Several online platforms exist that allow you to invest your cash and earn a return from real estate investment trusts. If being a landlord isnt your thing, another option is real estate crowdfunding. Whether you collect money by renting the home to other people through a long-term lease or as a vacation rental on Airbnb, you have the potential to earn a passive income stream. You could also sell music instruction and study books, digital copies of sheet music, or set up a store to drop-ship piano accessories such as metronomes, polishing cloths, and piano benches.īuying rental property is another option. You might create an online course with video that takes people step-by-step through learning to play piano. But there is an opportunity for you to create residual income by moving online. Once you have enough students to fill the time slots, youve maxed out your income potential. The trick is to find an area or niche you excel in and stick to it.įor example, if you teach piano in your community, you only have room for a certain number of lessons each day. Some online business models offer a way to turn a residual profit. The VA claims that their low mortgage default rate is because of their focus on the residual income. The VA focuses on these numbers because they feel that borrowers that have enough money to cover their daily cost of living are less likely to default on their mortgage. Likewise, the more expensive the area that you live, the more money you need to cover the daily cost of living. The larger your family size, the more money you need to cover the daily cost of living for each of them. They require these minimums based on your family size and where you live. The VA actually has a minimum amount of residual income you must have in order to qualify for a VA loan.
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