New Skills to Increase Personal Income?

Question

I’m a fairly new investor, currently with only one STR/MTR duplex in Indiana, and I’m looking to develop new skills in order to improve my personal income to help expedite a second rental investment.I am a touring musician, and also have 5+ years of bookkeeping experience for one of my small businesses, and I run the books for my one duplex as well. I want to increase my personal income to help fund a second rental, but my career limits me mainly to remote jobs and gigs.

I’m curious if there are any other investors out there that started with a similar skill set to mine, and what other skills they developed to help increase their W2 income and to help build their real estate knowledge and experience?

Nick Belsky · Answer

@Nicholas Joseph

Many of my clients have shared quite a few stories about how they got started in REI and saving up funds to get deals going.  Once you get a few deals under you belt and have a fund started, snowballing becomes much easier. But so many of us struggle to get the funds for our first few deals and no one really talks much about how to get funds...

The best way I have found is side hustles.  Very vague, yes, but you can also find something that works for you and in your location or something that can be done remotely on the go.  Bookkeeping may be an answer here!  You may be able to sign up with a firm and do remote, ad-hoc work as needed or when you have time.  Personally, I drove for Amazon Flex for over 6 months and earned nearly $10,000 to use for one of my deals.

The possibilities are endless.

Cheers!

Nathan Gesner · Answer

There's plenty of demand for a bookkeeper, and it can be done from anywhere. I think this is a great way for you to produce additional income.

You could also teach music lessons. Thanks to zoom, many musicians are teaching lessons online so they have a wider audience and can operate from anywhere.

Maybe you can do both to produce multiple income streams?