295: $2 Million in Real Estate in 2 YEARS Thanks to This Strange Side Hustle w/Paul Lee

A $100K "exotic plant" side hustle to over $2 million in real estate? The truth is that you can use virtually any side hustle to help kickstart your real estate journey—whether you need capital to invest or want the extra business experience before diving in. While today’s guest may have taken a more unconventional approach to investing in real estate, he now has a portfolio of eight units cash flowing $4,500 each month! Welcome back to another episode of the Real Estate Rookie podcast! In 2021, when millions of Americans lost their jobs, corporate underwriter Paul Lee came to the realization that relying on his W2 as his only source of income was a risky bet. At a time when mandates were requiring more people to work from home, Paul started flipping exotic house plants for a HUGE profit—netting well over $100,000 in two years! Despite his success, Paul recognized the volatility of the business he had built and turned his attention to a more historically stable side hustle—real estate. If you’re looking to use a side hustle as your gateway into real estate, you’ll want to hear Paul, Ashley, and Tony share about the importance of having multiple income streams. They also cover several important real estate topics—from house hacking and self-managing properties to exceptions that could make you ineligible for FHA loans. Finally, they discuss private mortgage insurance and how to remove it when it’s hurting your cash flow!  In This Episode We Cover How to find side hustles with the highest earning potential The skills you NEED to self-manage your investment properties Using leverage to spread equity across more properties The self-sufficiency test your house hack MUST pass to get an FHA loan How to get private mortgage insurance removed from a loan When to pull a HELOC (and how to use the money!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE No Money for Real Estate? 2 Side Hustles You Can Use to Fund Your First Deal Compare Market Rents with Rentometer Connect with Coach Chad Carson on Instagram Connect with Paul: Paul's BiggerPockets Profile Paul's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-295 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices