Earning $1,000 in passive income a year can be achieved as early as next month with a $83 monthly payout. It is a good time to consider high-yield dividend stocks that pay cash every month to lock in yields of more than 9%.
When building your income portfolio with immediate payouts, consider the safety of the dividends, the frequency of the payout, and the yield you can lock in. Stocks that meet all three criteria can help keep your investment returns more predictable.
Two dividend stocks that meet these criteria are Timbercreek Financial and Slate Grocery REIT. Timbercreek Financial provides short-term mortgages to commercial REITs and recently saw a drop in its stock price despite high interest income. The Bank of Canada’s rate cut in June could help revive Timbercreek Financial’s loan activity and drive revenue.
Slate Grocery REIT has also seen a decline in its unit price due to the interest rate hike, but it continues to enjoy a high occupancy rate and has the financial flexibility to continue paying dividends even in a weak real estate market.
By investing in both Timbercreek Financial and Slate Grocery REIT, you could earn $1,000 in passive income over the next 12 months. High yields generally come with higher risk, but these two stocks offer relatively safe dividends for value seekers.