Creative Side Hustle Ideas to Fund Your REI Journey?

Question

My partner and I are fairly new to the world of REI and currently own one LTR that nets about $200/month.  We both work full-time W2 jobs making a comfortable salary, but we are looking to add additional streams of income.  Looking for some insight/ideas of creative side hustles to accelerate our REI journey - thanks!

Leah Burns · Answer

Hi @Scott E. - thank you for this feedback and I think you have a very solid point. My concern with creative financing is that it could be easy to overleverage if not done correctly which is why we want to have multiple income streams to better position ourselves in the market and quickly create cash reserves.

Joseph Harris III · Answer

@Leah Burns i am a registered Uber and Lyft driver. Driving for a ridesharing app is a good way to meet potential passive investors for your real estate deals. As an Uber driver, I have met doctors, lawyers, judges, engineers and even a famous hip hop DJ named DJ Drama. Back then, i was not raising capital but I am now. I wish I would have networked more with some of my passengers because I could have built a large potential investor list.

Scott E. · Answer

There are a lot of ways to supplement your income with side hustles doing things like uber, postmates, instacart, flipping furniture, renting a car on turo, etc.

The issue with a lot of these side hustles is that they can easily create some more income for you, but only a small stream and not nearly enough to start acquiring more rental properties.

Unless you are looking to start a real business on the side, I think it makes more sense to find creative ways to finance your first couple of real estate deals, vs looking for creative ways to make more money.

Eliott Elias · Answer

Make money in all aspects of real estate. Find deals, through your journey you're going to find clients, deals to wholesale, deals to buy, people to refer lenders to, people to refer property managers to. Why look past real estate?

William Joel Idleman · Answer

Leah - what are your current hobbies?  How can you draw income from your hobbies?  For example, I'm a skydiver.  I'm about to get my coach rating.  Once I get my coach rating, I'll make about $7 a jump with a student.  That doesn't sound like much.  However, I'm currently paying $30 a jump.  As a coach I'll jump for free and make $7.  Right now, I spend about $300/month on jump tickets.  By October I'll spend $0 on jump tickets, and I'll make $70.  It doesn't sound like much but think about it.  I'm getting to spend the weekend doing something I love, and I've raised my income by $370/month.  Since I have a skydiving business (schedule C on my tax return) I can write off all of my expenses.  I wrote off my rig $4k, my A license $4k, my mileage to and from the dropzone, all my other gear $1k, and a camper for $15k that I pull around the states to different dropzones.  Any time I buy anything for skydiving it is now a business expense.  These losses went against my W2 income last year.  For example, let's say I made $100k last year.  With these losses I brought my taxable income by over $25k +mileage.  So my income was reduced to $75k.  I know it's a lot and I may not have been very clear in my writing.

Send me a message with your family hobbies and let's see if we can figure something out.

Leah Burns · Answer

Hi Joseph - WOW, what a great way to network and also make some extra income! Thank you so much for sharing!

Creative Side Hustle Ideas to Fund Your REI Journey?

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