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Side Hustle School

#1897 - Q&A: Should I buy a rental home with friends?

Side Hustle School

Chris Guillebeau

Business, Side Hustle, Entrepreneurship,, Careers, Entrepreneurship, Small Business

4.73.3K Ratings

🗓️ 12 March 2022

⏱️ 6 minutes

🧾️ Download transcript

Summary

If you want to get into rental properties, does it ever make sense to do it with a group of friends—and if so, how could you avoid the potential pitfalls?

Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.

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Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.


Show notes: SideHustleSchool.com

Email: team@sidehustleschool.com

Be on the show: SideHustleSchool.com/questions

Connect on Instagram: @193countries

Visit Chris's main site: ChrisGuillebeau.com

Read A Year of Mental Health: yearofmentalhealth.com


If you're enjoying the show, please pass it along! It's free and has been published every single day since January 1, 2017. We're also very grateful for your five-star ratings—it shows that people are listening and looking forward to new episodes. 😎 🙏🏼 


Hosted on Acast. See acast.com/privacy for more information.

Transcript

Click on a timestamp to play from that location

0:00.0

This episode is brought to you by Slack. With Slack, you can bring all your people and

0:05.9

tools together in one place. It's your digital HQ where you can increase productivity,

0:11.1

enable flexibility and automate workflows. Plus, Slack is full of game-changing features

0:16.7

like huddles for quick check-ins or Slack Connect, which helps you connect with partners

0:20.9

inside and outside of your company. Slack, where the future works. Get started at

0:26.9

Slack.com slash DHQ.

0:37.9

If you want to get into rental properties, if you have heard about that or you've got

0:41.6

friends that are doing rental properties, does it ever make sense to do it with a group

0:45.7

of friends? If you want to get your first rental property and you don't have a lot of

0:50.3

capital, you can't make that down payment or you just like the idea of sharing the risk

0:55.3

or doing some kind of fun project with people who are also interested in investing, should

1:00.2

you even consider this? Is this something that should be totally off the table or is there

1:04.6

a way to do it and make it work? If you wanted to try it, what potential pitfalls would

1:09.3

you hope to avoid? That's what our caller wants to know. We've got a listener out there

1:13.0

who is getting ready to buy their first rental property. I don't talk about rental properties

1:16.7

of ton. I tend to look at more digital ideas, virtual ideas, things you can do without

1:21.8

spending a lot of capital, let's say. But this is an interesting twist. If you want to

1:26.3

do it with rental properties, does it ever make sense to do it with a group of friends?

1:29.9

I actually know a couple of people who have done this, so I'll try to address that in my

1:33.3

answer. Let's see if we can come up with something helpful for our listener, Calvin. His

1:38.0

question and my answer coming up in just 30 seconds.

1:42.9

When you're buried in orders and emails from stressed out customers, you'll wish you

...

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