Owning one rental unit can help your cash flow. Two is better. The more you rent, the more money you have flowing through your economic engine. But there are challenges too. Buying an 8-plex rather than 6 to 8 separate units creates economies of scale that are hard to ignore.
That’s what happened with guest Kevin Bourke. As a coach for Iowa State University in Ames, he was looking for some side income to augment his coaching salary. Coaching track in the ’80s and ’90s was not a huge money-maker.
On our most recent episode of the Uncommon Life Project, we talk with our good friend Kevin Bourke about rental dos and don’ts, finding faith, and finding ways to provide mentorship to young people who are interested in business and looking for guidance. We even have an announcement about a joint venture with Kevin at the close of the podcast, so listen in!
When he is not managing his properties, Kevin Bourke serves as Chief Operating Officer of the Iowa Games, a statewide Olympic-style competition that is one of the biggest in the country. Prior to this, he spent years as a track and field coach at Iowa State University.
What You Will Learn in this Episode:
- How you could leverage the equity in one property to purchase another
- How to manage side gigs along with your main gig
- The importance of mentorship for young entrepreneurs
- How to stay sane while having a hand in multiple projects at once
- How faith can bring your purpose into clearer focus
- Leveraging other people’s money to grow wealth
- How to build wealth through the cyclical ups and downs of the economy
- News about a really exciting venture