Fund Your FIRST Rental Property with These Side Hustle Ideas (Rookie Reply)

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 31 January 2025

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Do you need more money to buy your first rental property? Fortunately, there are all kinds of real estate side hustles you can use to supercharge your savings, all while learning the ropes of real estate investing. And in this episode, we’re going to share some of our favorites that YOU can start today! Welcome back to another Rookie Reply! Today, we’re tackling more of your recent questions from the BiggerPockets Forums and BiggerPockets Facebook groups. First, a new investor has a lofty investing goal they want to achieve in just five years, and we’ll share our best advice and side hustle ideas to help them reach it. Next, we’ll hear from an investor who wants to buy their dream home. Can they leverage their current real estate portfolio to help fund it? Should they sell their rentals? Stay tuned to find out! Finally, what’s the best way to structure a real estate investing partnership? Should you go into business with a family member? We’ll share some crucial dos and don’ts! Looking to invest? Need answers? Ask your question here! In This Episode We Cover: The BEST side hustles for making extra money and learning real estate Whether it’s ever too late to start your investing journey How many rental properties you need to achieve your cash flow goals Our biggest fears, headaches, and lessons learned when WE started investing How to leverage your current real estate portfolio to buy your next property What you must know before forming partnerships (and how to structure one!) And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube Follow Real Estate Rookie on Instagram “Like” Real Estate Rookie on Facebook Ask Your Question for a Future Rookie Reply Grab Tony & Ashley’s Book “Real Estate Partnerships” Find Investor-Friendly Lenders 6 Real Estate Side Hustles to Make Extra Money & Gain Experience (00:00) Intro (00:35) Cash Flow Goals (07:24) Biggest Fears & Headaches (11:36) BEST Side Hustles (18:42) Buying Your Dream Home (24:24) Partnerships 101 (32:02) Ask Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-517 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	If you've ever felt overwhelmed at beginning your real estate journey, we've got some good
0:05.0	side hustle ideas. Make money and discover your real estate strategy. There are so many ways
0:10.1	you can earn income and expand your business in real estate. I'm Ashley Care. And I'm Tony J. Robinson.
0:21.0	And welcome to the Real Estate Rookie Podcast, where every week, three times a week, we bring
0:25.7	you the inspiration, motivation, and stories you need to hear to kickstart your investing
0:29.8	journey.
0:30.3	We are diving deep into questions from the Bigger Pockets forums and the Bigger Pockets Facebook
0:34.9	groups.
0:35.6	All right.
0:35.8	So our first question here, it says, I've been interested in real estate investing since starting university and
0:41.7	recently saved up what I think is a good amount to get started.
0:45.2	I'm in my early 30s with zero debt, excellent credit, and currently live in Minnesota, hoping
0:50.6	to move to another state soon.
0:51.9	I'm looking to get started and want a solid plan for scaling.
0:54.7	I'm thinking of starting with an owner-occupied, two-plus unit to give myself a bit of experience
0:59.5	owning and being a landlord. I've been trying to put together a general five-year plan.
1:05.0	Goals after five years, minimum cash flow of $6,000 to $7,000 per month, is this an even
1:10.7	realistic goal? I want to
1:12.5	invest in real estate to heavily supplement my W2 income to open up options and financial
1:17.5	security. I have a few other questions that I'm hoping I can get your opinions and advice
1:21.3	on as well. Number one, I've always read about people starting in their 20s. Are there people
1:26.4	who started in their 30s and
	...

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