An investment or business that involves selling real estate is referred to as a real estate side hustle. It is a secondary gig that allows one to earn money while maintaining a full-time job. There are many ways to get into the real estate business, and it’s a great way to make money while maintaining your full-time job. Here are some great ways that you can start doing this side hustle immediately.
One can earn a livable income from real estate by investing in a public real estate investment trust, which is commonly referred to as a REIT. Unlike bonds and stocks, these types of REITs are traded on major exchanges and are good for investing in various asset classes. High-yielding REITs are usually focused on commercial real estate and healthcare sectors.
In house hacking, one takes a home’s existing components and rents them out to earn an additional income. This can be done by finding a roommate or letting someone use the basement or garage as storage space.
Short-term or vacation rental properties can be very profitable in certain areas. People from out of town typically look for an alternative to a hotel room, and they appreciate the experience of living in the local community. This involves signing a long-term lease for a house and profiting from the difference from renting it out for a week or month.
An active real estate investor is always on the lookout for deals that are not yet available to the general public. This is done through the use of bird dogs, which are usually hired by individuals who are out and about, such as drivers, delivery people, or anyone with spare time on their hands. These individuals can then keep an eye out for properties that meet their requirements. Depending on the type of deal, a bird dog can earn a commission or a share of the profits.
People who want to be in the field and have a regular job that involves them being out and about can easily join the house flipping industry. Being able to meet with multiple contractors and home improvement experts makes this a great opportunity for people who are passionate about their work. Although it can be very time-consuming and challenging, flipping a home can be worth it if the plan is executed properly.