Home News I earned less than $9 an hour at 21 when I started two side hustles – I now get up to $15,700 a month and retired early

I earned less than $9 an hour at 21 when I started two side hustles – I now get up to $15,700 a month and retired early

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The then-21-year-old Tom Brickman started two big, lucrative side businesses when he was making $8.50 an hour at The Gap.

Currently 39 years old as a passer-by frugal gayis raising up to $15,700 a month thanks to his rental properties.

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Tom is known as a frugal gay and has built an impressive real estate portfolioCredit: Tom Brickman

Tom bought his first rental in Ohio when he was 21. business insider.

When he bought the two-unit home, he also got a tenant for the downstairs unit for just $90,000.

The tenant was paying $600 a month in rent while Tom stayed in the upstairs unit.

Since Tom decided to live there, the article says he was able to purchase the property as his primary residence with a 10% down payment and an interest rate of 6.875%.

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Hustler has come a long way since then.

Tom currently owns 20 rental properties in states such as Texas and Ohio.

Additionally, he is currently teaching others how to achieve financial independence in real estate investing.

He charges for consulting and sponsored content.

Additionally, after leaving Gap, Tom worked in cinema for nearly 16 years.

As recently as January 2022, I decided to stop pursuing the hustle and bustle of rental properties full-time.

When he found himself overstepping his 9 to 5 working hours, he set out to build a more successful real estate portfolio and devote more time to The Frugal Gay business.

Tom told Business Insider.

“I started out making $32,000 a year in cinema, but I was in my early 70s just before I quit. I never made more than $100,000 a year in theater or anything like that,” he added. .

some real estate tips

Tom is not technically retired, but I like to say he is because what he does is more passionate.

He shared some tips with Business Insider.

Tom almost always starts buying homes that need a little more care. Because it’s cheaper to buy and you can charge a premium when you’re ready to rent.

“I was buying a lot of things other investors ignored. I started with an ugly condo,” Tom told the publication.

“I bought one condo for $14,000 cash. The cheapest was $9,000,” he added.

Additionally, he said it’s important to have a team you can trust.

This means building and maintaining relationships with plumbers, contractors and other real estate agents.

Another great relationship is with credit unions.

Tom chose to work with a credit union rather than a bank.

In many cases, we are able to develop valuable and lasting relationships with our lenders.

Tom can rest easy knowing that his calls will be returned in a timely manner, rather than the typical national lender or mortgage originator.

He also said that credit unions often keep his paperwork on file so he doesn’t have to upload the same one every time he makes a purchase.

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