Unlocking Financial Stability for Gig Workers and Part-Time Professionals
During the lockdowns of 2020, many musicians, artists, and other gig workers saw their income streams dry up as shows, tours, and events were canceled. With human-to-human contact limited, these creatives had to find new ways to pay their bills. That’s when Juliet Lalouel, a Colorado and Hawaii-based real estate agent and investor, stepped in to help.
Juliet works with the music and creative communities, showing them how to use real estate to supplement their income and build wealth, even if their primary passion lies outside the world of real estate. Her message doesn’t just apply to musicians – it’s relevant for anyone who loves what they do but wants more financial stability.
The Surprising Parallels Between Music and Real Estate
Juliet has noticed that musicians and other gig workers often possess skills that translate remarkably well to the real estate industry. Things like communication, hustle, and mental toughness are essential in both worlds.
Communication: In the music industry, you constantly have to put yourself out there and connect with strangers. The same is true in real estate, whether you’re a real estate agent or an investor.
Hustle: The music industry is cyclical, with periods of high income followed by downtime. Real estate requires a similar ability to adapt and problem-solve to find your next opportunity.
Mental Toughness: Navigating the ups and downs of the music industry – from promised gigs falling through to managing expectations – prepares creatives for the unpredictability of real estate.
Exploring the Many Paths into Real Estate
Juliet encourages musicians and gig workers to consider their personality, passions, and goals when deciding how to get involved in real estate. There are numerous options, from becoming a real estate agent or lender to working in transaction coordination or inside sales.
The key is finding the right fit – something that aligns with your strengths and allows you to leverage your existing skills. For example, introverted individuals may thrive in behind-the-scenes roles, while extroverts may excel as agents or investors.
Stepping Stones to Investing
While some creatives may be ready to dive into real estate investing right away, for others, getting their feet wet in real estate services can be a helpful stepping stone. This allows them to learn the industry, build relationships, and gradually work towards their investment goals.
Creative Financing and House Hacking
One of the biggest hurdles for gig workers and part-time professionals is securing financing for their first investment property. Juliet recommends exploring options like asset-based loans, non-qualified mortgages, and partnerships to overcome this challenge.
House hacking is another powerful strategy, where creatives can live in a property and rent out the other units or spaces to offset their mortgage payments. This can be especially beneficial for those who are frequently on the road or have flexible living situations.
Aligning Real Estate with Your Passion
Juliet’s approach to real estate is all about enabling creatives to pursue their passions while also building financial stability. Rather than viewing real estate as a means to quit their day job, she encourages musicians and gig workers to see it as a way to support the work they love.
By leveraging real estate investments or services, these individuals can create the financial freedom to keep doing what they’re truly passionate about. And in some cases, they may even discover a new passion for real estate itself.
The key is finding the right balance and approach that aligns with your unique goals, skills, and lifestyle. With the right guidance and support, anyone from any background can use real estate to supplement their income, pay their bills, and help them build wealth – all while staying true to their creative passions.
