Good Side Side Hustles? DoorDash? Wearing Down My Car?

[RBK]

I work in real estate, do not buy a property right now. Prices are the highest they have been in 20 years.

I love when everyone thinks real estate is the fast track to being rich.

Max the roth every year, thats a no brainer. Get rid of any debt that is revolving (credit card etc). I'd start budgeting for a new car soon (not new just replacement) since that chevy is going to have some major repairs soon.

 

[EyeBRollin]

I love when everyone thinks real estate is the fast track to being rich.

Fastest reliable way, yes.

 

[BillyPilgrim]

Fastest reliable way, yes.

Reliable, huh? Ponzi says 'sup. Blackrock says lolz.

You can't have median wage/housing cost ratios so historically out of whack for such an extended time without revolution or collapse. And interest rates have already started rising...

 

[RickTheToad]

Reliable, huh? Ponzi says 'sup. Blackrock says lolz.

You can't have median wage/housing cost ratios so historically out of whack for such an extended time without revolution or collapse. And interest rates have already started rising...

Helped make me a millionaire. Purchased my 1st property with 20k down, brought in around 18k a year. Sold it a few years later, and had a 35k profit from the sale. 1031'd that profit into another property, and then just continued on. The key is multi-family in C areas. It's all about numbers. However, with the rates basically doubling in 6 months, right now it's a bit high. The prices have to retract a bit so the numbers work at the higher rates. Rest assured, the FOMC is going to fvck the economy up and place us in a recession due to their mismanagement of the economy during the pandemic.

 

[RBK]

90% of my investors liquidated last year, rent laws made renters have more rights than landlords

oh and you need 25% down for non owner occupy.. i love when they tell people buried in debt to come up with 50k+ for their first rental property

1031 exchange's arent what they were either, biden trying to get rid of it too

 

[RickTheToad]

90% of my investors liquidated last year, rent laws made renters have more rights than landlords

oh and you need 25% down for non owner occupy.. i love when they tell people buried in debt to come up with 50k+ for their first rental property

1031 exchange's arent what they were either, biden trying to get rid of it too

It's 20% down for owner occupied. $100,000 property, 20% down is $20,000. It was a multi-family, so I lived in one unit, rented out the other. Basically, the rent paid the mortgage and I lived mostly rent free. After a year or two, I moved out, bought another one, rinse and repeat. One should have some reserves to hold them over the tough times. I am not in NYC, so in Bridgeport, it wasn't that bad. I only had one tenant which claimed COVID out of dozens of paying tenants. I treat my tenants right and I take care of the properties after my day job. Most tenants treat the landlord / property manager with respect if you treat them with respect. 1031's have changed at all for investors, and will not be changing anytime soon. You seem to forget, the majority of Congress is made up of millionaires with rental properties. Nancy Pelosi herself has a rental portfolio of over 100 million dollars. They are not going to shoot themselves in the foot.

If it's not for you, that's cool. I never said it was easy. Consider medical REITs. Also, AirBNB were safe as well (in terms of COVID). In order for the potential to do well in life, one must take risks. Real estate is not for the faint of heart. Start slow and grow. If not, stick to the rat race and build up your 401k / Roth IRA. Either way, it's all good.

 

[nicksaiz65]

Your car can't handle DoorDash, Uber, Lyft, etc.

Getting 183k+ miles out of a Chevrolet is a good thing. A lot of Chevrolet models are not nearly as durable as Toyota or Honda models.

The upside to Chevrolet ownership is that they are not that expensive to fix. Fixing up a Chevrolet costs less than fixing up a Mercedes-Benz.

I’d agree with you. I’d say that there’s no need for a side hustle now that I’m living my life out here. Best to focus on one job and doing it well. Work + the after work activities is already exhausting enough. I’m usually wiped after work, and I need to take a nap before the after work activities.

I’ve literally never been happier since I quit my music side gigs and since I have weekends free now. Never in my life will I work a job where I work weekends again.

The very most I would do is work an orchestra type music job that only meets on Sundays. And that’s another music job, not something that would tear up my car.

 

[SW15]

@nicksaiz65 -- You are good at car ownership taking a 2009 Chevrolet Malibu to 183,000+ miles. I guess you've either selected a good mechanic or you are good at fixing your own car.

 

[nicksaiz65]

@nicksaiz65 -- You are good at car ownership taking a 2009 Chevrolet Malibu to 183,000+ miles. I guess you've either selected a good mechanic or you are good at fixing your own car.

That’s moreso the mechanic than me lol. I’ll eventually need a new car. It’s time to start thinking about it.

 

[SW15]

That’s moreso the mechanic than me lol. I’ll eventually need a new car. It’s time to start thinking about it.

If you select a good mechanic, you deserve credit for selecting the mechanic. Run your car until it needs to go to the junkyard.

 

[nicksaiz65]

If you select a good mechanic, you deserve credit for selecting the mechanic. Run your car until it needs to go to the junkyard.

Absolutely. As much as I drive for game, I’m going to need a new car eventually. There’s no getting around that anymore.

 

[jaygreenb]

Fastest reliable way, yes.

Would say the fastest way is starting a business. If you don't have a lot of capital or high income can take a long time to continually acquire properties

 

[Murk]

You're a full-stack engineer - I recommend contracting. I have several contracts paying up to $800 per day.

I'm not offering you a job, you don't have the experience needed, but you should freelance and run mutiple contracts. Anyone in dev/eng roles should be contracting for the big bucks and keeping it moving. Perm roles are for when you settle down and want the benefits a company can provide. Contract until in your 40s-50s.

PM me if you want to know how to go about this.

 

[AureliusMaximus]

Hey guys! Quick financial question here.

I recently graduated college and got a job as a Full Stack Developer. In addition to that, I work on the side as a musician. (Which is the way you guys advised me to do it: so thanks a ton for that.) My developer job pays approximately $65K a year. I make around $20K a year with my music job. So that puts me at an estimated total of $80K-85K. Not bad for a dude straight out of college!

The unfortunate part is, I’ve unfortunately managed to put myself about $30K in student debt. I want this stuff GONE. I want that mistake undone. At the same time, I want to go on lots of trips so I can meet plenty of exotic women.

So, I almost want to get a third job. I’m wondering, what kind of job could I get when I work 7 AM to 5 PM Monday through Friday, and I usually have shows on Friday and Saturday evenings? I just want to have more money, work myself damn near into the ground, and get really close to six figures.

I imagine that this job would need to be very flexible.

The only job I can think of that would do that is DoorDashing. But is that worth it? With these gas prices, and with the wear and tear on my car. I drive a 2009 Chevy Malibu, with 183K miles on it. Part of me is thinking, is it worth it to DoorDash if I end up breaking down my car? Would I be at risk of breaking down my car? I’m really not sure. I was hoping you guys could tell me that.

So, is the DoorDashing worth it to make more money? Is there any other side hustle that I can do to bring in the cash?

You know how to code, so setup websites to generate multiple incomes streams which either A.) relies on ad revenue or/and B.) Offers some useful service with premium plans.

another road is what Murk recommends which is the frelance road. There is a ton of freelance websites that offers developers a direct link to companies that need help with all sorts of projects.

This should be quite easy for you.

 

[nicksaiz65]

You're a full-stack engineer - I recommend contracting. I have several contracts paying up to $800 per day.

I'm not offering you a job, you don't have the experience needed, but you should freelance and run mutiple contracts. Anyone in dev/eng roles should be contracting for the big bucks and keeping it moving. Perm roles are for when you settle down and want the benefits a company can provide. Contract until in your 40s-50s.

PM me if you want to know how to go about this.

That’s very interesting. I hadn’t considered this route: I’ll shoot you a DM.

 

[Mike32ct]

If you select a good mechanic, you deserve credit for selecting the mechanic. Run your car until it needs to go to the junkyard.

Yup. I’ve always run cars into the ground. Once it’s paid off, enjoy the payment free months as long as you can.