Real Estate Side Hustles: Diversifying your Income
Looking for ways to earn extra income and gain financial stability? Real estate side hustles may be your answer.
Whether youre a seasoned investor or just starting out, there are plenty of opportunities to dive into the real estate market and make a profit. From commercial real estate investing to flipping houses and renting out event space, this guide will introduce you to various real estate side hustles at your disposal.
Commercial Real Estate Investing
Have you been looking for a way to invest in real estate but don’t have the funds to purchase a property outright? Introducing Fundrise, an investment platform that offers eREITs (real estate investment trusts) a form of crowdfunding.
With a minimum investment of just $500, anyone can become part owner of large commercial real estate properties, with the aim of generating long-term returns. eREITs are a low-risk investment with high-yield potential.
Advertise for Real Estate Agents
Are you skilled in digital marketing and want to work from home? Real estate agents are small business owners that can use all the help they can get.
Theyre always in need of advertisements and someone to manage their social media presence. Use Facebook ads and digital marketing strategies to help grow their clientele and earn extra income.
Real Estate Virtual Assistant
Are you a virtual assistant looking for behind-the-scenes tasks? Real estate agents are often overwhelmed with time-consuming administrative duties such as managing their schedule, email, and phone correspondence.
Help them out with these tasks and more as a virtual assistant. The best part about this side hustle is that it can be flexible, allowing you to work on your own terms.
Buy Farmland
Are you interested in investing in real estate but looking for something more diverse? Try investing in farmland without ever having to step foot on it.
With FarmTogether, an online investment platform, you can invest in farmland with as little as $5,000. Diversify your portfolio by investing in sustainable farmland across the United States.
The platform enables you to co-own land with accredited investors, generating passive income.
BRRRR
Do you enjoy taking on challenges and working with distressed properties? The
BRRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy is ideal for those who are just starting out with real estate, or for experienced investors seeking to increase their portfolios.
In the
BRRRR approach, you purchase and rehabilitate a distressed property, rent out the property, refinance your mortgage, and then repeat the process. This strategy generates passive income while increasing your portfolio of assets.
Rental Arbitrage
Have you ever tried renting out vacation homes or a room on Airbnb? Rental arbitrage is a business that allows you to rent out a property or room on a short-term vacation rental site (such as Airbnb), but with a long-term lease.
Simply rent a unit and lease it out to a tenant for a longer period of time, creating a profitable arbitrage. This can generate a significant amount of income if done correctly, and it requires very little capital.
Become a Notary
Are you searching for a way to add value to your skill set without having to invest time and money? In the United States, Notary Publics witness the signing of important documents, such as deeds, wills, and contracts.
Becoming a Notary public is an easy certification process, and its a skill that you can use to supplement your income while ensuring that legal transactions involving real estate documents are carried out efficiently and correctly.
Real Estate Investment
Now, let’s dive into real estate investment itself. Real estate investment covers a range of strategies and methods for generating income through real estate transactions.
The following are several techniques for real estate investment that you can start building your portfolio with:
Buy Rental Property
Investing in rental properties is a safe and reliable way to generate passive cash flow in real estate. With Roofstock, a platform that helps investors purchase single-family rental properties, acquiring a rental property is simple.
To obtain better rental income, Roofstock puts its properties through a rigorous certification process to ensure that they provide solid returns.
Flipping Houses
Have you ever watched HGTV and wondered how you could flip houses? Flipping houses involves purchasing a property at a low price, rehabbing it, and then reselling it for a high price.
This technique is more common for those who are experienced with real estate investing and can handle some form of risk.
Bird Dogging
For those who are not interested in buying property themselves, “bird dogging” is a technique wherein you find good deals and pass them on to real estate professionals. By partnering with money lenders or wholesalers, you can become a real estate side hustler without ever taking on any of the risks.
House Hacking
House hacking allows you to live rent-free by renting out a part of your home or property. To make the best of this side hustle, invest in a multi-family property so that you can rent out the other units and live for free in your own unit.
Become a Property Manager
Are you seeking an active role in real estate investment? Property managers maintain rental properties for landlords or agents.
This side hustle is a great opportunity for those who are interested in working within the real estate industry or for those who have experience managing rental properties.
Side Hustle as a Leasing Agent
Leasing agents are responsible for finding tenants for landlords or agents. With a real estate license, you can represent tenants, landlords, or property management companies to fill vacant properties.
This side hustle requires a bit of seat time, studying, and passing your state’s real estate license exam.
Rent Out Your Extra Space
Do you have space that you don’t use? Rent it out to generate some extra cash.
You can rent out your closet, garage, basement, side yard, shed, or attic with platforms like Neighbor.
Stage Homes
If you’re interested in home decor and design, creating aesthetic harmony within properties can be a successful hustle. Home stagers are at their best in visually enhancing a property to attract qualified buyers, which then increases the appeal of a sale.
Real Estate Appraiser
Do you want to be self-employed and conduct your business? Real estate appraisers analyze the value of a property and are an essential part of the homebuying process.
The requirements and the licensing exam vary from state to state but it’s a solid side hustle for those interested in statistics and logic who enjoy working independently.
Photograph Properties
Through your connections in the real estate industry, start taking photographs of residential and commercial properties. By presenting prospective buyers with well-staged, attractive imagery, you can increase your chances of selling your property faster through listing it online.
Drone Photography
If you have access to a drone and enjoy photography, you could branch out and try capturing footage of commercial and residential properties. With the help of your footage, appraisers and other real estate professionals can get a look at properties from entirely new angles.
Rent Out Event Space
Do you own any large properties that could be utilized for events? Rent out your space through platforms like Peerspace so that people can use it to host events such as weddings, birthday parties, or corporate meetings.
Takeaway
In this article, we’ve highlighted various real estate side hustles as well as investment strategies. With this knowledge, you can diversify your income and earn a decent side income, all while getting your feet wet in the real estate market.
From commercial real estate investing to flipping houses, there are opportunities for everyone looking to enter the real estate business. By investing in real estate, you can set yourself on a path towards financial freedom.
Real estate is a profitable industry, and this article has highlighted various real estate side hustles and investment strategies that can help anyone diversify their income streams. Readers have gained knowledge about eREITs, becoming a notary, and investing in rental properties and farmlands.
They have also learned about real estate side hustles like property management, leasing agents, and staging homes. The main takeaway is that there are numerous ways to generate income in real estate, and anyone can get started with a little capital and effort.
With the right strategy and commitment, investors can achieve long-term success and financial freedom.