Last week I wrote a post on 4 side income streams to sustain you as you pursue real estate investing full time.
The response was great and I realized that this is an area that people in our community have a lot of interest in and it doesn’t get explored very often.
So this week I wanted to take a little spin off and add 4 more side income streams to help you as you pursue full-time investing , but this time they’re all in the context of real estate.
You see, I believe that there is no better way to learn something other than full emersion.
If you’re going to learn a language move to a country for 6 months where you don’t have access to anything except that language.
If you want to learn a skill, disappear for a couple months and do that skill for 10-12 hours a day, 6-7 days a week and then come out a master.
In real estate it’s the same thing:
If you’re going to become a master of real estate investing, learn how to make money in real estate as you pursue it!
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
4 “Real-Estate” Side Income Streams
So the following are areas you can generate sustainable revenue from while pursuing full time real estate investing, enabling you to continue to learn and grow your experience in the industry.
1. Assistant Property Manager
Many times property managers are looking for part-time (10-25 hour a week) assistants to help with the ongoings of their workload.
This is an incredibly awesome way to pick up tips and tricks of the industry as well as learn the tenant laws of your region.
This could very easily be a great fit for you, providing some side income, some valuable experience and still giving you the majority of your time to focus on your investment goals.
To become an appraiser, it does take a little bit of a hassle to get things set up, but once they are, you’re looking at making $200 – $400 per appraisal!
This one definitely takes a time investment, but again, once you’re set up, if you just did a few a week you could be working less than 10 hours and making a decent income!
To go on a side rant, sometimes we have an approach to real estate, or anything for that matter, that is very “microwave” in that we think it will happen instantaneously.
To be frank, this mindset will cause you to fail.
You see your approach to real estate has to be, “I will go after this or die in the pursuit of it,” and that looks like investing in your dreams for the long haul.
What if you became an appraiser, and it took you a year or two to do it, but afterwards you could appraise part-time and focus on investing or flipping full time while not having to worry about money?
Saying, “Oh I don’t have time for that!” Isn’t a good approach my friend! Better to prepare than to run thin and quit.
As a Christian, I can point to Jesus as a good example (don’t worry I’m not going on a religious rant lol just bare with me!). Whether you believe he is the son of God or not, no one will deny that he was an influential figure in history.
Did you know he accomplished everything that made him influential in only 3 or so years?
His entire life he spent preparing and then roughly around the age of 30, he began his ministry that ultimately changed the world, and many scholars estimate that his crucification happened around age 33.
What if your life looked like that? What if it took 10, 15 or even 30 years of preparation, but once you were ready, you reached all your goals in an insanely short time there after, because everything was set up for you to make it happen?
I think it’d be totally worth it, and it’s exactly what I’m doing in my own life.
So yea, enough of the rant… movin’ on!
3. A BPO Professional
Similar to being an appraiser, but with a lot less overhead hassle, becoming a person who can give BPOs for banks and other financial and real estate related institutions can become a very lucrative, yet simi-passive income stream. The cool thing is it only takes 10-15 hours of training to get certified!
Related: Short Sales – How to Manage the BPO
The one big catch with this is that you will need to have your real estate license in order to do it, which really wouldn’t be a bad investment at all.
Being licensed opens the door to a lot of extra income opportunities, like double-closing, being able to negotiate holding the listing, having access to more resources and exposure etc.
Again, if investing in real estate is what you want to do in the long run, why not put the time into prepare, making the accomplishment of your dreams a lot easier and feasible?
4. A Stager
Becoming a stager is something you can do right out the gate, without any professional experience (though it will be easier to sell if you get a certification or have a track record of some kind).
It can be very fun and very lucrative and because it is project based, you can organize your schedule to where it’s still very part time.
In my opinion if this is something you want to do part time, it’s best to take a cut out of your bottom line and simply rent your decor and furniture. There are a ton of suppliers out there and if you went the certification route I’m sure you’d find out everything you’d need to know about getting those connections set up.
So there you have it!
Guys, the point of both this and last week’s posts are to help you get creative about your financial situation. In Rich Dad, Poor Dad, Rich Dad says the rich don’t have “I can’t.” in their vocabulary. No, they approach life and their situation with a “How can I?” mentality.
Is there anything you’d add to this list? Let’s make the comments better than this post -eh!?
Be sure to leave your comments below!