142: How to Supplement Your Income with a Real Estate License and Rental Properties

On this episode of the InvestFourMore Real Estate Podcast, Jason Downing is our guest. Jason is a personal trainer who has bought rentals and become a real estate agent. Jason has an interesting story as he is just a regular guy with a regular job who has been successful as a part-time real estate investor. Jason is a personal trainer and knew his income was limited to how many hours he could work. He looked to supplement his income and chose real estate to help him. Jason was able to buy 7 rental property units in a couple of years, and he also recently got his real estate license. On this show, we talk about Jason buying his first rental, how he has found his deals, why he got his real estate license, and what his plans are for the future.

Why did Jason want to buy rental properties?

Jason is a personal trainer and loves his work but admittedly does not make a ton of money. He saw that how much money he made was directly tied to how many hours he worked. Jason was looking for ways to supplement his income and decided on rental properties. He was able to buy his first rental less than a year after deciding he would buy one.

How was Jason able to buy his first rental so fast?

Jason’s biggest barrier to buying his first investment property was saving money. He did not make a lot of money, so he had to base his purchase price on what he could afford. To get ready to buy a rental, he interviewed many lenders, found an awesome real estate agent, and educated himself about everything. He learned what it would cost to fix up a house and knew what he required for the returns on a rental.

While he had a great agent, he did not rely on that agent to do everything for him. His first purchase was an up/down duplex that he bought for $62,000. The property rented for $600 in one unit and $650 in the other when he bought it in 2014. Jason was able to fix up the property a little bit, raise the rents, and get almost all of his money out with a refinance. The property now rents for $800 and $840 per month.

What other deals has Jason bought?

Jason also bought another duplex and triplex that were off-market deals. On the podcast, he talks about how he found the deals and why networking is so important. Right about the time he was buying these new rentals, Jason had his salary slashed at the gym he worked at. He was extremely grateful for the extra income his rentals brought in.

Jason also recently got his real estate license to make finding deals easier. He talks about how much easier it is to find deals, go see them, and act fast when he is his own agent.

What are some of Jason’s goals?

Jason would like to make enough money from his rentals to pay all his expenses. He thinks he is close and hopes to achieve that goal soon.