7 Famous Real Estate Side Hustles You Can Try

The pandemic has made a serious impact on household finances, leading people to find creative ways to make money on the side. Luckily, many fields offer popular and many side hustles. Real estate is one of them.

By definition, a side hustle is a side gig or part-time job you manage on top of your primary occupation. Side hustles are usually flexible and offer good earning potential, as well as growth potential. And the good thing is, whether you are looking for some additional cash flow or building long-term wealth, there’s a real estate side hustle that can help you make that happen. Here are some real estate gigs you might want to try:

 

1. Listing your property as a BnB

Now that travel has resumed, and the world has opened again, making your property rental accommodation is a good way to earn extra. List your homes on rental platforms. Of course, some guests are easier to handle than others, but the pros always outweigh the cons in this type of side hustle. This will work best if you have a second property or you have a vacation home in a tourist location.

You can also rent your second property. Data shows that single-family rent prices in the U.S. have doubled over the years, particularly in cities like Miami, Phoenix, and Las Vegas.

 

2. House hacking

The real estate market in the U.S. remains challenged, making affordability the number one issue in low home ownership. If you are starting with real estate investing, one of the best ways to make extra income is to ‘house hack’.

House hacking is taking part of a home you already occupy and renting it out to generate additional income. For example, you have a spare room in your home, and you want to rent it out, so you find yourself a roommate. That way, you get to divide expenses and even have some extra money to pay your mortgage in advance.

House hacking isn’t limited to rooms. You can house hack by renting out extra space in your property, like parking spaces, basement storage, and garage space. Space is a luxury for many Americans, and if you have that, leverage it to make some additional income.

 

3. Learning how to bird-dog

Bird-dogging is a concept that real estate investors use to define the act of keeping an eye out for properties that match an investor’s requirements. The term is a hunting term that refers to the dogs that sniff out where the birds are hiding in the bushes.

Knowing the art of being a bird-dog is a great way to find properties with maximum investment potential. It will also help you understand the market better, all while having a full-time job because this is a perfect side hustle that offers flexibility.

 

4. Real estate virtual assistant

The internet has come a long way from just providing information about anything. You can now perform jobs remotely like virtual assistants. A virtual assistant is someone who works for another person over the web by doing all manner of things, such as keeping schedules, sending reminders, and setting up travel itineraries. Real estate companies make use of virtual assistants, and you can be one.

As a real estate virtual assistant, you will track the firm’s schedule and help them meet their clients on time. You can also conduct virtual home tours for people who cannot go to the property area.

 

5. Investing in REITs

Investing in real estate investment trusts is an excellent way to diversify your portfolio outside of traditional stocks and bonds. REITs also offer an attractive avenue because of high dividend yields and long-term capital appreciation. As of 2021, approximately 150 million American own REITs through their retirement savings and other investment funds.

Millennials and Gen Zs now are smarter when it comes to managing their finances and safeguarding their income. Investing in real estate investment trusts is a good way to start their path to having extra income or recurring dividends. Who knows? If you keep on investing in dividend-paying REITs and real estate stocks, you might be able to utilize its yields for a down payment on your first home purchase.

 

6. Being a part-time real estate agent

 One of the biggest advantages of being a part-time real estate agent is the flexibility it offers. Usually, they can set their own schedule and work around other commitments. This makes it an ideal option for those who want to earn extra income while balancing other responsibilities, such as a full-time job or raising a family.

Another advantage is the commission-based income. Real estate agents earn a commission on the sale of each property they represent, so the more homes you sell, the more money you can earn.

 

7. House flipping

House flipping is when an individual buys a property, typically at a low price, with the intention of quickly selling it for a profit. The flipper may renovate or improve the property to increase its value and then sell it for a higher price. House flipping can be a lucrative side hustle for those who have the right skills, knowledge, and resources to find and purchase undervalued properties, make the necessary improvements and then sell them for a profit.

House flipping requires a significant amount of time, effort, and capital to be successful. It also requires a good understanding of real estate markets, property values, and the ability to identify properties with the potential for significant appreciation. Additionally, the flipper must be prepared to take on the risk of owning and managing a property, including potential financing, legal, and tax issues. However, for those who are able to flip houses successfully, it can be a great way to earn extra income and grow their wealth.

 

Final Thoughts

Side hustles are reputable ways to generate extra income and a very upright way to make ends meet for your family. Real estate offers many potential ways to earn more. All it takes is a little bit of research and a few investments, which will surely yield returns.

If you want to have a career as a real estate agent, you can start by doing it part-time. Most real estate firms don’t require their agents to work full-time, so even if you are still a college student, you can try getting into real estate. It’s never too late to get a slice of the real estate pie through these profitable side hustles.

You may also contact a real estate expert like Shorefront Investments to learn more. We buy and sell properties in various conditions!