This is just a quick follow-up to the last video and I may not have been very clear - and I don't want to be misleading about the difference between passive income and a flexible lifestyle and financial freedom!
Since I created the last video (see this blog post) I've done a bit more thinking about Passive Income and what it really means. I consider my income from my Rent to Rent business to be fairly passive. I don't have to go to the properties every day, I don't have to talk to my tenants every day - I don't deal with most of the day to day running of the properties. BUT - technically speaking my income isn't completely passive. I have a team that helps me and does an amazing job and systems that allow me to step away and travel. This may all sound like passive income, but I still check in with my team on a regular basis, I still check my emails regularly to make sure everything is running smoothly and no one has any questions (some of my older tenants still email me first instead of my property manager) and I still need to check on the financial reporting and our KPI reports to make sure I'm happy with the progress and that we are on track for our targets.
So that means my business isn't completely passive and that has made me realize that no business can ever be truly passive. There will always be some amount of oversight and management and I think that anyone that tells you differently might be stretching things a bit too far. The stuff I am doing now is more of the working ON my business rather than IN it - so I'm not in the trenches everyday and running around. And this is what I dreamed of in my dream life. I might have dreamed it would all run a lot more smoothly sometimes and that I wouldn't need to check in as regularly but overall - it's perfect right where it's at.
I can work from anywhere as long as I have internet connection and I'm improving my systems every day so that I can pull myself more and more out of the day to day runnings of the business and focus on improvements and making things better. And I also spend quite a bit of time working on the training and coaching side of the business - as that's what I really enjoy doing. I've spent a lot of time working on this website and I'm putting together a lot of great content that I'll be sharing over the next few weeks. To me a lot of this doesn't feel like work as it is what I really enjoy doing...but it means the income isn't passive. And for me that's ok! I don't have to do the training and coaching, I have plenty of income from my Rent to Rent business, but I love doing it. And since the jet lag is still with me, what else would I do when I wake up at 4am :)
Thank you for joining me in Florida and I'll see you on the next video :)
I'm Jacquie the Property Go-To Girl. I am passionate about property. I love to help people make the most out of their property investments!