Hi! I am a lawyer who works for the government. At the same time, I share the same passion of further enhancing my financial literacy and knowledge so that I can also teach it to fellow Filipinos who are struggling financially. I have several streams of passive income aside from my work. Do you have any other ideas on other types of passive incomes, particularly in the real estate sector? Thanks -Roel
Hi Roel! Your passion for Financial Literacy is a worthy cause. A lot of people are literate but not financially. Filipinos will greatly benefit from such an advocacy. That’s why we need more people like you.
Regarding your question:
One strategy to preserve wealth is to invest it in Real Estate. Our basic source of income is thru a salary or a business. Once you take off, landing your money in Real Estate is a wise choice, although it’s not for everyone.
I’m not an expert in Real Estate, but I have some friends who are. There are 3 main ways to earn from Real Estate:
1) Flip it. Buy and sell at a profit.
2) Rent it out.
3) Rent to own. Sell the house for a down payment; then peg the years to pay (15-30 years) at the prevailing (or higher) interest rate. If they’re finished, you transfer the title to the buyer. This usually works for a cluster of houses or a big property bought by a group of investors who pooled their money so they can afford the investment.
A good plan is to “Start Small, But Dream Big!” Hope this helps!