How are you supplementing your income to buy rental properties?🤔

Question

How are you looking to supplement your income to buy income producing rental properties? 💰🏡

Are you a dedicated DoorDash driver after your 9-5?
Did you just get your Real Estate License and are filling up your weekends showing homes?
Or are you an animal lover and walk our beloved 4-legged friends in your free time?

Get talking and see how you can use your network to supplement your income!🗣️

Cliff Benner · Answer

After our bomb of a first rental; my wife and I changed up lots of things. I changed jobs to get a promotion and more pay, my wife took on a W2 job, we pivoted my wife's Coaching business to a Coaching and Bookkeeping business; adding a couple clients right away, and we purchased a Candle Business with Seller Financing and a low amount of money down. This allows us to take money and pay off bad debt so we can get rid of it and then put money towards purchasing land to put cabins on to rent while we live there!

Caleb Brown · Answer

Real estate agent full time. In my (biased) opinion it is a great way to build capital along with meet investors and learn. I also have another business where I buy pallets of items and resell. Both are great for supplementing and building that cash reserve :)

Jay Hinrichs · Answer

I had dinner with two of my clients last night.

they have right at 100 doors.  they never take any cash out it all goes to reserves and cap ex.

one is a painting contractor the other does web site optimization marketing .. in other words they need to keep their day jobs.. for two reasons.

One to make sure there is plenty of reserves to run the rentals  New roof new hvac etc etc.

and TWO which is a biggee enough income to qualify for the new financing they are always obtaining as they add units every month.. I do about 2 BRRRR loans for them a month and I am just one capital provider..

as we talked about last night you get rich when you start paying them off or buy with cash if your leveraging max its a loooong road.

PS I am in Baltimore right now and my clients here have about 125 doors.. and AGAIN  they take not one dime out of the cash flow they earn money flipping houses retail.  So they can keep proper reserves but again they are doing max leverage.  My roll again is providing capital for their BRRR and flips.

Sam Yin · Answer

@Noah Bacon

I dont do it anymore, back then I had several jobs to get started.

I sew women's garments in a sweat shop, making less than $1/hr. Then I soldered necklaces in a chain factory, making almost $3/hr. I eventually graduated to diamond setting and diamond cutting in the factories, marking $15/hr. Later, I baked doughnuts at night after a full day as a motorcycle/boat mechanic. Then there was the coffee delivery side hustles, followed by motorcycle barn finds that I fix up and sell on Ebay. I also taught motorcycle riding classes at the local college.

The list goes on and on.

It was miserable in the beginning, but that's the life of a refugee trying to survive.

I have not had to do any side hustles for a while now. Looking back, the hustles were worth it.

Denis Ponder · Answer

I use our guest studio as an AirBnb, I picked up a 2nd job waiting tables, I coach a HS Varsity basketball team which pays a little extra during the season, I teach kids in my town how to shoot a basketball properly, and I'm starting to get into FB Marketplace resale.

I definitely watch a lot less TV than I used to.  :)

Braedie A. · Answer

Anything, mostly vintage items. Anything I can find at thrift stores, rummage sales or garage sales for a low price that I know I can flip for a profit.

Tony Swaim · Answer

I'm an agent in DFW but just started so I don't get much from that yet.  I also go pick up trial period return mattresses and re-sell them on FB Marketplace.  That pays my rent at least.

Anthony T bass · Answer

i drive for uber fulltime i just increased my daily goal from $150 a day to $200 A day seven day a week to pay the renovations of the house i purchased from my mom

William Broxson · Answer

Real estate full time. I also make and sell 3d printed items, I do a lot better with this closer to Christmas. I also manage to find a ton of odd jobs, painting, clean outs, cutting grass ect.

Braedie A. · Answer

Anything, I go to garage stores, thrift stores and rummage sales. Anything vintage or cool or unique, after a while you get an eye for what to pick up. If you want to get into it start with listing something around your house. Old clothes if they are name brand or stuff you no longer need or want.

How are you supplementing your income to buy rental properties?🤔

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