Are you looking for monthly payouts? There are more than a few great investments that can fuel a monthly income portfolio. Here’s a trio to consider. Stocks You Can Buy Now and Get Monthly Payouts From for Decades One of the best things about investing in great dividend stocks is collecting that coveted dividend. Among those income-earning stocks, there’s an important subset: dividend stocks that provide monthly payouts. While stocks that provide monthly payouts are rarer, they do exist and can be a great addition. Here’s a look at some of the options to consider for your portfolio. Forget getting a rental property For recurring monthly payouts, investors often turn to owning a rental property. Unfortunately, that’s become difficult in recent years as interest rates and downpayment requirements have surged. Given a traditional 20% downpayment, that works out to an average $200,000 downpayment in Canada’s metro areas! That effectively prices much of the population out of homeownership, let alone those looking for an investment property. The alternative is RioCan Real Estate (TSX:REI.UN). RioCan is one of the largest real estate investment trusts (REITs) in Canada, with a portfolio of properties located primarily in major metro markets. RioCan’s portfolio comprises an increasing number of mixed-use residential properties. This means that prospective investors can generate a stable, growing income with risk spread across hundreds of units. Like a landlord collecting rent, RioCan boasts tasty monthly payouts. As of the time of writing, the yield offered works out to a tasty 6.72% yield. This means a $20,000 investment will generate a monthly income of over $110. That’s one-tenth of a traditional downpayment and doesn’t come with a tenant, mortgage or property taxes! Perhaps best of all, prospective investors can choose to reinvest those earnings until needed, providing a recurring way to grow any eventual future income thanks to monthly payouts that will persist for decades. Add an energy stock with huge upside Another stock that has potential for investors who are seeking monthly payouts is Pembina Pipeline (TSX:PPL). For those unfamiliar with the stock, Pembina is a midstream energy company. Pembina operates a large pipeline network as well as gas gathering and processing facilities. The company also boasts a sizable gas liquids infrastructure business. For prospective investors, this translates into a recurring and stable revenue stream, which is not only defensive but leaves room for growth and a generous dividend. Speaking of dividends, Pembina offers investors monthly payouts that continue to grow. As of the time of writing, the yield on offer comes out to a handsome 5.19%. Using that same $20,000 example investment above, investors can expect to generate an annual income of just over $85. That’s not enough to retire on, but it is sufficient to generate an extra share each month through reinvestments. Those juicy monthly payouts effectively mean that investors can use Pembina as a buy-and-forget candidate for any portfolio. Add a unique company with massive defensive appeal One final option for those investors seeking juicy monthly payouts to consider is Exchange Income Corporation (TSX:EIF). Exchange is a diversified, acquisition-focused company that has several appealing points to note. In total, the company owns over a dozen subsidiaries, and those companies are broadly classed into aviation and manufacturing segments. On the aviation side, examples include providing medevac and regional transportation services to Canada’s remote regions. On the manufacturing side, example subsidiary companies include manufacturing multi-story windows, cell tower fabrication and custom manufacturing for the defense sector. Across both segments, there are two key points for investors to note. First, all subsidiaries provide a service or product in a market niche with no or limited competition. This creates some defensive appeal that leads to the second point: cash generation. Each of those subsidiaries generates free cash for Exchange, which in turn allows the company to invest in growth and pay out a generous monthly dividend. As of the time of writing, that dividend is a juicy 5.24% yield, meaning that a $20,000 initial investment will generate an income of just shy of $90. Like Pembina, that’s enough to generate an additional share through reinvestments. Monthly payouts can boost your portfolio As seen from the above three investments, monthly payouts can be a source of income or can provide an automated way to grow your portfolio through reinvestments. In my opinion, one or all of the stocks mentioned above should be part of any well-diversified portfolio. Buy them, hold them, and watch them grow.