Whats your side hustle? How do you make money in an unconventional way?

[95gAtl]

^ this is all really great advise ^
I grew up in the residential real estate investment business. That’s all my family did and still does. I was the kid who crawled through attics and crawlspaces as a kid. Even breaking into foreclosures and finding owners...

At one time I had a number of houses based on the theory of minimal down payment, assuming or transferring loans, and moving on to the next deal.

I started to not sleep at night. Sure you have some equity on paper. But those loan balances are high too. More equity = more debt. There is a direct relationship between your equity and how much debt you can tolerate. I didn’t like that at all. Just like stated above, a glitch in the economy can evaporate all of that equity. You can walk away from the banks and let them foreclose, but that doesn’t sit right with me.

The best thing I ever learned in residential real estate, is that, you make your money on the buy. The rest is just management or letting the property appreciate.

If you buy it right you can make significant money on the buy. Otherwise it’s a long slow road. Buying it right is all about careful due diligence and knowing what you’re doing. I almost wouldn’t recommend anybody try to do that on their own, unless they had somebody willing to sort of hold their hand. Maybe start by flipping/wholesaling deals. That probably won’t work out too well for you, but at least you will learn a lot.
I’m pretty much all out of that now.

Excellent advice here.
I hate hate hate those stupid shows on TV "flip this" or "flip that". They are TOTAL BS. It doesn't work that way. Most lose their butts off, but they don't tell you that.

Without disclosing much on a public forum, I can say I hate mortgages. I don't believe in them because I've seen it bankrupt many when the economy shifts, or something bad happens like job loss, poor planning or even things out of their control (IE: Divorce).

The best time to get into rentals is to be patient and wait for that real estate drop. Some things in 2010-2012 have doubled and tripled in value....some even MORE. Heck on a land deal, value on paper is 15 times the purchase price.

My humble advise is WAIT WAIT WAIT. Keep saving and gaining capital.
Values could continue to go up (who knows right)....but statistically we are getting close to a drop IMO.

NOTE: invest at your own risk. I ain't a paid professional. I ain't liable for nuffin. So make your OWN choices.
There, had to get that out of the way.

 

[95gAtl]

***This entire thread***

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Everything I say I'm talking about my "friend". not me.

 

[roundhouse]

Love it. I'm about 10 years away from doing that. I have my son in school, so when he is out of high school my doors open substantially. The biggest issue I have is WHERE. Do I venture into N GA mountains and hope the yanks stop moving up there and poisoning the way of life? OR central/So GA where the land is CHEAP CHEAP CHEAP and neighbors are sparse? I'd like to have a place in S/Central Florida for January/February when it is COLD here in GA and I can do some salt water fishing every day.

Like someone else said, if the house and cars are paid (same with all debt), you really don't need a bunch to live off of if you manage your finances well. Too many folks want to keep up with the Jones' and buy buy buy new stuff all the time. Some of my customers live in $500k-800k houses (some are in the million dollar plus range). They have major erosion issues, but can't afford a couple few thousand to fix it right. It baffles me! And I see a range rover and new 7 series bmw in the garage. hahaha! One month car payment would solve your issue and you can't afford it. No matter, keep letting water run into your basement.

Decisions decisions...............

Cross the imaginary line into NC and the prices drop noticeably

Especially in some of the remote area north and east of Murphy

Compared to other places nearby like Union County GA


I have a double wide on 1.3 acres in Towns county and I can’t give it away for $45k

A stick built house costs more
And additional acreage costs more
But there are some places in north GA and western NC that are a lot lower prices than others

 

[Spiderman11]

Any of you guys try driving for Uber and Lyft?

I just tried it . . .

https://www.theoutdoorstrader.com/threads/driving-for-uber-lyft-side-hustle.1854488/