When it comes to financing a rental property, there are a TON of options (which we'll discuss more in the future). But, a couple common methods (and the two that I personally weighed when deciding to invest) were CASH vs. MORTGAGE. Now, if you can't afford to purchase a property in all cash, then that makes your decision a little easier, but if you can...that adds to an interesting decision. Here are my advantages and disadvantages of buying a property all Cash vs. getting a Mortgage.
Advantages of Cash
Disadvantages of Cash
Advantages of a Mortgage
Disadvantages of a Mortgage
So what's it going to be? Cash or Mortgage?
Weigh your options, think about the pros and cons, and decide what's best for your investing future. Share your strategies in the comments section below!
Whether you're looking for your first property, your next property, or just trying to accelerate your voyage to financial freedom, you're going to need some cash. Here's where a good Side Hustle comes into play.
We're in the age of the Side Hustle. Or the Gig Economy. Our generation is finding more and more ways to bring in revenue. We're diversifying our revenue streams. I love it! So, what exactly is "side hustle?"
It's a way to make some extra money, outside of a full-time job, that either allows you flexibility to pursue a passion, or it could even BE your true passion.
Take a look at these great side hustles that will accelerate your income and help you purchase your next property:
My primary side hustle in 2016. Basically, I was a personal grocery shopper...I'd drive to stores, pick up specific items, check out, and deliver them. A couple times a week, I'd leave my office job for the day around 5:30pm and work from 6pm to 8pm. No, I didn't get rich off of Instacart, but an extra 40 bucks here, and an extra 50 bucks there definitely helped. Check it out and SIGN UP HERE.
Lime Scooter Juicer
Ever see those electric scooters zooming around town? They are EVERYWHERE in Oakland (where I live). Well, someone has to charge them at night. And that someone is ME.
I'm a Lime Scooter Juicer! Yup, after work on my way home, I pick up a couple scooters here, and a couple there...bring them back to my place, plug them in, let them charge overnight, and drop them back off on the sidewalk in the morning. I get paid on a per-scooter basis and am pulling in $8 minimum per scooter. So, the 4 scooters I charged last night brought me $32 this morning...all for about an hour worth of work. I plan to make $500+ a month on this side hustle....and this money is going straight toward my next investment.
To become a Lime Scooter Juicer, DOWNLOAD THE APP HERE and get $3 credit from me! I'd recommend trying a scooter at least once before signing up to become a Lime Scooter Juicer to increase your chances of getting the job.
My girlfriend's primary side hustle. She loves dogs, so naturally, taking care of them, walking them, and getting paid for it is a natural fit. She's built numerous relationships with local dog owners too, so you could (if you want) skip the middle man (Rover) after you build your network and keep 100% of the revenue.
This is a shopping rewards app, so I wouldn't technically count it as a side hustle. But, it's a vehicle to bring in extra cash. How does it work? Earn points by walking into specific stores (it uses GPS technology), and scanning certain items. You can then redeem these points for rewards such as Amazon, Walmart, and Target gift cards. Here's how I use the app: if I head out for a little lunch break at work, I'll stop by a store and scan a couple items. That way I'm making some extra cash on my lunch break! DOWNLOAD THE APP HERE.
I can't personally speak on life as a rideshare driver, since I've never been one, but the thought of it has ALWAYS been intriguing. Partially because I feel like I'd get a chance to meet such a wide variety of people. Life's all about connections. And you'd be paid for it! My thought though: make sure you have a fuel efficient car.
*UPDATE* I actually signed up and am driving for Uber now! I'm experimenting with the whole "networking" opportunity of being stuck in a car with strangers. I'll let you know how it goes!
Also can't speak for using Airbnb as a side hustle, but if you have an extra room at your place...why not consider renting it out and making a little extra cash? Sign up to be a new HOST HERE. And if you just want to use Airbnb for your next trip, SIGN UP HERE for $40 OFF!
Are you creative and can create a tangible product? Maybe it's time to start selling it online. Start your mini-business today!
Go through your closet, look under your bed, take a peek in the garage, and get rid of all the crap you haven't touched in a year. De-clutter your life! And add some digits to you bank account. Also - if you're at a garage sale, try to bargain down items that you can later flip for a higher price on Craigslist. Believe me, some people do this for a living.
Basically, people will post a job (such as...I need help constructing my Ikea table!) and you'll take on that task for a set price.
Write Content and Start a Blog
What questions do your friends always ask you? What skills or experience do you have that are unique? Answering these questions could be the foundation for a new online business. Take this blog for example: people still find it crazy that I buy real estate 2,000+ miles away from where I live. So, what'd I do about it? I started writing content, providing value, and building community. With consistant writing and an engaging audience, you can monetize your website through advertisements, affiliate links, ebooks, and online courses.
This list of Side Hustles could go on forever...
Bottom line: if you are struggling to save for a rental property, or want to accelerate your savings as I did, finding a side hustle can be critical in your investment career. So get yourself a side hustle! And check out this solid list of 99 side hustle ideas HERE!
Do you have a unique side hustle? What is it? Leave a comment below!