Side Gigs in Real Estate - Phoenix Area

4 Replies

Hi!

My name is Evan and I'm 24 years old. I graduated from GCU in 2019 and got my real estate license right after. I've been working in new home construction doing internet sales and am closing on my first house in August 4th.

My brother will be living with me and paying rent, and I will also be finding another roommate as well to help pay my mortgage. Gotta love house hacking!

I have been listening to BP podcasts all the time and absolutely want to get into real estate investing as quickly as I can now that I have my primary residence!

I am looking to see if anybody knows of great side gigs in real estate that people can do after work or on their days off to 1. Make extra money and/or 2. To get experience in the real estate investing area.

I would also love to meet anybody in the area that is on here as well!

If anybody knows of something, that would help a ton. Thank you!

What is your degree in? What is your full-time occupation? If real estate sales is your full time gig, have you considered making it your part time gig so that real estate investing/sales/wholesaling/landlording can be your side hustle? 

It's just a thought because that's  how I work it. I am a full time flight paramedic. I own a consulting business on the side and also buy/manage rental units on the side. One reason I chose flight medicine is because it has lots of down time and I only have to "work" two days a week (24 hour shifts).

I'm up to 30 rental units now. I'm hoping to quit my "real job" in the next five to ten years. 

Just my two cents....

@Jeff Kennedy hey Jeff! My degree is in business analytics and I work as an Internet Sales Consultant for Lennar Homes. I am unable to turn this into a side hustle because it is a full time job and we get paid as such also. I get paid very well right out of college so this right now is an easy way to save up money, but that is an interesting and great way that you have that set up. Sounds like a great plan!

How long ago was it that you got started in investing? And how were you able to scale to where you are now with 30 rentals? I will be moving into my first primary house in August, but want to get started buying more properties as soon as I can. What would you recommend for this? What are your thoughts on the BRRR strategy? I've really been interested in this also!


Thanks for the reply, Evan. Sounds like you have a great job for learning the real estate business and networking. I think your education could also provide a competitive advantage. Your off to a great start.

Yes. I love the BRRR method. It has helped me tremendously. I started in 2012. My timing was lucky. The market prices were low and have gone up a lot in the last eight years. I bought a duplex with local bank financing (zoning issues blocked us form Fannie/Freddie on that one). The next place was a fourplex (cheap off the MLS). I borrowed against my car and 401k to come up with the down payment and used a traditional mortgage with 20% down.. We were able to refinance those a year or so later and pulled some cash out for our next deals. Then I started buying off-market distressed homes and MF properties from wholesalers, MLS, auctions, etc. Buying low with cash and then refinancing with 30-year, low interest mortgages was definitely the key to scaling for me. All of my units cash-flow which also helps with scaling!

One last thing... I'm a huge fan of fourplexes. As you might know, four units is the maximum number of units on one parcel to still qualify for a traditional residential mortgage. Fannie and Freddie have limits on the number of loans a person can have. The highest max I've seen is ten. If you buy houses, this will give you 10 units with one loan each. But with fourplexes, you can have 40 units with those 10 loans. If you are married and you keep the loans/properties separate from your spouse, you can each have 10 loans... 80 units combined (if you buy all fourplexes) with low interest 30-year mortgages!

@Jeff Kennedy thank you for the reply as well! It’s great hearing different sides of real estate investing from people that have been through what I have yet to, and I loved reading how you got to where you are now.

What did you find worked best for you in finding your off the market and on market distressed properties? And what was the criteria you use for purchasing a multiplex?

Now that I have my primary residence, I will definitely be looking for multiplexes, along with moving into a new home every year and renting out my last one. What kind of criteria do hard money lenders typically have for somebody like me trying to get a loan for a distressed property being that this would be my first rental? I know that at least getting a PDF together using the BP calculator would help a ton. I really wish that there where multiplexes in better areas in Phoenix in general, but i feel like the market is so hot out here right now that it won’t matter as much.