Business ideas and suggestions

[Nick Cote]

I am a licensed electrician looking to potentially open my own contracting business. I also am a landlord of 2 rental properties and plan to continue expanding my portfolio. Any suggestions which route I should take?

1. Focus on building electrical company first then expand rental portfolio.

2. Concentrate on accumulating as many rentals as possible until I have enough cash flow to comfortably cover my monthly expenses then begin building my electrical business without the NEED to pick up jobs to survive.

I keep going back and forth but unable to make the final decision. I’ve got no issues with my current job just feel I’ve got more in the tank. I know if I start my business now, I won’t have much time for real estate which is a bit worry sum for me as I love real estate too. I’m also very handy with other trades, can do my own drywall, painting, flooring, plumbing, you name it. Which is where I could see a big advantage to going the real estate route and doing my own Renovations as a contractor saving a ton of money. Any suggestions input or help would be greatly appreciated

[Steve Hall]

@Nick Cote

BRRRR is perfect for you.

House hack a distressed duplex. Live in one side; tenant on the other side pays the mortgage. This way you have no mortgage, and your tenant is building equity in your home.

Remember the last "R" is repeat. Use income from your job as a down payment on another property. Be sure the "electrician" LLC is separate from the holding company LLC, which is separate from the operating company LLCs. This is important for liability and tax reasons.

It is rare to find someone who can do electrical, plumbing, drywall, painting, flooring, etc,  and LIKES to do it all, so real estate is definitely for you!