7 Profitable Side Hustles in the Real Estate Field
Every day, you’re hustling. But maybe your hustle just isn’t enough to pay off those student loans. Or you need a few extra bucks to worry less about credit card bills. Or maybe you’re ready to buy an investment property but just need to scrape together a down payment.
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Or maybe you were furloughed or let go from your 9-5 because of the coronavirus pandemic.
It’s time for you to get a side hustle.
Close to half of all Americans have a side hustle. A lot of these side hustlers even have full-time jobs. But some are looking to leave that full-time job and start earning passive income while they live in Bali. If you’re looking to invest in real estate, side hustles can help you get there without making a drastic change to your lifestyle.
Don’t know where to start? Read on for a few suggestions.
Some of these side hustles require a little bit of cash to start. Others don’t. Some require a license and some training. Others require that you have great selling skills and killer connections in the industry.
But no matter where you are in your real estate journey, you can start making some extra with at least one of these side hustle ideas.
Digital nomads and side hustlers all over the world start out as a virtual assistant (aka VA). VAs don’t have to ever meet their clients in order to make money—they just do all of the tasks that the client is too busy to do themselves. In the real estate field, being a virtual assistant may include:
- Managing appointments
- Sending emails to clients
- Writing and sending personal newsletters
- Updating mailing lists
- Maintaining property listings
It’s not the most glamorous job, but it will give you a taste of what it’s like to work in the real estate field.
Content Creator/Real Estate Blogger
It is possible to make money writing a blog. One option is writing for an existing blog that pays writers. Another option is to start your own blog.
If you start your own blog, you’ll need to invest more time and effort in the beginning to generate readership and eventually make passive income. If you’re passionate about real estate, writing, and making an income on the side, it could be a great investment.
Granted, Airbnbs have been put on pause for the last couple of months. But as cities continue to open back up and travel resumes, the popularity of short-term rentals will rise again.
And you don’t have to own a property to make money off Airbnb. All you need is a property owner with some rooms to fill.
Not all property owners have the time to manage guests coming in and out of their rental every other day—even if it could potentially mean more money in their pocket. That’s where the Airbnb manager comes in.
Here’s how it works. You approach a property owner who is looking for tenants. You tell them that you’ll pay rent as an Airbnb manager. Throughout the month, you clean the property, welcome guests, pay the right insurance payments, and rake in the cash.
This is a great side hustle for someone who isn’t willing (or doesn’t have the funds) to make a down payment on a property.
There are plenty of ways to earn money in real estate without buying any property. In fact, you don’t even need a lot of cash to start a side hustle. Wholesaling is one of the least expensive ways to get into the real estate industry—you just need the skills and network to get started.
Here’s how it works. Wholesalers essentially act as a middleman and make some commission for their efforts. They connect sellers who need to get out of their place fast with buyers who want a good deal on a property. The wholesaler walks away a few thousands dollars richer—all for knowing how to make connections and make things happen.
Part-Time Real Estate Agent
Not all real estate agents make this job their whole hustle. A few showings on the weekend could be the key to that extra cash you need for a luxury vacation or a down payment. Plus, there's no better way to get to know your local market than to become an agent.
Of course, you will need to put in a bit of time, effort, and money to make this side hustle work. Fortunately, it’s a career that will always catch you if you need some extra cash.
If you have a real estate license, you have more opportunities to earn money from side hustles. One of these opportunities is making referral fees. Like wholesaling, you have to have a good network and eye for opportunity to make this work.
Let’s say you have a client who is looking to move to a new city or state. You aren’t licensed to help them find their dream house in that particular market. Luckily, you know just the agent who is. In exchange for your referral, you get a cut of the agent’s commission.
Like real estate agents, house flippers can make this hustle a lifestyle. If you have access to the right contractors, however, you can make this a hands-off project that still rakes in money. Knowledge of the market and an eye for the latest design trends will also help you out here.
We've all seen house-flipping shows on HGTV, but just because you've seen a surprise cost doesn't mean you're fully prepared. Make sure to team up with experts in construction, real estate agents, and legal services providers to help you make the best decisions on flipping.
The Bottom Line
You can spend as much or as little time earning income through these side hustles—just know that you will get out what you put in. If you’re interested in any of these particular gigs, reach out to people who are already making money doing it. A quick cup of coffee and a chat will help you determine whether it’s the right hustle for you.
Any unique side hustle ideas you’d add to the list above? Do you have a side gig? What’s your experience been like?
Weigh in with a comment below.