Today, let’s discuss how I will generate passive income from my new $600,000 real estate investment. I’m going to walk you through the entire North Wing and break down how much it’s going to cost, as well as some hard lessons I’ve learnt along the way.
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Room 1: The Gym (Cost = $150,000)
I’m allocating this section of the North Wing to Gym space because as I’ve grown older, I’ve begun to realize you can have the biggest house, the fastest cars and everything you’ve ever dreamed of but if you’re not looking after your health, you might not have as much time to enjoy these things as you’d like.
My mistake here was becoming quote blind. I was dealing with so many different companies at the same time that I got a bit bamboozled really. So make sure you always read quotes correctly, especially when dealing with multiple quotes at the same time, it’s easy to get complacent and assume the quote has everything you need!
Room 2: Curtis’s Media Office (Cost = $100,000)
Curtis will pay rent each month which he can use as a tax write off as he needs the space to operate his business.. This will generate me passive income and will allow him to write off profits for a much-needed space to work. I think it’s a great idea to have a nice professional office as it can really help boost productivity.
I really wish I had just hired a Project Manager for this job as there have been lots of little mistakes I’ve noticed along the way. This all could’ve been avoided with a project manager, but I really didn’t want to fork out a load of dosh but in hindsight, this would’ve saved me a fortune.
Room 3: Guest Suite (Cost = $250,000)
The master plan here is Airbnb. As the North Wing is fairly separate from the main house, I thought it would be a great idea to kit the guest suite out to a high standard and rent it out on the nights we’re not using it, a bit like House hacking.
Our house is ideally located in a popular area, so I know I can charge high prices as long as the work is done to a high standard, which it will be!
This is going to be a great way to generate fairly passive income as well as helping recover the cost of this entire project.
I really messed up with this guest suite because I was thinking about the project for too long instead of just getting it done.. During this time, the price of building materials skyrocketed due to lack of supply, high demand and also inflation.
Room 4: The Courtyard (Cost = $75,000)
That space is going to be lovely in the sunshine. But it’s also pretty crucial for Airbnb, having a nice garden area with a hot tub and BBQ means I can charge more per night for use of the suite, which is exactly what I’m after. The trick is to buy something once, like a BBQ or Hot tub and continue to make money from it with little to no maintenance, that’s the beauty of passive income.
Sometimes it’s the little things that can allow you to generate more revenue from customers. And it doesn’t have to be with real estate or Airbnb.
Due to some miscommunication, the whole courtyard was bouncing like a trampoline because the structural engineers made a mistake. This miscommunication caused many delays and lot’s of hidden expenses I never expected.
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