Podcast Summary
Balancing full-time job and real estate investing: Lawrence Briggs shares his experience of balancing a full-time job with real estate investing, emphasizing the importance of habit stacking and being disciplined and efficient.
It's possible to balance a full-time job while pursuing a real estate investing career. Lawrence Briggs, an active member of the Bigger Pockets community, shares his experience of working in the government sector while building his real estate portfolio. He emphasizes the importance of habit stacking, which involves combining a new habit with an existing one to make the most of your time. Lawrence started investing in real estate five years ago while still working full-time, and he attributes his success to being disciplined and efficient. He also shares tips on saving capital and building a network within the real estate community. The conversation also includes an exciting giveaway for a free ticket to the BiggerPockets Conference in Cancun, Mexico. So whether you're just starting out or looking to add to your existing portfolio, this episode offers valuable insights and practical tips for anyone looking to balance a full-time job with real estate investing.
Difficult decisions, income vs housing costs: Making difficult decisions like moving to a new place or changing careers, even if it means a temporary decrease in income, can lead to significant benefits in terms of better living situations and overall quality of life. Consider the relative value of income and housing costs when making such decisions.
Sometimes, stepping out of your comfort zone and making difficult decisions, like moving to a new place or changing careers, can lead to significant benefits, even if it means a temporary decrease in income. The speaker in this conversation made such a move and was able to buy a house for a fraction of what it would have cost in a more expensive area, leading to a better living situation overall. It's important to consider the relative value of income and housing costs when making such decisions. Additionally, having the right tools and resources, such as a comprehensive home security system, can provide peace of mind and add value to your new situation.
Side hustles for real estate investors: Exploring side hustles like food delivery or driving for dollars can provide extra income for real estate investors and help them achieve their financial goals.
Finding additional sources of income can significantly boost your real estate investing business. Lawrence Briggs shares his experience of delivering food as a side hustle while listening to real estate podcasts and networking, which helped him earn extra income and eventually buy two rental properties. Baseline, a financial technology platform, can also help save time and provide clear cash flow insights for real estate investors, enabling them to make smarter decisions. While some may choose to move to markets with better income-to-property price ratios, others can explore flexible side hustles like food delivery or driving for dollars to fuel their real estate ambitions. Ultimately, the key is to find what works best for your personal and financial goals.
Financial security and career flexibility: Real estate investing can provide financial security and flexibility to pursue other professional interests and adapt to unexpected circumstances.
Real estate investing can serve as a means to support other professional interests and provide financial security, rather than being the sole focus of an individual's career. Lawrence, who grew up in poverty and is now a successful real estate investor, shared how his experiences have driven him to use his income from real estate to pursue his passion and build a legacy, while also having the financial stability to weather career transitions. He emphasized the importance of having options and being able to adapt to unexpected circumstances. Real estate investing can provide the freedom to take risks and make career decisions based on passion, rather than financial necessity.
W2 income and real estate lending: Having a stable W2 job can help real estate investors secure loans due to the predictability of income, but managing a property requires time commitment and effective processes.
Having a stable W2 job with predictable income can be beneficial for real estate investors, as banks prefer to lend to individuals with W2 jobs due to the contractual nature and predictability of the income. Additionally, being a self-managing landlord requires different stages of involvement, with the leasing stage being the most time-consuming, but utilizing technology and strong onboarding processes can minimize the time spent. It's important for investors to set realistic goals and understand where their time needs to be allocated to effectively grow their real estate portfolio while maintaining a full-time job.
Real Estate Alternative Income Sources: Alternative ways for accredited investors to earn monthly passive income in real estate include investing in mortgage notes and commercial properties through companies like PPR Capital Management, simplifying tenant screening with tools like RentReady, and managing finances efficiently with partnerships with Baseline and Steadily.
There are alternative ways for accredited or high net worth investors to earn monthly passive income in real estate without the hassle of property management. PPR Capital Management, founded by Bigger Pockets' co-founder Dave Van Horn, strategically invests in mortgage notes and commercial property across the country, delivering steady passive income since 2007. Additionally, tools like RentReady, included in BiggerPockets' pro membership, simplify the tenant screening process with proof of income verification, and partnerships with financial technology companies like Baseline and Steadily offer time-saving solutions for managing rental property finances and securing investments, respectively. It's important to remember that most real estate investors maintain full-time jobs while building their portfolios and that there's no one-size-fits-all approach to real estate investing.
Balancing W2 job and real estate investing: Effective time management, flexibility, and setting systems are crucial when balancing a W2 job and real estate investing. Prioritize and align employment situation with investing goals.
Balancing a W2 job with real estate investing requires careful planning and prioritization. Lawrence shared his experience of working as a dishwasher despite his aversion to the job due to financial needs. He also discussed the importance of being flexible with one's employment situation and aligning it with real estate investing. Additionally, setting time limits and building systems can help streamline the process. During the "dish" section of the podcast, Lawrence shared some personal stories, including his least favorite job and the weirdest interaction while door dashing. He also discussed how he curates his response when someone asks about his profession depending on the context. Finally, Lawrence shared his excitement about attending BPCon and participating in various sessions. Overall, the conversation highlighted the importance of finding a balance between a steady income and real estate investing, and the importance of being adaptable in both personal and professional situations.