7 Profitable Side Hustles in the Real Estate Field

7 Profitable Side Hustles in the Real Estate Field

4 min read
Scott Smith

Scott Royal Smith is an asset protection attorney and long-time real estate investor. His law firm, Royal Legal Solutions, helps thousands of real estate investors and entrepreneurs in all 50 states protect more than $1.2 billion in assets. Since 2014, he has published over 1,000 posts and articles on BiggerPockets and has appeared on hundreds of podcasts.

Experience
Scott fell in love with real estate when his commercial property investment allowed him to graduate from Albany Law School debt-free. He immediately began practicing at the trial and appellate court with the district attorney, placing him in the top 1 percent of lawsuit attorneys in the county in terms of professional experiences. He also worked in private practice, suing insurance companies for denying valid claims (which is surprisingly common!).

After his friend lost $3 million in real estate from a single lawsuit, despite having ample insurance, Scott dedicated himself to educating real estate investors on the importance of affordable asset protection, specifically when it comes to folk knowledge and misconceptions that still exist in the investment and legal community. The solutions Scott recommends for his clients are the same ones he originally created for himself and has been refining on his mission to help people protect themselves from frivolous lawsuits.

Follow Scott as he deconstructs the litigation game and shows you how to free your time, protect your assets, and create wealth that lasts for generations.

Press
Scott regularly appears on shows with folks like Grant Cardone, BiggerPockets, Entrepreneurs on Fire, Wheelbarrow Profits, and his own real estate investing podcast. He frequently interviews industry experts on his Facebook and YouTube accounts and has published thousands of posts and articles on BiggerPockets and his blog for real estate investors.

Education
Scott graduated from Albany Law in 2014.

Accreditations
He has passed both the Texas and New York bar exams.

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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.

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.

Virtual Assistant

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.

Related: The Easiest Way to Get Started in Real Estate (Gain Experience and Get Paid, Too!)

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.

man sitting at desk working on a computer

Airbnb Management

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.

Related: How to Make Extra Money (22 Part-Time Gigs & Side Hustle Ideas)

Wholesaling (Bird-Dogging)

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.

a couple going over business documents in a living room with an agent

Referral Fees

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.

House Flipper

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.

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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.