Unsinkable Finance https://unsinkablefinance.com Thu, 30 May 2019 20:50:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.1.1 https://unsinkablefinance.com/wp-content/uploads/2019/03/icon-150x150.png Unsinkable Finance https://unsinkablefinance.com 32 32 Real Estate Investing – Part 1 https://unsinkablefinance.com/real-estate-investing-part-1/ Thu, 30 May 2019 19:01:21 +0000 https://unsinkablefinance.com/?p=654 Real Estate is a great way to earn a passive income. From simply investing in rental properties to helping fund a building, there's always a way to make it passive. In this episode, I cover how to create a passive income from acquiring properties and renting them out.

The post Real Estate Investing – Part 1 appeared first on Unsinkable Finance.

]]>
Real Estate is a great way to earn a passive income. From simply investing in rental properties to helping fund a building, there's always a way to make it passive. In this episode, I cover how to create a passive income from acquiring properties and renting them out.

Host

Keith Bachand

Renting homes can be passive!

Why invest in real estate?
This question always comes to mind when looking at creating a passive income. Real estate is typically expensive and while many think it’s a great investment you may ask “is it?” and the answer is YES! That’s because real estate is an appreciating asset. Meaning it gains value over time. When you purchase a home or even land it will almost always be guaranteed to gain value over time. This is not the case when you purchase a car or a new boat. Unfortunately, when you purchase a car or a new boat it will lose value over time. So the simple fact that real estate is an appreciating asset is generally a great reason to invest in real estate.

Can real estate be passive?
Many people think that real estate investing is buying and selling homes. That can even be passive but there are many other ways to invest in real estate and make it passive. In the rental property business doing the initial setup with setting up a dedicated maintenance company, having everything set up for tenants to pay you, etc…Will all help make it passive. So yes real estate can be passive!

The dreaded task – Maintenance
As I mentioned above we all know maintenance is going to happen. Things will wear out, things will break and who is the tenant going to call?! YOU! If your spending tons of time fixing things at your property or properties we can’t truly call this a passive income and chances are you simply don’t have the time to be running around fixing issues! There are many dedicated rental property maintenance companies out there and many even offer a monthly plan that includes X amount of property visits and covers certain tasks to be completed. You can also always line up a company that will simply handle any issues that pop up and pay as you go. Either way, I would recommend hiring out the maintenance and be sure to include this cost in your rent so you’re covered.

How do I acquire properties!?
Many cross real estate investing and especially the rental property business off their lists of ways to make passive income due to the fear of not being able to purchase properties. This is totally understandable since most of us don’t have thousands of dollars laying around to purchase properties and many already have a personal home mortgage. This can sometimes be a deal breaker but not always. Taking out a second mortgage by yourself may be a challenge depending on your financial situation but that’s why it’s a smart idea to team up with an investor that can help you get started. Of course, they’ll want a share of the profits from this business but depending on the structure of the deal it’s a viable option and can truly help you get into real estate. I would not personally recommend going into business with a friend unless you can truly trust them but definitely don’t rule out the idea of having someone invest with you.

Types of tenants
I feel there are two types of tenants. Short term tenants and long term tenants.

Short term tenants will typically last from a year to two years and are generally trying to build their credit or build up their finances so they can purchase a home. These types of tenants are not bad at all as they’ll generally take great care of your property. You will, of course, need to find new tenants to replace old ones once they move out but in today’s market finding tenants is not hard at all.

Long term tenants are generally looking to stay more than two years and just aren’t interested in owning a home, or they aren’t financially able to purchase a home. This isn’t always a bad thing due to the stability you can benefit from. I feel the key with long term tenants is to find the right tenants. You want tenants that are looking to take care of your property, are financially stable and won’t constantly be late or not pay rent and will ultimately stay for the long haul.

Both long and short term tenants have advantages and disadvantages so you’ll need to find what you’re looking for. Do not be afraid to interview tenants and perform background checks and verify employment as all of these are precautions and will cover both sides.

Related Episodes

All About Dropshipping

Dropshipping is easier than you thought and you can make it passive. In this episode, I explain what it takes to create a successful drop shipping e-commerce website and how you can make it passive.

read more

What is passive income?

Chances are you’ve come across the term “passive income” while searching for ways to make extra money. This episode describes what passive income is and why you need a passive income source.

read more

The post Real Estate Investing – Part 1 appeared first on Unsinkable Finance.

]]>
All About Dropshipping https://unsinkablefinance.com/all-about-dropshipping/ Wed, 08 May 2019 19:02:23 +0000 https://unsinkablefinance.com/?p=634 Dropshipping is easier than you thought and you can make it passive. In this episode, I explain what it takes to create a successful drop shipping e-commerce website and how you can make it passive.

The post All About Dropshipping appeared first on Unsinkable Finance.

]]>
Dropshipping is easier than you thought and you can make it passive. In this episode, I explain what it takes to create a successful drop shipping e-commerce website and how you can make it passive.

Who knew dropshipping can earn money while you sleep!

What is Dropshipping?
The term dropshipping can seem confusing at first but it truly is a simple concept. The official definition is to move (goods) from the manufacturer directly to the retailer without going through the usual distribution channels. Simply put, customers come to your website buy the products you do NOT keep in stock and the order goes to a retail fulfiller that will pack the product and ship it to your customer for you.

Can dropshipping be passive?
Many people think running an e-commerce website is very time consuming and a lot of work which is can be. Dropshipping takes away the need to manually pack orders and ship them off to your customers so it will take less time. There are a few mundane tasks you will need to do to keep your e-commerce website up and running. Some of these tasks are responding to emails, running advertisements, changing prices of products as they fluctuate, add and remove inventory as needed, etc…A lot of these can be automated. Marketing, for instance, can be completely automated once set up. You can also set up a really in-depth FAQ page which will help reduce emails. If you don’t know what passive income is, our last episode (What Is Passive Income) covers it.

For the most part with some of these manual tasks, automated dropshipping can be passive.

Why my dropshipping site failed!
A year or so ago I attempted to start a dropshipping website to sell drones. I massively failed and I’m sharing why I failed to help you not fail. I was looking to sell all brands and ranges of drones from higher-end consumer drones such as DJI and Parrot that cost anywhere from $500 to thousands to cheaper $50 or less drones. The issue was price fluctuation. A lot of times the higher end drones would go up to two times the retail price so there wasn’t any way to make money and quite frankly no one was going to buy a drone that’s above retail price in the first place. After numerous emails to the individual retailers on all express, I was forced to remove the higher end drones from my site. This left only being able to sell the cheaper drones which the prices still fluctuated on daily but at least they never went above retail price. The issue was my main market was for the higher end DJI drones and Parrot drones. So I decided to close down my website and learn from my mistake so I could share my advice with you!

So the best advice I can give is to pick cheaper products to sell which will have less price fluctuation.

The Struggles of Dropshipping
You hear about all the money you can make while you sleep with dropshipping but there’s more to it! Besides price fluctuation, there are other things you will need to be prepared for.

Processing and Shipping: Long processing and shipping times can be challenging and cause a lot of customer service emails coming in. Each retailer on ali express has its own processing time it which can be confusing since all seem to be different. Shipping times will also fluctuate with each retailer. Most specify how long shipping takes to get to different countries. Many are located in China which can extend shipping times to the US for example. There are some that have US warehouses and if you can pick products that have more US warehouses you can ship from if your customers are located in the US that will really help with your shipping times. Also, shipping prices are often overlooked. A lot of times the final price you see does NOT include shipping. Some offer free shipping but often have longer shipping times and the other options are usually very expensive. So keep this in mind when setting your final prices and be very upfront with your customers on shipping expectations. 

Broken or Incomplete Products: Each retailer has reviews. Read them to ensure they are reputable and don’t ship bad or incomplete products. Some don’t ship in original boxes so be aware of that if that’s something you’re concerned about. For example, some of the drones would not come with propellers or something simple but could cause a headache for your customers. So just be sure they’re reputable and keep in mind things do get broken during shipping so be sure to have a return policy in place that makes sense for you and your dropshipping website.

Knock Off Products: This would seem obvious but once again read the reviews. Some products are made to look identical to a name brand product. Make sure that if your advertising a name brand product that what your selling is an actual name brand product. This can be hard but generally, the reviews will give you insight on this.

Is there anything good about dropshipping?
Yes! Dropshipping is amazing and can really become a great passive income. Every passive income idea will have something that could stand in the way of your success but keep in mind many people dropship for a living are making tons of money doing it. So you can too! My goal is to inform you of some of the issues that I had to deal with so you can be prepared and go into dropshipping without as many issues or at least be prepared and have a plan to overcome these!

Should I buy an existing dropshipping website?
This definitely depends on how much work your willing to put in up front and how much money you have to invest. You can definitely save a lot of time and start making money right away with an existing dropshipping website. Most of the time the seller will spend time showing you what they do day to day to keep the site going as some take more work than others. If you purchase from the Shopify Marketplace aka Exchange Marketplace you can see if their profitable and how much they make after expenses which is just amazing. Of course the more you spend the more money it’ll be making. You can spend anywhere form $5 to thousands of dollars on an existing website. So the answer is if you are looking to do less work up front and jump right into making money and have a little more upfront to spend then go for an existing dropshipping website. If you have less money to spend or have more time then go for starting from scratch.

 

Related Episodes

Real Estate Investing – Part 1

Real Estate is a great way to earn a passive income. From simply investing in rental properties to helping fund a building, there’s always a way to make it passive. In this episode, I cover how to create a passive income from acquiring properties and renting them out.

read more

The post All About Dropshipping appeared first on Unsinkable Finance.

]]>
What is passive income? https://unsinkablefinance.com/what-is-passive-income/ Sat, 09 Mar 2019 12:23:16 +0000 https://unsinkablefinance.com/?p=275 Chances are you’ve come across the term “passive income” while searching for ways to make extra money. This episode describes what passive income is and why you need a passive income source.

The post What is passive income? appeared first on Unsinkable Finance.

]]>
Chances are you’ve come across the term “passive income” while searching for ways to make extra money. This episode describes what passive income is and why you need a passive income source.

Host

Keith Bachand

Lets face it – We all want more money!

The Term “Passive Income”
If you’ve ever looked into ways to make more money, I can guarantee you’ve run into the term “passive income”. Passive income is simply an income stream you create by doing the work up front with little to no maintenance. The idea behind a passive income stream is to be able to keep your day job and have a passive income stream to compliment your existing income from your day job. While it is possible to eventually replace your day job with your passive income stream, it’s not immediate.

Why do I NEED a passive income stream?
Have you ever dreamed of making money while you sleep? That’s possible with a passive income stream if setup properly. We all need more money. Whether its to pay off debt quicker, save for vacations or even have extra money to put towards retirement its safe to say we all need more money.

The future is coming and while many of us have job security, there’s a handful that doesn’t. Many jobs are being automated. For example, Walmart is planning to replace humans with robots to scan shelves for inventory. This is just one example, but many jobs may not exist due to automation. If you have created a passive income stream, its possible you may not need to stress about the future as much. You will already have an income that could very well replace your day job income.

Truly Passive?
There are tons of ideas out there but are all of them truly passive? Probably not. Many ideas you read or hear about require ongoing maintenance and will require a lot of time outside of your day job. Not just at first but for the life of the income stream.  This is not truly a passive income. A truly passive income will be mostly hands off after the initial setup is complete. You may need to perform some tasks to keep things running smoothly but you shouldn’t be doing too much.

Its all about the setup
You will hear me reference the term “the setup” many times when talking about creating a passive income or really anytime I talk about starting a business of any sort. I truly believe the setup is the most important part of creating a successful passive income. Without executing a proper setup, things will fail. Before you sit back and reap the benefits of having more money flood your bank account you need to research, plan and do the work up front so you can ensure success. The setup does take work, but well worth it.

How soon can I quit my day job?
While quitting your day job is a great goal it’s not realistic at first for many. At least at first. Depending on what you do to create a passive income, how well you set things up, and how much you have to invest financially will determine how successful you are. Some will make money quicker than others. It just depends. For example, if you purchase an existing Shopify e-commerce drop shipping website chances are you’ll be making money quicker than investing in dividend-paying stocks.  The reason is, the work has been done for you most of the time. Of course in the long run investing in dividend paying stocks could have a higher return, that doesn’t mean it’ll be the quickest to make money.

What are some great passive income ideas?
There are so many. A few of my favorites are drop shipping, real estate investing, and stock investing. These are just three ideas and there are tons more things you can do to create a passive income.

Dropshipping
It’s really simple. You either purchase or set up an e-commerce website and connect it to Aliexpress (there are many others out there) where you sell products that you never have to touch. The merchant from Aliexpress will get the order from your website that a customer places and will ship the order to your customer. You will make money from the price difference of what Aliexpress merchant sells you and what the customer pays which is generally retail price. This is basically how all products in stores are sold.

Real Estate
There are many ways to invest in real estate. From buying shares via a real estate app such as building bits or fundraise to actually purchasing homes to rent out. Many of the richest people in the world invest in real estate in one way or another. Property is an appreciating asset meaning it gains value over time. This is why real estate is so attractive. If you go the rental property route to make it truly passive you will need to hire people to help do the work for you. You will need a maintenance person so you’re not doing it, someone to help manage the tenants and business side of things, etc…The income potential is unlimited with real estate but does require capital to get started. Not just rental properties but investing on building bits or via the fundraise platform.

Stock Investing
There are many ways to invest in stocks. Some are not passive such as day trading or swing trading where you need to micro manage your portfolio to enter and exit trades as the market fluctuates. One great way to invest in stocks where it can be mostly hands off is to invest in dividend paying stocks. A dividend is a royalty the company pays shareholders to hold their stock over time. The more shares you own the more you’ll make from dividend payouts. Keep in mind you will need capital to invest in stocks. You will also need to do your research before purchasing shares. You will need to learn what it takes to anaylze stocks and pick stocks that are doing well and will continue to do well.

Related Episodes

Real Estate Investing – Part 1

Real Estate is a great way to earn a passive income. From simply investing in rental properties to helping fund a building, there’s always a way to make it passive. In this episode, I cover how to create a passive income from acquiring properties and renting them out.

read more

All About Dropshipping

Dropshipping is easier than you thought and you can make it passive. In this episode, I explain what it takes to create a successful drop shipping e-commerce website and how you can make it passive.

read more

What is passive income?

Chances are you’ve come across the term “passive income” while searching for ways to make extra money. This episode describes what passive income is and why you need a passive income source.

read more

The post What is passive income? appeared first on Unsinkable Finance.

]]>
Why Unsinkable Finance Exists https://unsinkablefinance.com/why-unsinkable-finance-exists/ Fri, 08 Mar 2019 01:16:27 +0000 https://unsinkablefinance.com/?p=89 We can pretend that money doesn’t matter but at the end of the day it truly does. Money rules the world and there’s many reasons that its that way. Unsinkable Finance is all about helping you stay afloat financially.

The post Why Unsinkable Finance Exists appeared first on Unsinkable Finance.

]]>

Learning best financial practices is easier than you think!

Lets face it – Money matters!

We can pretend that money doesn’t matter but at the end of the day it truly does. Money rules the world and there’s many reasons that its that way. Unsinkable Finance is all about helping you stay afloat financially.

Everything will always be FREE:
I’m dedicated to giving FREE ADVICE! I want to share everything I know about managing money, investing, and ways to create passive income for FREE! With years of experience researching and trial and error I have learned so much about finance and managing money and ways to create passive income that I feel the need to share it with the world!

I will NOT sell you courses:
I’ve said NO to creating courses. I feel that its crazy to create and charge for courses when I can give you the information for free and all in one place! Honestly you can learn anything from the internet including everything about finance, investing, managing money, and much more. The goal is to give it to you in one place.

What’s the catch:
There’s no catch. I will be running ads on this site, running sponsorship ads on the podcast episodes and will be aiming to make money from this site and the podcast. I’ll be transparent about that. BUT that doesn’t mean I’m going to charge you. By running ads and sponsorships I’ll be able to stay away from creating courses and charging you.

About the podcast:
Weekly episodes! The podcast will be broken down into different series. Each series will go into depth and detail about the different subjects. Each episode will be posted here as well as the text translation so you can read if you prefer to.

Why should you listen:
If you wish to learn about managing money, investing, stocks, passive income, retirement then this podcast and site is for you! I will always provide a fresh and unbiased and well researched perspective on the different subjects. It seems many just touch the surface of these different subjects but I truly want you to be informed after listening or reading.

The golden question – why do we exist:
There’s a ton of podcasts, youtube videos, blogs, and just loads of information on the web regarding finance, investing, retirement, stocks, passive income, etc…BUT it seems many don’t dig deep into these different subjects like I have. I’ve spent years researching and putting these things into practice. I want to help others manage their finances more efficently and stop people from wasting their time trying different things that simply don’t work or weren’t as expected.

Related Episodes

Real Estate Investing – Part 1

Real Estate is a great way to earn a passive income. From simply investing in rental properties to helping fund a building, there’s always a way to make it passive. In this episode, I cover how to create a passive income from acquiring properties and renting them out.

read more

The post Why Unsinkable Finance Exists appeared first on Unsinkable Finance.

]]>