There are a lot of wholesalers out there with full-time jobs who want to quit but need extra money to stay afloat while investing in real estate.
Well, today, let’s explore five side hustles that will allow you to generate income while investing in real estate.
Check it out!
How to Analyze a Real Estate Deal
Deal analysis is one of the best ways to learn real estate investing and it comes down to fundamental comfort in estimating expenses, rents, and cash flow. This guide will give you the knowledge you need to begin analyzing properties with confidence.
5 Side Hustles to Help Sustain Newbie Real Estate Wholesalers
1. Become a real estate agent.
Now sometimes people say negative things about becoming a licensed real estate agent, but I honestly think it’s a great idea because you can make commissions on the side while helping friends and family buy and sell properties. You can also buy and sell houses yourself and earn a commission.
Plus, getting your real estate license is one of the best things you can do for your wholesaling business because it gives you credibility. Motivated sellers will trust you more—and plus, it gives you access to the MLS.
Related: 5 Tried & True Ways to Land Deals as a Wholesaling Newbie
It’s just a great way to make extra income within the real estate industry!
2. Work for an established real estate investing company.
Now, this is something I actually did. I was paid 100 percent commission for a land development company, and I was tasked with finding large pieces of land. I also worked for a wholesaling company where I would help sell their houses for a flat fee.
I did that for about a year and a half, and it really helped me gain confidence in real estate investing. At one point, I was actually making more money on the side than I was making in my wholesaling business, so I decided to work full-time for the other real estate investing companies for a while.
Guys, there’s absolutely no shame in working for another real estate investing company. Plus, it allows you to get your feet wet before jumping into it head on.
I know a few individuals who aspire to wholesale real estate full-time, and many of them work for my company for 2 to 3 years and learn everything before going out on their own.
3. Try out freelancing work.
There are so many websites out there that hire freelancers for work. The most popular sites are Fiverr and Upwork, and you simply offer whatever your skill you have, whether that’s writing or editing articles, editing podcasts, designing logos or websites, doing work as a virtual assistant, etc.
You simply express interest in the job listed, and if you’re selected, they’ll pay you on a project-by-project basis. This is a really cool way to develop a side income because it’s practically automated on Upwork, and you literally just click, submit applications, and eventually, if you submit enough applications, someone will contact you for a gig.
You can also freelance as a bird dog, where you find deals for other wholesaling companies and charge a fee.
4. Create your own schedule and work independently.
There are tons of independent companies out there where you can create your own schedule.
Technology has made it so easy for anyone to become entrepreneurs and work for themselves these days. You don’t have to go to stressful job interviews at large corporations wondering if you’re going to get picked over the other hundreds of applicants.
Related: 3 Feasible Ways to Start in Real Estate Wholesaling as a Complete Newbie
For about eight months, one of my colleague’s primary source of income was Uber. Now, it depends on your market, but if you’re near a large city, you can actually make a good $200 to $1,000 a week.
It’s pretty awesome!
5. Get a part-time job.
I listen to Dave Ramsey’s show quite a bit, and he talks a lot about hustling by getting a part-time job.
Now, there’s always the rags to riches story of, “I just quit my 9-to-5 job and pursued real estate investing, and I did 125,000 units a year!” and that’s great, but many people out there simply have to hustle and get a part-time job to take care of their family.
These are just few ways you can make an extra income while you’re getting your real estate investment business off the ground!
Question: Do you have a side hustle?
Share below in the comments section!