A $100K "exotic plant" side hustle to over $2 million in real estate? The truth is that you can use virtually any side hustle to help kickstart your real estate journey—whether you need capital to invest or want the extra business experience before diving in. While today’s guest may have taken a more unconventional approach to investing in real estate, he now has a portfolio of eight units cash flowing $4,500 each month!
Welcome back to another episode of the Real Estate Rookie podcast! In 2021, when millions of Americans lost their jobs, corporate underwriter Paul Lee came to the realization that relying on his W2 as his only source of income was a risky bet. At a time when mandates were requiring more people to work from home, Paul started flipping exotic house plants for a HUGE profit—netting well over $100,000 in two years! Despite his success, Paul recognized the volatility of the business he had built and turned his attention to a more historically stable side hustle—real estate.
If you’re looking to use a side hustle as your gateway into real estate, you’ll want to hear Paul, Ashley, and Tony share about the importance of having multiple income streams. They also cover several important real estate topics—from house hacking and self-managing properties to exceptions that could make you ineligible for FHA loans. Finally, they discuss private mortgage insurance and how to remove it when it’s hurting your cash flow!
In This Episode We Cover
How to find side hustles with the highest earning potential
The skills you NEED to self-manage your investment properties
Using leverage to spread equity across more properties
The self-sufficiency test your house hack MUST pass to get an FHA loan
How to get private mortgage insurance removed from a loan
When to pull a HELOC (and how to use the money!)
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
No Money for Real Estate? 2 Side Hustles You Can Use to Fund Your First Deal
Compare Market Rents with Rentometer
Connect with Coach Chad Carson on Instagram
Connect with Paul:
Paul's BiggerPockets Profile
Paul's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-295
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