt and also risk squatters. Just risky unless you vet clients. And tenants ALWAYS lie, it's a given.

I'm a landlord, as was my father. Looked after a house of 10 flats. I've seen much of it all. Can't faze me now.

True, but if you air bnb or hiliday let, usually guests have to be out the property by 10am.
Yourself or the cleaning company will be there at 10am to clean the property.
And video doorbell cameras, security camera etc are cheap and easy to install these days, so if someone trys to break in you can call the police as soon as they trigger the cameras, so people would not even get chance to squat, if they tried they would simply be trespassers on your property.

 

[Ionian]

True, but if you air bnb or hiliday let, usually guests have to be out the property by 10am.
Yourself or the cleaning company will be there at 10am to clean the property.
And video doorbell cameras, security camera etc are cheap easy to install these days, so if someone trys to break in you can call the police as soon as they trigger the cameras, so people would not even get chamce to squat, they they tried they would simply be trespassers on your property.

You don't understand, they could rent 1 night and stay until a court appointed bailiff removes them.

Police ain't gonna do shit as it's a civil matter.

It's why I have a policy of cash only first until we build a relationship and trust them, then bank no problem. Which is a brilliant point to get to.

 

[Sosokrates]

You don't understand, they could rent 1 night and stay until a court appointed bailiff removes them.

Police ain't gonna do shit as it's a civil matter.

It's why I have a policy of cash only first until we build a relationship and trust them, then bank no problem. Which is a brilliant point to get to.

Like I said in depends on the location but in UK you can change the locks when the agreed time has ended.

Plus the person would lose there airbnb account, or the holiday letting company would be liable,it would be a real dumb criminal who would try this scam.
Also I've cleaned air bnb and holiday lets for 5yrs and guest have never refused to leave.

There pros and cons to both renting and holiday letting, but I prefer holiday letting because your property has to be kept to a high standard and is regularly cleaned, also you only need 50% occupancy rate to make a decent profit, more then renting especially after agent fees.
Having a tenant stay in there for a long time wear and tear happens more often.

 

[Ionian]

Like I said in depends on the location but in UK you can change the locks when the agreed time has ended.

Plus the person would lose there airbnb account, or the holiday letting company would be liable,it would be a real dumb criminal who would try this scam.
Also I've cleaned air bnb and holiday lets for 5yrs and guest have never refused to leave.

There pros and cons to both renting and holiday letting, but I prefer holiday letting because your property has to be kept to a high standard and is regularly cleaned, also you only need 50% occupancy rate to make a decent profit, more then renting especially after agent fees.
Having a tenant stay in there for a long time wear and tear happens more often.

You're talking out of your arse.

Can a Landlord Change the Locks in the UK? | Valor Properties

In this article we discuss if, and when landlords can change the locks on their tenant’s homes, including the law, exceptions to the rule, and illegal evictions.

valorproperties.co.uk

 

[Sosokrates]

You're talking out of your arse.

http://[URL]https://valorproperties.co.uk/news/can-a-landlord-change-the-locks-in-the-uk/

[/URL]

"Your Airbnb Guest refuses to leave – You can change the locks at the end of the term without a court order, as it is a holiday let. However, it is a criminal offence to use or threaten to use force to evict the guests and therefore you should think carefully before doing"

https://www.slaterheelis.co.uk/liti...st refuses to,think carefully before doing so.

 

[fran.fernandez]

I move some of my money in fx and others (nisa). Not much tough. Mostly is automatic but still I get around 400us+ monthly .

 

[Ionian]

"Your Airbnb Guest refuses to leave – You can change the locks at the end of the term without a court order, as it is a holiday let. However, it is a criminal offence to use or threaten to use force to evict the guests and therefore you should think carefully before doing"

https://www.slaterheelis.co.uk/litigation-dispute-resolution-category/think-airbnb-think-2/#:~:text=Your Airbnb Guest refuses to,think carefully before doing so.

And? Lock them in when they won't leave? hahahahahah. Great way to evict someone. Of course you can change the fucking locks when they are gone Sherlock.

Dude I've done landlord for over 2 decades. Been robbed, stabbed you name it. You're talking out of your arse.

 

[sono]

money in fx a

Do you mind sharing which FX currencies?

 

[IDKFA]

Assuming you're male, ever thought about being a male escort a few nights a week?

 

[Sosokrates]

And? Lock them in when they won't leave? hahahahahah. Great way to evict someone. Of course you can change the fucking locks when they are gone Sherlock.

Dude I've done landlord for over 2 decades. Been robbed, stabbed you name it. You're talking out of your arse.

They will have to leave the property to get food.

And you say im talking out my arse when you cant even explain why, thats not smart.

I dont even know why your getting so mad, did you get screwed over by holiday letting?

Also whats you being a landlord got to do anything, lol. Why cant you just talk about the facts at hand rather then throw a temper tantrum without explaining anything proply.

Also you are actually supporting my argument that doing holiday lets is better because getting robbed and stabbed being a landlord is not a good endorsement for renting to long term tenants.

 

[Star-Lord]

One positive outcome from the lockdown was the surge in home-run food businesses. There was a huge influx of bakers, artisan food makers, etc who saw huge profits. Have you ever considered that?

 

[Ionian]

They will have to leave the property to get food.

And you say im talking out my arse when you cant even explain why, thats not smart.

I dont even know why your getting so mad, did you get screwed over by holiday letting?

Also whats you being a landlord got to do anything, lol. Why cant you just talk about the facts at hand rather then throw a temper tantrum without explaining anything proply.

Also you are actually supporting my argument that doing holiday lets is better because getting robbed and stabbed being a landlord is not a good endorsement for renting to long term tenants.

Long term Vs. Short term is a case of turnover, thus probability of cause and then action.

That's legit proper landlord 101. You look after the place, see them once a week or month and then bang, things are sorted.

Short-term don't give a fuck, you can't properly vet them. Possession is 9 tenths of the law after all, I'm amazed you don't know that considering the amounts of cases in the UK of people literally paying people to leave as it's cheaper than court.

Keep your head up your arse if you want but that's a fact, try Google if you like as well. I'm not angry, just busting my balls laughing that you could be so naive as a landlord.

 

[N0S]

Scalp PS5's

 

[Sosokrates]

Long term Vs. Short term is a case of turnover, thus probability of cause and then action.

That's legit proper landlord 101. You look after the place, see them once a week or month and then bang, things are sorted.

Probability of cause, lol what cause? Sounds like complete nonsense.
Its amazing how can write a paragraph without actually meaning anything.
Also what tenant agreement has weekly inspections.... A real landlord would not suggest such a stupid thing

Short-term don't give a fuck, you can't properly vet them. Possession is 9 tenths of the law after all, I'm amazed you don't know that considering the amounts of cases in the UK of people literally paying people to leave as it's cheaper than court.

Being a guest on AirBnb you need a legit bank account and iD, if you were to squat and not pay you would be banned for life and holiday letting companies require deposits, squatting in a holiday let is not smart and people would not get away with it for long. The owner would cut off gas, electric, change the locks, who is going to stay in those conditions...
And ive been cleaning holiday lets for years and a guest has never refused to leave, and if u Google it its incredibly rare, unlike bad tenants which is more common.

Keep your head up your arse if you want but that's a fact, try Google if you like as well. I'm not angry, just busting my balls laughing that you could be so naive as a landlord.

Its not a fact and I just explained why...
So the only one with his head up his ass is you. Jog on.

 

[Ionian]

Probability of cause, lol what cause? Sounds like complete nonsense.
Its amazing how can write a paragraph without actually meaning anything.
Also what tenant agreement has weekly inspections.... A real landlord would not suggest such a stupid thing


Being a guest on AirBnb you need a legit bank account and iD, if you were to squat and not pay you would be banned for life and holiday letting companies require deposits, squatting in a holiday let is not smart and people would not get away with it for long. The owner would cut off gas, electric, change the locks, who is going to stay in those conditions...
And ive been cleaning holiday lets for years and a guest has never refused to leave, and if u Google it its incredibly rare, unlike bad tenants which is more common.

Its not a fact and I just explained why...
So the only one with his head up his ass is you. Jog on.

Yeeeaaaahhhh, haha. My heads up my ass.

This is going nowhere, I've decades of experience and you're just clueless. Let's just agree to disagree, there will be no winners here.

You can make a pathetic last shot if you want or be a gent and bow out gracefully.

 

[Sosokrates]

Yeeeaaaahhhh, haha. My heads up my ass.

This is going nowhere, I've decades of experience and you're just clueless. Let's just agree to disagree, there will be no winners here.

You can make a pathetic last shot if you want or be a gent and bow out gracefully.

You talk about bowing out gracefully and agreeing to disagree but you also provoke things further by saying im clueless, I guess that just the type of person you are. Good luck with that.

 

[Lasha]

Being a landlord isn't 100% passive. You need to manage the property and keep abreast of all tenant protections. It's kind of a hassle to do all the work for one flat. You should look to invest in a country where you can buy multiple flats and get a decent return

 

[Maiden Voyage]

Just market investments. I'm not interested in becoming a landlord or picking up side work. I make more than enough at my primary job to enable me to achieve my goals.

 

[jason10mm]

Pension tied to inflation and guaranteed by the government.

It is the only way

 

[Mihos]

Being a landlord isn't 100% passive. You need to manage the property and keep abreast of all tenant protections. It's kind of a hassle to do all the work for one flat. You should look to invest in a country where you can buy multiple flats and get a decent return

Not in the UK, but in The US we own a couple of apartment complexes, and we hired a property management company to handle all that. Not sure the rules over there.

We have 1031 exchanges also, which let's us sell and buy larger complexes without having to realize any capital gains tax.

 

[Lasha]

Not in the UK, but in The US we own a couple of apartment complexes, and we hired a property management company to handle all that. Not sure the rules over there.

We have 1031 exchanges also, which let's us sell and buy larger complexes without having to realize any capital gains tax.

Im not in the UK either. You kinda prove my point though. The scale you run at hardly qualifies as a side hustle since you need to hire people to manage it for you. I do the same thing with my building except I formed my own management company to save money. Property managers are a ripoff for middle-class landlords who need rent to cover mortgage. Can't comment on capital gains since they aren't levied where I live.

 

[AJUMP23]

Another house would be ideal. But no income is really passive.

 

[Lasha]

Another house would be ideal. But no income is really passive.

Maybe bonds?

 

[Ownage]

OE is one option.

Also, consulting per hour with expert networks is lucrative. I get between $600 and $1k per hour with various firms. You need to be invited, but you begin the process by getting noticed on LI as a thought leader and expert in a particular field. I usually entertain a few companies for a few hours per month. No need to be on camera or in person.

 

[Aesius]

Real estate investing, although it's certainly not without risk and requires either DIY skills or a reliable contractor if you're buying dated/distressed properties.

A family that lived across the street from my parents is now incredibly wealthy after the guy's dad passed away. He owned 40+ rental properties in town and they generate something like $50k/month in income. And the guy's dad worked a factory job his entire life. He just invested basically every extra penny into his real estate portfolio and used the profits to buy more.

 

[Lady Jane]

We rent out two houses and we're about to buy a third off someone. We're not interested in AirBNB since it's too fickle. If you look/vet for tenants yourself instead of relying on an agency, then you shouldn't get bad tenants. Agencies don't give a fuck. You have to read them and not sign the first person showing you deposit money. A colleague who also rents properties is always complaining about his tenants and he told me that he e-signs rental agreements without ever meeting them. Well buddy, I found your first problem.

We exclusively sign with families and as long as the adults can speak in a formal fashion, the odds are in your favor that they'll be good tenants. My husband does the physical meetings, credit applications, and collect and I maintain communication/repair after they sign. It's a good balance. It can be scary though. I no longer do physical meetings after I was followed once. And when we purchased a property, the previous tenants refused to move and we had to de-escalate. We already agreed that if my husband feels in danger again, we're hiring a rental manager.

The best advice I can give is to stay away from rental assistance programs. A few of them spawned after COVID and dear lord, it's like the people who made these programs thinks every landlord is a mega investment firm with endless cash (which is very real mind you). One of our renters asked us to register for one and the program will pay us for them. After research, if we joined the program, then the tenants have 6 months to look for a new place without paying rent. 6 months of mortgage, taxes, and insurance payments without seeing a dime. That would sink us hard. We're their landlords, not parents.

Overall, it's been successful and we're buying a new property where my sister lives and we're going to rent it out to her for dirt cheap until they get married and are able to buy a house of their own, then we'll rent out the property for a fair price. I am glad that I went through the rental experience in my early 20's with stress of not affording rent. It's definitely why we have a great relationship with our tenants because we get it. On top of that, I also know when people are bullshitting us.

The most important detail is too put a lot of effort in finding tenants. Cutting corners in that process will have its consequences.

 

[Mistake]

I met a guy in my town who threatened a couple to leave his property with a gun during covid, because they stopped paying and wouldn't leave. Courts were backed up or not doing anything, so there was nothing else he could do. He got six months in jail for it.

Being a landlord is a major pain no matter where you are, and even if you know all the rules, you're dependent on police or courts to assist you if the worse happens. Long term rentals are better, but still not a guarantee

 

[Banjo64]

Pension tied to inflation and guaranteed by the government.

It is the only way

I have one, but my retirement age is decades away.

 

[Makoto-Yuki]

I have one, but my retirement age is decades away.

i have 37 years to go and i'll get £170/week. might be able to buy a tin of beans if i'm lucky.

well that's my state pension. i am in a private pension but fuck knows what i'll get from that. i think i might be able to retire at 50-55. some people say it's good to be in it (i've been in 9 years so far) and some say it's a waste of money. i don't know.

 

[Tams]

Long term Vs. Short term is a case of turnover, thus probability of cause and then action.

That's legit proper landlord 101. You look after the place, see them once a week or month and then bang, things are sorted.

Short-term don't give a fuck, you can't properly vet them. Possession is 9 tenths of the law after all, I'm amazed you don't know that considering the amounts of cases in the UK of people literally paying people to leave as it's cheaper than court.

Keep your head up your arse if you want but that's a fact, try Google if you like as well. I'm not angry, just busting my balls laughing that you could be so naive as a landlord.

If squatting by short-term renters was a problem, it'd be all over British media. Right up their alley.

It isn't though. A few idiots pay the squatters to leave because they're too chicken to get them to just leave.

 

[StateofMajora]

If squatting by short-term renters was a problem, it'd be all over British media. Right up their alley.

It isn't though. A few idiots pay the squatters to leave because they're too chicken to get them to just leave.

I feel like in America if I had squatters and dragged them out I would be the one the law is after.

I still would, but our system is fucked. UK is more fucked but I don't know if they have the same shitty squatter laws.

 

[StateofMajora]

The only passive income I want for starters is dividend payments, once I have a paid off house those payments should be enough to live on then I can pursue whatever I want.

 

[jason10mm]

I have one, but my retirement age is decades away.

3 years and counting....so close!

 

[Vicetrailia]

Yeeeaaaahhhh, haha. My heads up my ass.

This is going nowhere, I've decades of experience and you're just clueless. Let's just agree to disagree, there will be no winners here.

You can make a pathetic last shot if you want or be a gent and bow out gracefully.

Are you a slumlord?

 

[chromhound]

Stock Market and Crypto but it's treating me like shit right now. Next step is real estate

 

[Pagusas]

get some retainer consulting agreements, it's wonderful and about as passive as income can be