I know this is not true passive income, but I’m all for flexible work especially whilst your passive income portfolio takes off. The most importing thing I must stress is that you do not eat in to your savings. If that means you still have to do some work, then so be it.
So, my buy to let mortgage came in and I’ve got around £40,000 in the bank from my first property. So I initially bought the property for £40,000, spent just under £5,000 doing cosmetic repair to the property. I’ve had two years worth of rent with no void periods equalling around £12,600.
Creating passive income is desired by most, and we usually set a fixed amount of passive income we need or want based on the amount needed for either retirement in later life / or to come out of work in the short term. However, this figure can be reduced by clearing off any current debt you have.