Tentmaking Tips

I once heard an investor say this & it has stuck with me ever since.

Every few months I highlight one of our student’s deals in the Flip Hacking Course & Mastermind. I’m hoping these highlights give you an idea of how flipping houses could help you generate extra income to support your ministry.

A few weeks ago, student loan payments resumed after a significant pause due to the pandemic.

The last two houses we’ve lived in have been right down the street from a major university.

This was strategic for 2 reasons:

1. Many of the major universities have been around for awhile & the neighborhoods around them have older homes. This is great because [1] you can find a house that needs some work and create forced appreciation and [2] older homes often have detached structures that you can convert into habitable space.

2. Short-term rentals tend to do very well near universities. This is because you have a steady influx of parents coming in to visit kids, people traveling in to see the big games, and college kids coming to check out the school (among many other reasons).

In our first house, we were able to convert a storage space behind an existing detached garage into an Airbnb. And in our second house, we were able to convert a single car detached garage into an Airbnb.

And in both cases, the Airbnbs made a lot of money because of their location.

And when we sold...

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In our real estate investing business, we’ve bought all of our properties to flip off-market. Meaning, they were not listed on the MLS (Multiple Listing Service that real estate agents use to list properties) when we bought them.

Do you own a business?

I’d guess that most pastors, missionaries, and Christian leaders do not.

I’d like to give you 10 reasons why I think you should consider it.

1. A business can add an additional stream of income. I’ve talked extensively in these newsletters about the importance of having multiple streams of income. I advocate having enough streams of income that if one dries up, the others can cover your basic expenses.
2. A business can protect you if you lose your job. Jobs are not guaranteed. Most of us in ministry know this first-hand. Your church/ministry/organization may have the funds to pay you now, but they may not be able to pay you 6 months from now. Many church leaders learned this during the pandemic. Having a business allows you to be in control of at least one of your sources of income.
3. A business can give you great flexibility. This is ideal for those of us in ministry. You can come & go as you please. And you can make extra money on the side in...

Chances are your market has a TON of real estate agents.

And they’re all vying for the same clients.

And many of them are working full-time at it.

How could you possibly compete?

Answer: Find a niche!

Here are a few examples:

• One pastor I know lives in a suburb outside a large market. When he got his license, he knew it would be hard to compete in the large market. Instead, he decided to become the go-to guy in his small suburb. He’s now one of the top agents in that area & still does this on the side to support his ministry.
• A pastor’s wife I know got her license & had trouble finding clients initially. There were so many agents in her area. She began to focus primarily on her neighborhood. Many of the other agents didn’t live in her area & so she could make an effort to just get the clients around her. Not only has she started doing that, but they’ve even referred some of their friends to her as well. She found her niche.
• Another...

Real Estate Investing is unique in that you don’t get paid for your time, you get paid for the value you add.

You could work 100 hours and make absolutely nothing.

Or you could work 10 hours and make $25,000.

It’s all about providing value.

If, as a Realtor, you represent someone who sells a $750,000 home & you & your broker make 3% (typical commission on one side of a transaction in Texas), you’d be splitting $22,500.

If, as a Real Estate Investor, you buy a home in need or repair for $100,000 and you put $50,000 in it and sell it for $200,000, you just made $50,000.

The pay in these transactions is not based on how much time you worked. Whether it was a lot of time you spent or very little, the pay doesn’t change.

This is why doing something in real estate can be so advantageous for those of us in full-time ministry.

It can allow you to make significant money without having to spend significant time making it.

What I’ve heard from my students...

I’ve written about index funds in the past & encourage you to start with that article here: Why You Should Invest in Index Funds