A recent survey by Bankrate.com revealed that half of Americans in regular employment are involved in side hustles. Due to low or stagnant wages, many people have been forced to find an extra source of income such as:
- Selling items on craigslist or eBay
- Working as a Lyft or Uber driver
- Selling services on Fiverr
- Selling services on Upwork
- Using TaskRabbit
- Teaching a language
However, the best side hustle for making a good return on investment is real estate. Engaging in a real estate side hustle can make you hundreds or even thousands of dollars every month. Wondering how to make money on the side in real estate? Here are some ideas:
Real Estate Side Hustle #1. Bookkeeping
If you are numbers-oriented and detailed, real estate bookkeeping would be an ideal side hustle for you. Real estate investors might require a professional to keep track of their rental incomes, security deposits, and rental property expenses. If you have the qualifications and experience, they are likely to hire you on a part-time basis. Since property owners will always want to monitor their financials in order to boost profitability, bookkeeping could end up being a long-term gig.
Real Estate Side Hustle #2. Part-Time Real Estate Agent
Real estate agents help clients buy, sell, or rent properties. They advise clients on legal requirements, mortgages, property prices, housing market conditions, and related matters. Agents also help prepare documents such as leases, deeds, closing statements, and purchase agreements.
Working as a part-time real estate agent can be a very rewarding side hustle. However, you will need to be licensed first before you start making money in real estate as an agent. Licensing requirements vary from one city and state to another.
To increase your visibility to real estate investors and homebuyers, claim your free agent profile at Mashvisor.
Real Estate Side Hustle #3. Wholesaling Real Estate
Wholesaling real estate involves working as a middleman between buyers and sellers. Wholesalers look for people selling property and agree to find a buyer for them quickly. Once they have signed a purchase agreement, they will look for a willing buyer and assign the agreement to them. When payment is made, the wholesaler is paid a commission.
Real Estate Side Hustle #4. Become a Notary
Becoming a notary is one of the easiest side hustles in real estate. A notary is basically someone who is authorized to serve as an impartial witness during the signing of legal documents. When a document gets notarized, it is considered to be valid according to the law. To become a notary in the US, you must be above 18 years of age, be able to speak English and be a legal resident of the state where you live.
Real Estate Side Hustle #5. Airbnb Host
If you have an unoccupied room or space, consider becoming an Airbnb host. The space can be a condo, single family home, boathouse, cottage, or even a treehouse. All you need to get listed on Airbnb is a great description and clear photos. You can host whenever you want, set your own price, and establish rules for guests. Keep in mind that anytime you have guests, Airbnb will take a small commission. Also, if you are a tenant, first get your landlord’s approval before listing on Airbnb.
Ready to become an Airbnb host? Read our guide on how to become an Airbnb host in 2020.
Real Estate Side Hustle #6. Airbnb Property Management
If you don’t own a rental property or have a spare space, you can still make money as an Airbnb property manager. Your roles as a property manager could include setting an appropriate price, listing the rental, welcoming guests, cleaning the house, and handling maintenance. Airbnb property managers are usually paid a percentage of the rent paid by guests. This could mean significant earnings for a rental with high Airbnb occupancy rates.
For Airbnb property management to be a side hustle, you will want to stick to managing one Airbnb rental. It should also be for a rental property whose owner only rents out from time to time. Otherwise, it may become a full-time job rather than a real estate side hustle.
Real Estate Side Hustle #7. Property Locator
Becoming a property locator is one of the best real estate side hustles. A property locator is an individual that helps real estate investors find great deals. If you have the right tools and techniques, you can make a lot of money as a property locator.
One of the best tools you can use to find investment properties is Mashvisor. First, you’ll want to use Mashvisor’s real estate heatmap. With this real estate investment app, you can analyze different neighborhoods in the US using metrics such as Airbnb occupancy rate, cash on cash return, rental income, and property listing price. This will help you find a good place to start your search for real estate deals.
After finding a good location, you can use the rental property finder to identify suitable positive cash flow properties using filters such as budget, type of real estate, rental strategy, and number of bathrooms/bedrooms.
The last step is to analyze different investment properties for sale to figure out which would be the most profitable. You can use Mashvisor’s investment property calculator to estimate the expected returns from real estate deals. Here are the figures you will get for any property in the US housing market:
- Rental income (traditional and Airbnb)
- Rental expenses (traditional and Airbnb)
- Cash on cash return (traditional and Airbnb)
- Cap rate (traditional and Airbnb)
- Cash flow (traditional and Airbnb)
- Occupancy rate (traditional and Airbnb)
You can even input the investor’s amount of down payment and financing method to personalize the analysis and then share a PDF analysis report with your client.
Real Estate Side Hustle #8. Content Writing
Wondering how to make money online in real estate? Consider becoming a real estate content writer. Many real estate companies understand the importance of having a blog to help buyers, sellers, real estate agents, property owners, and property managers. Becoming a freelance writer for real estate blogs can be a very rewarding side hustle. You can work from the comfort of your home and set your own schedule.
Real Estate Side Hustle #9. Social Media Consulting
Social media has become a very powerful marketing tool. Real estate professionals and companies are always looking for ways to advertise through platforms such as Twitter, Instagram, Facebook, and YouTube. If you have the skills and experience, you can offer services such as creating graphics, writing social media posts, and running sponsored campaigns.
Real Estate Side Hustle #10. Virtual Assistant
Real estate virtual assistants help handle routine tasks such as:
- Making and receiving phone calls
- Responding to email inquiries
- Managing personal and work calendars
- Filing documents
- Keeping listings updated
- Handling property showings
Working as a virtual assistant will help build your administrative, marketing, research, and interpersonal skills.
These are just some real estate side hustles. With time, these part-time gigs could end up being full-time real estate careers. But for now, they are a great way to start earning money on the side in real estate in 2020.