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What's your side-hustle?

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
They tell me "Two can live as cheaply as one..... as long as they're both willing to starve."
Actually, my rental properties, which showed a profit from day-one, made me rent-free, and supplied enough extra $$$ to live on. Without that, I would have been in deep doo-doo more than once.
I gotta show Mrs Wife some of these comments. Thanks. :peace:
 

Hylopeeko

Freshman Member
Joined
Oct 23, 2019
Professional Status
Appraiser Trainee
State
New Jersey
They tell me "Two can live as cheaply as one..... as long as they're both willing to starve."
Actually, my rental properties, which showed a profit from day-one, made me rent-free, and supplied enough extra $$$ to live on. Without that, I would have been in deep doo-doo more than once.
Lol, great post. TY.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
If I win the lottery, I'm going to farm until its all gone.
Actually the farm made a few thousand...nothing to brag about. Otherwise, I made some money selling deals and leasing mineral rights but that market has gone, destroyed by incompetent hedge fund wannbe oil men who have driven the oil business into the tank...once again. Drilling funds in the 80s, same old same. Excess profits breeds ruinous competition.

I could go back to geotech since I've held a registered professional geologist license since 86. I could do geomorph or perk tests for septic, test soils, or even drill shallow test holes with a geotech company. I have done some insurance geological inspections (where damage to a house is caused by a slide or soil issues.)
 

Salty

Junior Member
Joined
Mar 12, 2010
Professional Status
Certified Residential Appraiser
State
Pennsylvania
I buy chinese crap on alibaba and resell on eBay. The right item can be a cash cow. I have RE license but this area is over-saturated with agents. The doods with their heads on billboards get all the action. I am also thinking about starting a sign post install business. Just trying to determine if I will use 4x4 wood posts i make on my own or buy the minimum alibaba order of vinyl posts for $30 each from China.
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
Started with multi family rentals, sprinkled in day trading (tougher) matriculated to buying undervalued high quality dividend stocks. Find, wait for price, buy and forget (just check for any dividend cut).

If I could have convinced the Mrs. to relocate, I would have become a grass cutter for 39 weeks a year and a beach bum for 12. :cautious:
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
I don't buy into the gloom and doom reports of us going away. My mentor said "they" were saying appraisers would be going out of business within ten years when he started in 1971. Will waivers continue? I am sure they will and they might increase and that will affect those who do large subdivision appraiser work. I don't do that type of work.

I live in a subdivision of 318 homes and have lived here for 12 years and have only completed two reports for lending in my neighborhood, two for divorce and one for a cash buyer in that whole time. I am sure there have been over 100 sales in that 12-year period.

The bifurcated stuff won't last long in my opinion.

I do a lot of private work and really wouldn't care if my income dropped off a little. We do have the two adopted kids but the oldest is 17 so she will be gone soon. The 8 year-old will force us to work a little longer. That and my wife likes to spend money on the grandkids.

We have tried to buy property at the tax sales for a few years but have not been successful. My philosophy for those sales is to buy vacant land. Two years ago the perfect property was there for the taking and we could have made a lot on it. At these types of sales there are 20 bidders in the beginning but the number of bidders goes down quickly. I think the taxes owed on it were about $20,000 so that is where the bidding began.

By the time it hit $40,000 at least half dropped out. One guy went to $60,000 and only him and I were left. I went to $95,000 and lost out as that is all I had for the auction. I am sure he will make a lot on the property with many splits available. Good for him.

We lost out on other properties in the last three years because many of the bidders are people who intend to keep the property and not flip or split it. There has to be profit for my purposes. We were bidding on a property last year, I think it was 20 acres. I took it up to $60,000 and my wife made me quit. There was still some profit there but the people wanting to buy it wanted it for personal use. My wife had talked to them earlier (before the auction) and "they were really nice" and we needed to let them have it. OK, happy wife=happy life. That has worked for me for 30+ years.

We have seen some properties bid up to more than what they will sell for normally. Some people seem to have a personal attachment to a property they just HAVE to buy and don't do their research and they pay more than market.

We have a decent amount in the bank for next year and if something comes up we will try to buy it. But I am still at 60 hours a week so the side gig is not on the front burner.
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
Started with multi family rentals......
I should have bought them (multi-family) 2011-2014 but didn't. Hind sight is 20/20. They were selling for 60-80 GRM. Not anymore. Single-family rentals would have made me a fortune in the same time period but now they are in the 140 GRM range. Again, hind-sight and I don't think I have the time for that.

If the right opportunity comes I will buy a multi-family but I just have no time for managing. Everyone thinks they can be a landlord just like everyone thinks that they can open a restaurant with mom's recipes. Many of these people fail.
 
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Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
If I could have convinced the Mrs. to relocate, I would have become a grass cutter for 39 weeks a year and a beach bum for 12.
Try again on some of those below zero F days, Mr Snowbird. Because, F! :peace:
 
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DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
I should have bought them (multi-family) 2011-2014 but didn't. Hind sight is 20/20. They were selling for 60-80 GRM. Not anymore. Single-family rentals would have made me a fortune in the same time period but now they are in the 140 GRM range. Again, hind-sight and I don't think I have the time for that.
I started with small ones when I was in High School, around 1976. My family was into it and they made a boatload, so I followed. First with dumps that had HUGE returns, those returns funded keeper/trophy type properties that barely broke even. But gotta love 40 years of appreciation.

Did one tax sale, made 6 figures but around here it's a rough and tumble business where outsiders are tolerated very well. ;)
 
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