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Grant Cardone, private equity fund manager and real estate investor, believes everyone should have passive income streams for building wealth.
“Everyone should have multiple flows of income: 1) ordinary income, 2) bonus revenue and 3) passive income,” he told GOBankingRates.
And while there are multiple ways to earn passive income, Cardone believes one method stands out above the rest.
The Asset That Brings in $5 Million a Month
“The best way to earn passive income monthly, with nothing even a close second place, is to invest in real estate as a passive investor — end of story,” said Cardone, who recently announced a partnership between Cardone Capital and REVIV to launch the world’s first patented Precision Nutrition System with 10X Health.
Cardone views real estate as superior to stock dividends and intellectual property for earning passive income.
“Stock dividends are paid quarterly and your bills are due monthly,” he said. “Every other thing you can do to earn passive income –book royalties, music, online influencer, digital products online — all require some creation, most of which never make [money].”
On the other hand, real estate investments are often very lucrative.
“At Cardone Capital, we paid out $60 million last year, averaging $5 million monthly in passive income to our limited partners/investors.”
What To Look for in a Passive Income Real Estate Investment
Cardone said that apartment buildings are the best type of real estate to buy for passive income generation in 2024.
“If Americans want to tap into the real wealth in this country, they have to get away from buying single-family homes and shift into this other asset class, which is apartments,” he said. “If this was 2008, the opportunity would be single-family homes. But it’s 2024 and the correction is in apartments and offices. Americans should be looking for loans maturing this year on complexes that are 40 units or bigger. And then they should put a group together to finance that asset and they will get rich beyond their wildest imagination.”
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