The Moonlight Real Estate Side Hustles and Syndications Show

Long shifts, family responsibilities, and a high-pressure profession didn’t stop Leslie Awasom from building a real estate business. While working full-time as a CRNA, Leslie leveraged his W-2 income, used downtime intentionally, and focused on long-term relationships before scaling. That steady, disciplined approach eventually led to a $217M multifamily portfolio—without rushing to quit his job. This episode is a blueprint for high-income earners and business owners who want to invest in real estate on the side, both actively and passively, while protecting career stability. 💼 How to Invest in Real Estate While Working or Operating Another Business Full-Time Leslie didn’t wait for “free time.” He created it. During hospital breaks, night shifts, and weekends, he studied underwriting, read books, attended events, and built broker relationships. While others relaxed during downtime, Leslie invested in learning the business. Early on, he started with single-family BRRRR deals, then partnered with experienced operators to scale into multifamily. His W-2 income wasn’t a limitation—it was the engine that allowed him to invest, qualify for opportunities, and stay patient through market cycles. 📊 Key Takeaways for High-Income Earners and Business Owners Investing on the Side • Keep your income stable while learning the business • Use downtime intentionally—small pockets compound • Focus on relationships before deals • Treat real estate as a long-term operating business • Scale only after understanding the fundamentals Leslie emphasized that consistency matters more than speed. Progress came from showing up daily, even when deals weren’t closing. 🏗️ Navigating Market Shifts and Slower Deal Cycles When interest rates rose in 2022–2023, transaction volume slowed dramatically. Instead of pulling back, Leslie and his team doubled down on effort. They reviewed over 2,300 deals, expanded their investor database from about 2,500 to 4,000, and continued underwriting—even when nothing penciled. That discipline paid off in 2024 with the acquisition of a 268-unit Class B property in Gwinnett County, Georgia. The deal took eight months to close due to capital-raising challenges during an election cycle, but transparency with investors and sellers kept it alive. 🔑 What Made the 268-Unit Deal Work • Long-term broker relationships (over five years) • Transparent communication with sellers and investors • Patience during capital-raising challenges • Assumed fixed-rate Fannie Mae debt at 4.74% • Strong partnerships, including mentoring newer investors The result was a successful close on Leslie’s strongest asset to date. 🧭 Coaching Advice For Active and Passive Investors Buying Real Estate Part-Time (From Leslie Awasom) For New Investors: Learn the fundamentals and understand the numbers. Don’t chase returns—understand markets, business plans, and assumptions. Balancing Business, Life, and Real Estate: There is no perfect balance early on. Growth requires temporary imbalance. Commit to the work, knowing it won’t always feel even. If You’re Starting With Little Money or Time: Learn a skill. Join a community. Add value through underwriting, capital raising, or operations. Partnerships create access. Why Passive Investing Is Powerful: You’re investing in a tangible business tied to housing demand, with potential tax advantages and long-term income growth. (Always consult a CPA.) 📚 Books Recommended for Active and Passive Investors • The 5 Second Rule by Mel Robbins – a simple framework to overcome hesitation and take action