341: No Cash to Invest? Use THIS Side Hustle to Help Buy Your First Rental w/Dan McDonald

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 21 November 2023

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

Saving for your first rental property can take a while, but adding side hustle income could help you stockpile enough cash to buy much sooner. Today’s guest discovered the PERFECT side hustle to pair with his W2 income—allowing him to fast-track his savings and close on his first two investment properties in no time! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Dan McDonald, an investor who house hacks to help cover his mortgage in an expensive market. Dan’s goal? To reach financial freedom by the age of forty. And, with two newly renovated duplexes that should not only cash flow but also appreciate in value, he’s well on his way to achieving that lofty goal! If you don’t quite have enough cash to invest in real estate, don't worry—Dan, Ashley, and Tony are here to offer some timely advice on how to increase your income with side hustles. You’ll also learn how to get started with house hacking (and how to convince your spouse that it’s the right move). Stay tuned until the very end to hear Dan’s top house hacking tips that ALL rookies must know! In This Episode We Cover: The fast-cash side hustle that can help you buy your first rental How to get your spouse on board with real estate (and house hacking!) The “easiest” real estate investing strategy that ALL rookies should know Essential tips and tricks for first-time house hackers Appreciation versus cash flow (and which one YOU should target!) When to offer MORE than the asking price on a property And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast Financially Free in 2.5 Years by Buying “Low Risk” Rental Properties w/ Craig Curelop No Money for Real Estate? 2 Side Hustles You Can Use to Fund Your First Deal Making $8K/Month from 2 Doors and How to Get HUGE Cash Flow with Fewer Units Books Mentioned in the Show Real Estate Partnerships by Ashley Kehr & Tony Robinson The House Hacking Strategy by Craig Curelop Connect with Dan: Dan's BiggerPockets Profile Dan's Instagram Dan's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-340 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode 341.
0:06.1	My name is Ashley Care
0:07.4	and I am here with my co-host Tony J Robinson.
0:11.2	And welcome to the real estate rookie podcast where every week, twice a week we bring you the inspiration, motivation, and stories you need to hear to kick start your investing journey. And today, you are definitely going to get a kick to help you get started.
0:24.8	We've got Dan McDonald coming onto the podcast and Dan, I think is a great example of how to get
0:31.4	started as a real estate investor with a low risk strategy in an
0:36.7	inexpensive market so if you check if you want to check either of those boxes you
0:40.3	really love today's episode.
0:41.6	Dan will go into how he was open with communication
0:46.4	and involving his then girlfriend, now wife,
0:49.6	into the house hacking experience
0:51.9	as they tore different properties and finally
0:54.3	purchase their first house hack and so as of this recording they have had two house
1:01.0	hacks so he is going to share how he was able to make that possible
1:04.4	within two years of purchasing those two properties he also talks about the
1:09.2	renovation on them how he funded them how he found them, and other things that you need to know if you are going to house hack.
1:18.9	At the very end of the episode, one of the last questions we ask him is what are the tips that you would advise someone who wants to get started in house hacking that if anything is the must listen to of this episode. Last thing I love about Dan and you'll hear this is why he's not
1:37.1	necessarily planning to quit his job anytime soon and maybe what you can
1:41.0	learn from that so So really great episode.
1:42.6	Excited to get to it with you guys now.
1:45.0	If you guys haven't yet, please do just take a few minutes out of your day
1:48.1	and leave us an honest rating and review
	...

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