Summary List Placement
Michael Quan always had a desire to retire early after watching some of his relatives achieve financial freedom at a young age. After building an IT company and selling it to a private equity firm, he decided to go into early retirement at age 36. He took his earnings and invested them in ways that would continue to generate passive income.
“My daughter was 1 at the time. So I decided, you know, this is a perfect transition to take an early retirement, be really present with my family. And that was a primary motivator, was to really be present with my family and enjoy her younger years at home,” Quan told Insider.
He’s now 44 years old and has set up his finances to allow him to live off his net worth, continue growing it, and collect passive income. Below, he shares the top three passive-income streams that continue to bring him revenue year after year.
1. His main source of passive income comes from real estate investments
In 2020, Quan earned $59,000 from real estate, making up 78% of his passive income. He currently owns three properties — two single-family homes and one condominium — in Nevada. The first two properties bring in a consistent cash flow each month because they are rented to long-term tenants. The third property is rented out through Airbnb, which allows him to collect more income.
Additionally, Quan is part of a family-owned real estate investment company. The company owns a Venice, California, property that has multi-family units. Any revenues collected from it, such as rental income, are divided amongst the owners.
His fifth investment is a property in San Antonio, Texas. This property is a large apartment complex that Quan invested in through a real estate development firm. …read more
Source:: Business Insider