Most of us live our lives with a solo economic dependency, meaning that we have only one main source of income. If we aren’t putting in the hours at our jobs or businesses, then no income is being generated. This main source of income is an active income; we need to be there, producing and getting results to make any money. Wouldn’t it be great to have a passive income stream, whereby we could make money without putting in the long hours?

Luckily, there are no more ways in which to generate passive income than ever before. We all have remarkable tools at our fingertips that can, we some initial setup, start generating the passive income that can make a difference in our lives. There are plenty of resources online about different ways to start a passive income stream, but perhaps one area that you may not have thought about is real estate. This seems like an area that would require a large investment of time and labour in order to produce any kind of income, but our guest on this episode of Excellence Expected is going to talk us through his experiences and how buying and selling land can be both hugely profitable and largely passive.

Mark Podolsky, of The Land Geek, has more than 15 years’ experience in buying and selling raw land in the United States. Mark believes that he now only devotes a couple of hours a week to buying and selling land and the income generated will passively generate over a number of years. In many cases, it’s easy to find out about land on which the property tax has lapsed, meaning land can be bought for much cheaper as it’s clear that the owners no longer want to hold the property. The land can then be sold on with the help of a broker or acquisition manager for cash or through financing, with payments coming in like clockwork over 8-10 years. Say for example that you bought some land for $3,000. You could sell it immediately for perhaps $12,000, or, you could sell it through owner financing over 10 years for $30,000. Every month during that time period, a chunk of largely passive income would be generated. And this is not solely an option for those based in America. Mark has worked with people from all over the world.

This model has helped Mark choose and design his own lifestyle as he now works because he chooses to, not because he has to. The certainty that his passive income exceeds his fixed monthly outgoings allows him to devote his time to projects that feels are worthy of his time, such as volunteering, coaching and education. People crave certainty and contribution, and having a passive income like this gives you the certainty you need to be able to contribute to the thing that you are passionate about.

Issue Challenged in this Small Business Podcast: Creating your first passive income stream.

About Mark:

Mark Podolsky bought his first parcels of raw land in 2001 and built such a successful passive income that he was able to leave his job only 18 months later. In the intervening 15 years, Mark has made over 5,000 land deals and now runs The Land Geek, which, through podcasts and training courses, aims to pass on the knowledge that he has acquired on the subject.

Mark’s joining us on this episode of Excellence Expected to share his story and three actionable tips that can take you closer to generating your first passive income stream. 

Actionable Tips:

* Take imperfect action. If you want to get passive income the first thing you need to take some kind of action. If you get bogged down in doing it perfectly, you’re not going to get it done. This stops so many people in their tracks. Don’t let that happen to you! Take imperfect action and the more you learn, the better you will become.
* Get educated. Today’s the best time ever to learn anything. You can use the web to search for great, free resources that will help you create passive income based...