During Covid, many of us picked up new hobbies, whether that is baking, knitting, or riding a Peloton. Although I picked up some of these (hello pandemic puppies), I also picked up a new hobby: real estate investing. Now, I am not talking about just browsing Zillow for hours on end looking at houses I most certainly cannot afford, although I do that as well. I am talking about investing in properties that hopefully can provide you with an alternative revenue stream, decrease your overall taxable income, and increase your financial security. Normally when I make this statement, people look at me and say one of two things: 1) Emily I don’t have the money for that or 2) Emily I don’t know how to do that. Let me convince you otherwise.
I didn’t know anything about real investing until I started investing in real estate. What got me interested in investing was my fiancé, who had been listening to a podcast called “Bigger Pockets.” Bigger Pockets has hundreds of podcast episodes interviewing everyone from savvy investors investing in 100+ unit apartment buildings to the everyday persons who are renting an empty lot for storage. This podcast ultimately convinced me that I too could do this. Through this podcast, I became aware of the term “house hack.” A house hack is when you buy a property that you intend to live in, but also rent a portion of it out. Most often this is in the form of a duplex. This is how I got started, simple house hacking. My fiancé and I found a property in downtown Indy that had a house plus a carriage house in the back that was being rented out already. All I had to do was move in and continue collecting rent. This house hack essentially made my mortgage payment half the amount, allowing me to save money. These savings provided the money in which to purchase a second investment. It then becomes easier to fund these ventures. Moreover, there are investments available for just about every financial situation, from buying a small lot to rent for parking or storage, to massive commercial properties.
Another reason I hear that people are hesitant to jump in is the logistics of it. I would argue that as attorneys, we are especially apt at handling these things. I wrote my first rental contract, looked up the rules on rentals, did my due diligence etc. It is no different than probably any of our normal days. Second, people get concerned about repairs or late night tenant calls. In my experience, if the house is well-built and maintained, you are probably going to get very few calls. In the event you do get a call, you do the same thing you would if it was your house: call someone. Do I know how to fix plumbing? No, but I do know the number for Roto Rooter. Don’t make it more complicated than it is.
I don’t see myself becoming a full-time real estate mogul. I love my job as attorney; getting to go to work everyday helping to solve other people’s problems and provide them justice.I have, however, found it empowering to get into what is typically a male-dominated space. It has provided me with something that I can use my legal skills on, allows me to indulge my Zillow habits, and create a future retirement fund for myself in addition to a small amount of extra income. I encourage you to take the leap. The first step is the hardest, but I believe in you that you can do it. Want to talk law or real estate? Contact me!
By: Emily VanTyle evantyle@wkw.com
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