Don’t be passive about your passive income
Updated: Oct 31, 2018
Passive income does not mean you are “Passive” Passive income from trailer rentals is a great way to supplement your total income and build wealth. However, the term “passive” is hardly how to describe your attitude and work ethic monitoring your assets.
When the cat’s away the mice with play Even though you have diligently completed a background check on the renter and received a deposit you still can’t be sure they won’t go sideways on you. As Ronald Reagan liked to use that Russian proverb, trust but verify, so should you.
Make your rounds Checking up on tenants is a good thing. Of course, not receiving a check or direct deposit into your bank account will set off alarms. But, being lazy and not visiting a property for a while may prove unwise. Keep up with your business. You may come upon things that are not the way they should be.
Tenants will amaze you A tenant may tell you they do odd jobs to help supplement their income. I was told this once. Well, come to find out that tenant was a hoarder and picked up everything he could and then some. His car, the yard and the trailer were filled with junk. Junk usually leads to mice, rats and cockroaches. I included some pictures of a half-emptied yard; you should have seen it before I took pictures! But, this just didn’t happen overnight. Within 90 days, he had filled the entire property full of junk. I had to issue a 3-Day notice and evict him because of it. He had also obtained a dog and had it living there. I require all pets must be approved to live on property. Make sure you keep up with your visits; be a smart cat!