On a recent episode of Investing Insights With Right Property Group, Phillip Tarrant, along with Steve Waters and Victor Kumar, talked about how real estate investing is the perfect side gig for most people who want to be in charge of their own financial future.
Mr Waters said the significant increase of the “entrepreneurial mindset” has set the stage for Australians to find other sources of income, such as side hustles.
“Is this moment in time a hammer between the eyes for people to say, ‘Well, you know what? I can’t be reliant upon my job. That’s not what the future is. I need to invest’,” he said.
Mr Waters said because of this thought process, people are not just investing in properties – but also other assets.
He opined that Aussies are now taking a more “active approach” to their future by taking on side hustles rather than being reliant upon the government system and their regular jobs.
“It’s just not just properties; it could be gold, pencils, business, shares, whatever it may be,” he said.
But not all side hustles are made equal. Mr Tarrant said that people who are looking for a side hustle should focus on creating “long-term growth”.
On this note, Mr Kumar agreed with Mr Tarrant that property is “probably the perfect side hustle for most people”.
“You can get as involved or as uninvolved in the property journey. Now, we’re not saying that it’s a hands-off journey in that sense. But the type of investment you do within the property arena can be matched back to the time that you have on a day-to-day basis, your ability to make decisions, and certainly your risk temperament as well. So, it can suit most people out there.”
Mr Waters concurred with this, stating that while investing in property requires more capital, it’s worth it in the end.
“Once you get a good portfolio happening, you can pass it on down the generations,” he said.
Meanwhile, Mr Tarrant argued that while start-up SMEs are a good way to generate income, investing in property is a better utilisation of people’s time and money.
“Most Australians are employed by small businesses. They do a great job helping, and they’re the economic backbone of this nation. And I’ve always said it and always maintained that. What I’m saying is that, those people that generate income, use your money wisely. And if you want to have a side hustle, think of property, that’s it,” he said.
And while both Mr Kumar and Mr Waters championed property investing as the “ultimate side hustle”, they advised investors to have a long-game mindset when investing in real estate.
Mr Kumar said: “And the bottom line with property investing is that you’ve got to be in the game for [the] long haul rather than a quick, short win, because that’s where casualties happen because you’re going too hard, too fast.”
Mr Waters echoed this sentiment, stating: “It’s not the type of side hustle that you just set and forget as we’ve said a gazillion times. It does take work, it takes patience, and it’s certainly, certainly not passive.”
Listen to the full conversation with Steve Waters and Victor Kumar here.