Real Estate Rookie

Fund Your FIRST Rental Property with These Side Hustle Ideas (Rookie Reply)

Jan 31, 2025

Discover creative side hustle ideas to boost your savings for your first rental property. Learn how to leverage your existing real estate portfolio to achieve your dream home. Explore the essentials of structuring successful partnerships in real estate, with insights on what to avoid. Also, find out if it's too late to start investing and how many properties you might need to hit your cash flow goals. Get inspired with actionable tips tailored for novice investors!

39:18

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Quick takeaways

Establishing realistic financial goals and evaluating cash-on-cash returns are crucial for achieving a desired monthly cash flow in real estate investing.

Side hustles in property management and guest services offer aspiring investors both income and valuable experience while building industry connections.

Deep dives

Setting Realistic Financial Goals in Real Estate

The podcast discusses the importance of establishing realistic financial goals for those starting their real estate journey. One listener questions the feasibility of achieving a monthly cash flow of $6,000 to $7,000 within five years. Experts suggest that while it is possible, the listener must consider how much capital they are willing to invest and the types of financing options available. It is highlighted that evaluating cash-on-cash returns can provide a clearer picture of how to reach their financial goals.

Intro

2min

Maximizing Cash Flow in Real Estate Investing

14min

Creating Value: Unique Opportunities for Aspiring Real Estate Investors

2min

New Year, New Financial Goals

9min

Navigating Real Estate Investments: Challenges and Partnership Advice

4min

Navigating Real Estate Partnerships

7min

Do you need more money to buy your first rental property? Fortunately, there are all kinds of real estate side hustles you can use to supercharge your savings, all while learning the ropes of real estate investing. And in this episode, we’re going to share some of our favorites that YOU can start today!

Welcome back to another Rookie Reply! Today, we’re tackling more of your recent questions from the BiggerPockets Forums and BiggerPockets Facebook groups. First, a new investor has a lofty investing goal they want to achieve in just five years, and we’ll share our best advice and side hustle ideas to help them reach it. Next, we’ll hear from an investor who wants to buy their dream home. Can they leverage their current real estate portfolio to help fund it? Should they sell their rentals? Stay tuned to find out! Finally, what’s the best way to structure a real estate investing partnership? Should you go into business with a family member? We’ll share some crucial dos and don’ts!

Looking to invest? Need answers? Ask your question here!

In This Episode We Cover:

The BEST side hustles for making extra money and learning real estate

Whether it’s ever too late to start your investing journey

How many rental properties you need to achieve your cash flow goals

Our biggest fears, headaches, and lessons learned when WE started investing

How to leverage your current real estate portfolio to buy your next property

What you must know before forming partnerships (and how to structure one!)

And So Much More!

Links from the Show

Ashley's BiggerPockets Profile

Tony's BiggerPokckets Profile