The Attack of the Side Hustle!

The Attack of the Side Hustle!

When I purchased my first commercial building, I was a property manager.  Therefore, it was natural for me to accept the same role for our investing group.  It dove-tailed nicely into my day-to-day routine.  I could field calls throughout the day for my own property as well as from the portfolio I managed.  Everything rolled together well.  It was a comfortable fit.

I didn’t know it was called a side hustle then, but I was creating a new stream of income (albeit small) and having fun while doing it.

Fast forward eight years and I’ve found myself in an uncomfortable situation.  I’ve grown my portfolio to fifteen properties with more on the way.  I’m now overwhelmed by the level of work I’ve created with the management duties.  The income created from this side hustle is nice, but it’s nowhere near the level I earn as a commercial real estate broker.  It’s not even an amount that I could subside on if I decided to solely do my side hustle.

Therefore, I was faced with a choice – continue to drown or seek immediate help.

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How I Bought My First $1.5M Commercial Building

How I Bought My First $1.5M Commercial Building

In late 2016, we bought a 10,135 square foot retail building in Deer Park, Washington.

At that point, it was the largest and most expensive building I’d been a part of acquiring.  Quite frankly, I was a bit scared that we could pull it off.  Up until then, the most expensive building I had purchased with partners was $390,000.  The building we were contemplating was almost four times that price.  It made my heart race considering it.

However, we believed the building to be well-built, positioned great and priced right.  That’s the trifecta when looking at a commercial project.

We made our offer on the building and then conducted our due diligence.  My investing partner and I believed in the project, but our partners thought the price needed to be a bit better.

Then we did what we previously thought unthinkable.

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It Always Starts with One – Rosewood Retail, Part 1

It Always Starts with One – Rosewood Retail, Part 1

It’s embarrassing to admit, but when I was a property manager, I didn’t know how to invest in commercial real estate.  In my area, most property managers don’t own investment real estate.  I’d imagine that trend continues beyond my part of the country.  Perhaps it’s because property managers spend so much of their work time around real estate that they don’t want to do it on their personal time.  Maybe it’s an employee versus entrepreneur mindset that holds them back.  Whatever the reason, it’s a strange reality to encounter.

No one shows you how to invest while you’re working on their properties.  They don’t have to do that, now do they?  If you ask them, though, most investors would be happy to share their investing stories and insight with you.  However, when I was a property manager I didn’t have the courage to ask my own clients how they developed their portfolios.  Instead, I remained a guy collecting a check to manage other people’s properties, helping them achieve their dreams while mine seemed like a distant mirage.

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