I'm new to bigger pockets and real estate investing. My Finance and I had a son a year and a half ago and want to build a real estate business to spend more time as a family and have a business to pass on to our children.
Right now, I am in the early stages of saving money and learning as much as I can. Then I plan to buy a duplex or triplex as a house hack to start. I listen to the podcast daily and am currently reading Rental Property Investing by Brandon Turner and have Investing in real estate with no (and low) money down and Pillars of Wealth on the shelf ready to go next.
Some questions I have are I have a new child, so I am not able to save much from my w2 job and looking to do a side hustle to supplement. Any suggestions on flexible hour side hustles? Also, should what I save go into a basic saving account or an investment account?
Looking forward to continuing this journey with all of you!
I'm new to bigger pockets and real estate investing. My Finance and I had a son a year and a half ago and want to build a real estate business to spend more time as a family and have a business to pass on to our children.
Right now, I am in the early stages of saving money and learning as much as I can. Then I plan to buy a duplex or triplex as a house hack to start. I listen to the podcast daily and am currently reading Rental Property Investing by Brandon Turner and have Investing in real estate with no (and low) money down and Pillars of Wealth on the shelf ready to go next.
Some questions I have are I have a new child, so I am not able to save much from my w2 job and looking to do a side hustle to supplement. Any suggestions on flexible hour side hustles? Also, should what I save go into a basic saving account or an investment account?
Looking forward to continuing this journey with all of you!
Mason Osato
Hi Mason,
Welcome to the Bigger Pockets community! It's fantastic to hear about your commitment to building a real estate business, not only for your financial growth but also for creating more family time and a lasting legacy for your children.
Your approach to learning through resources like podcasts and books by Brandon Turner is commendable. As you're in the early stages of saving and learning, exploring house hacking with a duplex or triplex is a smart strategy. It can significantly reduce your living expenses and simultaneously build your investment portfolio.
Regarding your questions:
Flexible Hour Side Hustles: With a new child, flexible side hustles are key. You might consider freelance or remote work that aligns with your skills. Platforms like Upwork or Fiverr offer opportunities ranging from writing, graphic design, to virtual assistance. Alternatively, gig economy jobs like Uber, DoorDash, or TaskRabbit can provide flexible hours. Another option could be to leverage any hobbies or skills you have, like photography, tutoring, or crafts, to create a small business.
Savings vs. Investment Accounts: This decision largely depends on your financial goals and risk tolerance. Savings accounts are safer and provide easier access to funds, which is crucial for emergencies or short-term goals (like saving for a property down payment). Investment accounts, on the other hand, offer higher potential returns but come with greater risk and usually are better suited for long-term goals. Since your immediate goal is to save for real estate investment, a high-yield savings account might be the most practical choice. It’s always a good idea to consult with a financial advisor for personalized advice.
Your journey in real estate investing is just beginning, and it sounds like you're on the right track. Remember, every step you take now is building towards a brighter future for your family. Feel free to keep asking questions and sharing your progress. The community here is always ready to help and support each other.
Real Estate Agent · Member since 2020 · 6 posts · 3 votes
2y
Hello Mason,
Congrats on the bring a new life to the world. I have 3 children, so I totally understand what you’re trying to do. I’m a realtor and an investor myself. Would love to connect and help you out. Shoot me a call or text when you’re available.