Passive income is money you get that does not require you to do a lot of “active” work, for example: from a rental property or from a limited partnership. It can also come from other enterprises that the person is not directly involved in. Passive income is usually taxable.
Question 1: How do I get passive income from my property?
One of the best ways to make passive income in real estate is through rental properties. Investors can get a steady income from renting these properties. You also have the option to improve the property and build equity.
Question 2: Can you live off passive income?
If you play your cards right, you can definitely live off passive income as it represents a life-long success.