Really could use some suggestions here. I read a few blog posts about it, but still I am trying to get into real estate with limited funds while working a 9-5 M-F job. So I want to figure out how to make an extra couple hundred bucks a week in something real estate related so I can get exposure and some new experience while not having to jump in the deep end, and can do something part-time. Before you tell me to go drive for Lyft or Uber, I currently cannot because I have an old car because it's paid off.
Ultimately, I rather do something to get my feet wet of getting into real estate, and at the same time make a few extra dollars. I read one article that suggested getting a RE license and then pursue BPO cert? Any suggestions outside of donating blood are most welcomed. I figure if I could consistently chip away at something that makes extra income and just save it all then I could put something together in a few years. Also presently house hacking is not an option. Thank you for any suggestions.
Hey @Matthew Runfola . I think you're asking the right questions for sure! I think you're right to look at finding something related to RE so that whatever your side hustle is, gets you closer to your ultimate goal of increasing your proficiency in RE.
One thing that I have seen as a good option for those of us with 9-5 jobs is to make cold calls for wholesalers or other Investors. It's not the sexy part of the job, but there are a few very key benefits of it. A) You can generally make the calls on your schedule, meaning evenings and weekends are on the table, and B) it gets you experienced with talking to sellers. The second thing is so critical and something that I think takes a lot of time to master. If you can get good at talking with sellers on other people's deals...you'll be more than ready by the time you get around to looking for deals of your own!
Obviously there are a lot more ways to make money in RE while you are still working a full time day-job. But this is just one thought. Hopefully that's helpful!
What about working for a property management company part time? That would be a great way of getting exposed to properties and some common issues that landlords/owners deal with.
We are in a very similar boat! I work in Newport Beach but live 2 hours away in the valley just to save and invest. Even after that it is so slow moving it can drive you crazy!
Really it depends on your time available, life skills, and drive but just a few ideas off of the top of my head:
- Had you looked into freelance work? Like signing up for elance or upwork where you can do writing, blogging, assistant work in real estate, etc
- Many in this business are wholesaling and driving for dollars on the side, in the areas they plan on investing in.
- Etsy and Artfire selling hand made or custom items
- Ebay stores selling items you find in your area that others can't find or get easily
- Create a blog discussing something you are good or passionate about for advertising income
- Start a youtube channel for advertising income
- Start a services based business doing something you are good at and advertise on Craigslist
- Check the Craigslist gigs area for one time quick gigs you can get that work around your schedule
- Uber or lyft as a driver
- House hack, or buy a house and rent out all but your room
- While saving move your money from bank to bank to gain their 3 or 6 month bonuses like $300 bonus for holding your money in their savings for 90 days, then move it to the next bank offering that.
- Sell everything you are no longer using
- Sell photographs to stock photo websites like istock, depositphotos, etc
- Buy pallets of overstock/returns to ship and have Amazon sell
- Build websites for companies using wordpress
- Offer to maintain the social media for all business owners you know, and take a monthly fee for some extra facebook and twitter time.
- Become a long distance digital assistant for some REI investors that need you to analyze deals, juggle calls, etc allowing you to learn along the way
Of course any job working in the industry you are looking to get into like an working with a realtor, investor, broker, mortgage agent, etc would be preferred since it gives you further advantages in future investments.
Let us know what you decide to do!
Do you have any construction experience?
Find a GC who will mentor you and show you the ropes. It probably won't pay much, or at all if you have no experience, but its a huge investment in your future. Managing and maintaining contractors within budget, scope, and schedule is something you have to learn by doing. Reach out to a few and find one who will take you under their wing.
If you're feeling altruistic, another way to learn and get construction experience is to volunteer for non-profits like Habitat for Humanity.
"A nonprofit organization that helps people in your community and around the world build or improve a place they can call home."
Fulfillment by Amazon. Not RE related but can be a nice side hustle. Basically, you're buying items from China (Alibaba) and reselling them with FBA. There are a ton of resources on how to do this online.
@Brandon Reed Thank you for responding and proving your input. I am considering this as an option. However, I want to hear if there were different angles to approach getting in slowly but surely. What kind of investing do you do?
@Ryan Proffit I appreciate this approach, and it's something I may consider, but not sure if it is an option from where I am at. On the other hand, I think I need to research to see if it would be viable to get started. Thank your for your response.
@Com M. Wow! Thank you Com M. for the response here because these are some great suggestions. Some are definitely appear more plausible than others, and I am definitely going to consider each one in relation to the merits and my situation. Overall I greatly appreciate you gave me many options to think about. Do you do here in Southern California, buy and hold, wholesale, etc? If so, it apperas you invest in your market out in the Murrieta area? Feel free to respond via direct message. Thank you again.
@Bo S. I do not have any construction experience. Unless you count putting together some Ikea furniture. I am not sure how my prospects would be to get into the general contractor side, but I really like the idea of it. The nonprofit approach short term wise could get me in touch with people that could open doors. However, I could not sustain that long term just because my objectives are to make some side cash as I get some experience as well in relation to my time availability. Overall, I dig your outside of the box perspective here.
Thank you everyone. I have a lot to consider now, and that's what I was looking for. Again huge thank you to everyone's input!
You say you don't have much to invest, do you currently own your own property? Also, as
@Matthew Runfola mentioned, he invests in areas outside of the normal LA/Orange County because it's easier to get in to start investing. Have you thought about investing out of state?
If its real estate you want to get into... I really like TRANSACTION cordinator.. NON licensed.
you work for top producing agents and cordiante their transactions.. following critical dates making sure contracts are all signed and dotted.. following up on EM deposits following up on lenders apprasiers inspectors etc etc.
you get to learn the business from the business side .. if its real estate you really want to do.
My wife pays 400.00 a file and closes about 30 a year.. so thats 12,000 she pays and she is just one agent a good transaction cordinator will have 10 to 20 agents.. they are in high demand. Make more money doing this than most any other non licensed acitivity and certainly more than trying to buy a rental here or there.
@Travis Rasmussen Currently I don't own any real estate. I have considered the out-of-state option. I need to do more research on it because it's a tad bit intimidating to do something where I cannot be there consistently in some manner. Especially for a first deal. Thank you for your input. Do you do you're own investing? If so what kind, is it local or out-of-state? Please feel free to direct message me. Thank you again.
@Jay Hinrichs Awesome suggestion. I am definitely going to look into that. I greatly appreciate it.
@Matthew Runfola , I must have missed this the first time around but why is house hacking not an option?
@Travis Rasmussen Great question. Well the simple answer is at this time my fiancee is not open to the idea of house hacking our first purchase for a home. Otherwise I would be all over it.
Landscaping. Advertise to small investors looking for grass cutting and minor garden upkeep.