Podcast Summary
Real estate investing for part-time and gig workers: Real estate investing can provide financial stability for part-time and gig workers, even during economic downturns. Accessible resources and education are crucial for those starting out.
Real estate investing can be an effective way for individuals in the part-time and gig economy, including musicians and artists, to supplement their income or even quit their jobs. This trend became more prevalent during the pandemic when many people in these industries found themselves unemployed or in need of more living space to work from home. Real estate agent Julia Lallywell specializes in helping this group of people get started in real estate, whether it be through obtaining a real estate license or learning about house hacking. However, many in this demographic may lack the necessary knowledge and education to get started, making it essential to provide accessible resources and information. Overall, real estate investing offers a valuable opportunity for those in the part-time and gig economy to secure their financial future and pursue their passions.
Gig economy and real estate intersect: The gig economy and real estate investing can intersect, with skills gained in gig work transferring to real estate and vice versa, and technology enabling remote participation in real estate investing
The gig economy and real estate investing can intersect in meaningful ways, despite the seemingly disparate nature of the two. The pandemic and advancements in technology have made it possible for individuals on the move to learn about and participate in real estate investing, even if they don't own a home. The skills gained in the gig economy, such as communication, hustling, problem-solving, and mental toughness, can easily translate to the real estate industry. In fact, the cyclical nature and unpredictability of both industries require similar adaptability and resilience. This intersection not only opens up new opportunities for gig workers but also highlights the transferability of valuable skills between industries.
Applying skills from creative industries to real estate investing: Success in music and real estate investing share similar skills: marketing, relationship building, and positivity. Part-time workers can explore passive investment options for consistent income.
The skills and mindset required for success in creative industries like music can be directly applied to real estate investing. Both involve marketing oneself, building relationships, and maintaining a positive attitude. However, entering the real estate market can be challenging for part-time workers. Fortunately, there are options for passive investment, such as investing in a private real estate fund, or even buying a rental property with no money down. These opportunities can provide consistent income without the hassle of property management. Ultimately, with determination and the right resources, real estate can be a powerful tool for building wealth, regardless of your current career path.
Find the right fit in real estate: Be honest about personality and passions to find a sustainable role in real estate, key to success is persistence
Finding success in real estate requires finding the right fit between your personality, passions, and goals. Juliette Laloel encourages musicians, gig workers, and part-time workers to consider the various roles within real estate and identify which aligns best with their strengths and interests. She emphasizes that trying to force oneself into a role that doesn't fit can lead to failure. Instead, one should be honest with themselves about their personality and what they're passionate about to find a sustainable and rewarding position within the industry. The key to success in real estate is persistence, and finding a role that aligns with who you are is crucial to sticking with it.
Starting in Real Estate Services: A Path to Investing: Real estate services like being a transaction coordinator or agent offer valuable experience and learning opportunities for those entering the industry. Teamwork and mentorship are crucial for success, and understanding personal strengths and limitations can lead to scaling and growth.
Both the music industry and real estate investing require tenacity and the ability to combine personal strengths with effective teamwork. For those considering real estate as an alternative or additional source of income, especially for gig workers, starting with real estate services such as being a transaction coordinator or agent can provide valuable experience and learning opportunities. These roles can serve as stepping stones to investment, allowing individuals to learn the industry from those who are already successful. It's important to remember that no one can do everything alone, and having a strong team and mentorship is essential for success. Additionally, understanding personal strengths and limitations and finding ways to complement them with team members can lead to scaling and growth. Real estate services can be a valuable starting point for those looking to enter the industry and eventually become investors.
Exploring Real Estate Investing for Gig Workers: House Hacking: Gig workers can get started in real estate investing through house hacking, where they live in a property with roommates or rent it out partially while generating rental income and building a community.
There are various ways for individuals, including gig workers, to get started in real estate investing despite financial limitations or unconventional living situations. Three common methods include: hard money lending education, the BRRR method (Buy-Rehab-Rent-Refinance), and house hacking. House hacking is particularly flexible and can be applied to single-unit homes, allowing individuals to live with roommates or even rent out most of the house while they're away. This strategy not only helps them own a property but also fosters a supportive community of like-minded individuals. Gig workers, who often have unpredictable schedules, can particularly benefit from this approach, creating a comfortable living space and generating rental income even when they're not present.
Real estate investing for gig workers: Housing, business opportunities, and partnerships: Gig workers can invest in real estate through house hacking, rental spaces, and reputable syndicators. Securing a loan without a stable income can be difficult, but SimpliSafe offers peace of mind with affordable home security systems and professional monitoring.
Real estate investing offers ancillary benefits, such as housing and business opportunities, for those looking to get started without a full-time income. House hacking, creating rental spaces, and partnering with reputable syndicators like BAM Capital are some popular routes for gig workers. However, securing a loan without a stable income can be a challenge. SimpliSafe provides a solution for peace of mind while investing, offering award-winning home security systems with professional monitoring at an affordable price. Additionally, listeners can receive a discount with the code "pockets" at simplisafe.com. Investing in real estate requires careful planning and partnerships, but with the right resources, it can lead to significant returns and financial security.
Discovering Priorities and Expanding Real Estate Options: Explore therapy with BetterHelp to identify true priorities and make time for joy. Use PropStream for real estate deals beyond public listings, with accurate comps, lead automation, and marketing tools.
Time and resources are valuable, and finding what truly matters to us is essential for living a fulfilling life. If you're struggling to prioritize and make time for what brings you joy, consider trying therapy with BetterHelp. It can help you discover your true priorities and accomplish more with less stress. In the realm of real estate investing, finding quality deals can be challenging in today's market. To expand your options, look beyond publicly listed inventory and explore off-market opportunities with PropStream. This leading real estate data provider offers accurate comps, lead automation, and marketing tools to help you find motivated sellers and close deals efficiently. And for those in non-traditional employment situations, there are loan options available beyond the traditional W-2 salary. Education and exposure to alternative financing methods are key to unlocking opportunities for investors.
Real Estate Investing as a Passion Alternative: Real estate investing can offer financial stability, enabling individuals to pursue their passions, even if it's not their primary passion. DSCR loans are now more common in the lending industry, making real estate investing more accessible.
Real estate investing can provide financial stability and support individuals in pursuing their passions, even if it's not their primary passion. The lending industry has evolved to offer various options for investors, such as DSCR loans, which were less common 15 years ago. Real estate investing can enable individuals to follow their passions without worrying about financial instability. It's essential to remember that real estate doesn't have to be one's passion but can be a means to support it. Many individuals, including professional musicians, love what they do but don't make enough money from it. Real estate investing can provide the financial security needed to continue pursuing these passions. Furthermore, some people might discover that both real estate investing and their passions can become intertwined and mutually beneficial.
Finding joy in real estate investing through consistency and expert guidance: Consistency in real estate investing leads to financial freedom, and expert guidance from investor-friendly agents can enhance the experience and confidence in the market.
Financial freedom through real estate investing isn't always about doing what you love all the time but rather being consistent in the market. You might find joy in both the financial income and the actual investing process. Juliet, a guest on the Bigger Pockets podcast, shared her personal experience of loving both aspects of real estate investing. Additionally, finding an investor-friendly agent can help navigate the market and make informed decisions with confidence. BiggerPockets Agent Finder is a free resource that matches investors with local market experts. Remember, the goal of real estate investing remains the same despite market changes, and it's essential to stay committed and informed. However, investing in real estate, like any other asset, involves risks. It's crucial to consult with qualified advisors and only risk capital you can afford to lose. The content of the podcast is for informational purposes only, and past performance is not indicative of future results. BiggerPockets LLC disclaims all liability for damages arising from reliance upon information presented in the podcast.
