I always enjoy when organized and/or talented people explain their thought process and and Lydia is very open and inspirational. Glad to see this channel had grown so much, well deserved! 👏👏
love your content :) very knowledgable and authentic! I have some income streams that are similar to yours: 1. Long term rental in Hanoi, Vietnam 2. Short term rental in Hanoi, Vietnam (Airbnb Superhost since 2016) 3. Coffee shop in Hanoi, Vietnam I have been wanting to do content on social media and you are such an inspiration!
Thanks for sharing!! I don’t currently have any rental properties, the majority of my income is from real estate commissions but I also receive royalties from my books, affiliate revenue, UA-cam Adsense (tiny amount), Amazon influencer, speaking at events and consulting within the real estate / tech space. I try to reinvest 100% of my side hustle money back into building those streams further. Ultimately I want to get to a point where I’m not trading time for money and can replace my active monthly income with passive cash flow.
I have 4 income stream for now: 1. Freelance writing 👉 enough to pay my bills 2. Stock trading in Indonesia stock market (my home country) 👉 give boost of cash every quarter 3. Stock trading in Nasdaq 👉 super long term investment, may it will fund my kids college one day ❤ 4. Local biz I have here 👉 almost passive, pay for my self care 🎉 I'm in the process working on my blog now. I aim to make money from sell digital product & ads in the future 🤞 It's fun to build new income stream. Like playing a puzzle and when you get it right it's awesome 🎉💃 Love your video. Thank you for sharing ❤
Same same same, UA-cam is a super fun way to explore and create and get paid, but I have the day job, and a lot of the others you mentioned as well. Minus consulting because of the exchange of my time for me thing. Maybe its because I'd feel weird charging a lot so then I set the price low, which then seems like a waste of time haha!
Great video, I like how you explain things. I was thinking in starting an income stream besides my full-time job, but you help me retake that idea and feel like maybe I have a chance to succeed. Thanks!
Good question- mind elaborating on the overlap? In consulting I’m providing edits to medical content for general consumers and patients. In my normal job I’m providing patient-specific recs to healthcare providers. One doesn’t really help or hinder the other, I’m not giving out business confidential (or worse patient confidential) data. Let me know if there’s a different angle to this you’re seeing though.
I am looking to get into short term rentals, however you speaking against arbitrage is making me think twice about which route I should take. I knew arbitrage would entail time upfront for the learning curve but if the time upfront should go towards learning to purchasing my own property for the long term benefits Im not sure. Im a young mom of a 2 yr old and I am trying my best to put what time I do have into the best long term plan. Im in NYC as well so expenses are high already. Any advice ? Should I shoot for arbitrage just to get started or hold my focus for being an owner? Thank you for all your helpful videos. 😊
Hi fellow mom! :-) The reasons I don't love arbitrage is because it's cash-flow only (no appreciation etc). I think some people do really well with this at scale (i.e. 10-100 units?), because you can reuse the same cleaners, repeat the same system, get more efficient, etc. That setup isn't my ideal side hustle because of the time it entails/ I'd rather leverage capital than time/ part of the fun is having second homes to visit all over the place, not 100 units in the same place. NYC might be different- first off rules for STR are super restrictive (is it even allowed?), also owning property is WAY expensive. You know I can't give official $ advice, but if I were in your shoes I'd start with an excel spreadsheet :-) Run numbers of arbitrage vs purchase/STR. Sorry for this super long answer, best of luck!
@@lydiapatelll Thank you I appreciate the honesty! I dont plan to own or STR in New York City just because I know it is way harder legally not to even mention financially. However I have been looking at other states or even upstate on airdna freely to get a feel for the market. I will look into the spread sheet idea ! Honestly not even sure of the full benefits of capital haha, a lot of financial literacy studies ahead of me. The idea of multiple homes places has always appealed to my nature. Thanks !
Hey! You’re correct, and I absolutely don’t think we should all Airbnb (eg im always very vocal against arbitrage) 🤷🏻♀️ for us the gains are all in the appreciation and tax advantages, but everyone will have a different circumstance so this won’t apply to all.
Hi Lydia! I've been really enjoying your content. Do you offer mentorship for foreign (Canadian) investors who want to begin their STR journey in the U.S.?
Hi Lydia, New Subscriber. I really enjoy your content. Great ideas and advice. Now that I am approaching retirement years it's easy to look back and see areas that I wish I had approached it differently. But I try to look at it as a learning curve and building experience. I definitely agree that you need different incomes so you "don't put all your eggs in the same basket". That could have tragic results for those who are not prepared. Honesty and hard work always pay off in the end. Even if it's only so you are able to look at yourself in the mirror and not be ashamed of what you see because of what you did or are doing. There is always time to change. And one thing I have learned in life is that "Payday Always comes" whether it is good or bad. Thanks again!
So sad in todays world there’s so much market promoters to sell something fake. “You can make 10000$ in a weeek”. Yea if it was that easy we’d be rich. Truth is, nobody will be kind enough to put you and for you to make money and then pay them. A contract
It's your cozy vibe with your transparency while sharing your experiences and ideas - the best of youtubers
This made my day. Thank you!
@@lydiapatelll good to know that, pleasure is all mine 😊
Agreed time is such a non-renewable resource
It has become something important I’ve recognized as a pharmacist and now a father
❤️ we are in exactly the same boat!
I always enjoy when organized and/or talented people explain their thought process and and Lydia is very open and inspirational. Glad to see this channel had grown so much, well deserved! 👏👏
Aww thank you for cheering me on this whole time. Means a lot!
love your content :) very knowledgable and authentic! I have some income streams that are similar to yours:
1. Long term rental in Hanoi, Vietnam
2. Short term rental in Hanoi, Vietnam (Airbnb Superhost since 2016)
3. Coffee shop in Hanoi, Vietnam
I have been wanting to do content on social media and you are such an inspiration!
What you’re doing sounds so fascinating. If you make content let us know, I would love to see what you’re up to!
Thanks for sharing!!
I don’t currently have any rental properties, the majority of my income is from real estate commissions but I also receive royalties from my books, affiliate revenue, UA-cam Adsense (tiny amount), Amazon influencer, speaking at events and consulting within the real estate / tech space. I try to reinvest 100% of my side hustle money back into building those streams further. Ultimately I want to get to a point where I’m not trading time for money and can replace my active monthly income with passive cash flow.
Thanks for that perspective, I love the goal! Same 💪🏼
I have 4 income stream for now:
1. Freelance writing 👉 enough to pay my bills
2. Stock trading in Indonesia stock market (my home country) 👉 give boost of cash every quarter
3. Stock trading in Nasdaq 👉 super long term investment, may it will fund my kids college one day ❤
4. Local biz I have here 👉 almost passive, pay for my self care 🎉
I'm in the process working on my blog now. I aim to make money from sell digital product & ads in the future 🤞
It's fun to build new income stream. Like playing a puzzle and when you get it right it's awesome 🎉💃
Love your video. Thank you for sharing ❤
You are so right, it is a bit like a puzzle! Thanks so much for sharing, I love what you’re doing!
Same same same, UA-cam is a super fun way to explore and create and get paid, but I have the day job, and a lot of the others you mentioned as well. Minus consulting because of the exchange of my time for me thing. Maybe its because I'd feel weird charging a lot so then I set the price low, which then seems like a waste of time haha!
Yes! Exactly my struggle with consulting. I ended with a price that covers my time but isn’t enticing for making money.
Great video, I like how you explain things. I was thinking in starting an income stream besides my full-time job, but you help me retake that idea and feel like maybe I have a chance to succeed. Thanks!
Thanks!
Such a good video. Especially the points about your W2.
Thanks! I’m totally keeping it 😂
Curious - Isn’t your pharmacy consulting in conflict of interest with your pharmacy job? 🤔
Good question- mind elaborating on the overlap? In consulting I’m providing edits to medical content for general consumers and patients. In my normal job I’m providing patient-specific recs to healthcare providers. One doesn’t really help or hinder the other, I’m not giving out business confidential (or worse patient confidential) data. Let me know if there’s a different angle to this you’re seeing though.
I am looking to get into short term rentals, however you speaking against arbitrage is making me think twice about which route I should take. I knew arbitrage would entail time upfront for the learning curve but if the time upfront should go towards learning to purchasing my own property for the long term benefits Im not sure. Im a young mom of a 2 yr old and I am trying my best to put what time I do have into the best long term plan. Im in NYC as well so expenses are high already. Any advice ? Should I shoot for arbitrage just to get started or hold my focus for being an owner? Thank you for all your helpful videos. 😊
Hi fellow mom! :-) The reasons I don't love arbitrage is because it's cash-flow only (no appreciation etc). I think some people do really well with this at scale (i.e. 10-100 units?), because you can reuse the same cleaners, repeat the same system, get more efficient, etc. That setup isn't my ideal side hustle because of the time it entails/ I'd rather leverage capital than time/ part of the fun is having second homes to visit all over the place, not 100 units in the same place.
NYC might be different- first off rules for STR are super restrictive (is it even allowed?), also owning property is WAY expensive.
You know I can't give official $ advice, but if I were in your shoes I'd start with an excel spreadsheet :-) Run numbers of arbitrage vs purchase/STR.
Sorry for this super long answer, best of luck!
@@lydiapatelll Thank you I appreciate the honesty! I dont plan to own or STR in New York City just because I know it is way harder legally not to even mention financially. However I have been looking at other states or even upstate on airdna freely to get a feel for the market. I will look into the spread sheet idea ! Honestly not even sure of the full benefits of capital haha, a lot of financial literacy studies ahead of me. The idea of multiple homes places has always appealed to my nature. Thanks !
Lydia, you’re amazing ❤
Thanks you’re too sweet ❤️
hello lydia! correct if im wrong ,so in ur Airbnb u get $5000 to 10k per annum,is that right, so if that so is it still good to push Airbnb?
Hey! You’re correct, and I absolutely don’t think we should all Airbnb (eg im always very vocal against arbitrage) 🤷🏻♀️ for us the gains are all in the appreciation and tax advantages, but everyone will have a different circumstance so this won’t apply to all.
@@lydiapatelll thanks for being open as ill continue what the heck im doing....be changing my strategy for my rental business. nice vid!
Hi Lydia! I've been really enjoying your content. Do you offer mentorship for foreign (Canadian) investors who want to begin their STR journey in the U.S.?
Thanks! I do occasionally do some consulting calls, feel free to shoot me an email at hello@lydiapatel.com
@@lydiapatelll sent you an email! Will wait for your response ☺️
You're Amazing! Thank You'
Thanks ☺️
Hi Lydia, New Subscriber. I really enjoy your content. Great ideas and advice. Now that I am approaching retirement years it's easy to look back and see areas that I wish I had approached it differently. But I try to look at it as a learning curve and building experience. I definitely agree that you need different incomes so you "don't put all your eggs in the same basket". That could have tragic results for those who are not prepared. Honesty and hard work always pay off in the end. Even if it's only so you are able to look at yourself in the mirror and not be ashamed of what you see because of what you did or are doing. There is always time to change. And one thing I have learned in life is that "Payday Always comes" whether it is good or bad. Thanks again!
Very insightful, thanks for that perspective!
So sad in todays world there’s so much market promoters to sell something fake. “You can make 10000$ in a weeek”. Yea if it was that easy we’d be rich. Truth is, nobody will be kind enough to put you and for you to make money and then pay them. A contract
There’s truly no free lunch.