IIPR - Want $1000 in Annual Passive Income? Investing $36 in This Stock Per Week for 5 Years Could Do It.
2023-05-28 07:15:00 ET
For most people, building passive income is a marathon, not a sprint. The longer you're willing to spend on buying shares consistently, the less you'll need up front.
In that vein, Innovative Industrial Properties (NYSE: IIPR) , the marijuana cultivation facility landlord company, is an appealing option for dividend investors thanks to its ownership of real estate that's very much in demand for the steadily growing cannabis industry. Happily for investors, it won't take a very large investment to yield a significant inflow, even if you only invest a relatively small amount each week. Let's do a quick calculation to see exactly how little money it'll take you to get to $1,000 in yearly passive income with this stock.
IIP's forward dividend yield is presently at a sky-high 10.8%, which makes it especially appealing to passive income investors who don't have a huge amount of capital ready for investing right now. You'd need a total of around $9,300 invested all at once to make $1,000 in dividends annually, but you can get away with a lot less up front if you're willing to be a bit patient. For a low-low cost of $35.7 each week, assuming you buy fractional shares, you can get your IIP position delivering $1,000 per year in just five years.
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Want $1,000 in Annual Passive Income? Investing $36 in This Stock Per Week for 5 Years Could Do It.