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Updated almost 4 years ago on . Most recent reply

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Trey Hart
  • Beaumont, TX
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BRAND new to the game. Not broke but not enough saved.

Trey Hart
  • Beaumont, TX
Posted

Hello all, I'm a 28 year old firefighter from Beaumont Texas looking into a sustainable side income in rental property. I am not LLC although paying the money to get this isn't a problem. My issue is that I am in a unique situation in which my personal home will be my only debt. I have no credit card bills and will not have a vehicle loan as of next friday.

I guess what im getting at is, are there any ways to gain funding for an initial startup on this particular business? I am only my personal home away from being free of debt, My full time job provides a very generous salary for the case of a loan or hard money. Looking to BRRRR.

just seeking financial advice. thanks!

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Bruce Lynn#1 Real Estate Agent Contributor
  • Real Estate Broker
  • Coppell, TX
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Bruce Lynn#1 Real Estate Agent Contributor
  • Real Estate Broker
  • Coppell, TX
Replied

Take a side gig for a year to build up some cash reserves.  Seem like at most FD there'are always lots of people with side gigs, so go help one out.  Chimney cleaning, Christmas lights installation, roofing, fencing, painting, lawn mowing, security, and probably plenty others.   If there is someone that does electric or plumbing that would also probably be a good gig to learn.  To me you can do this for a lifetime with the type of schedule you have, but working it really hard for the next year or two will get you enough cash probably to have the down payment and reserves to feel comfortable moving forward.

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