As for most people, chances are that your current income isn’t quite enough, and like most people, you always strive for more. Especially at the moment, with the COVID-19 epidemic still raging across the world, an extra income might not be just a desire, but an actual and existential necessity. But, earning some additional money, while keeping your full-time job could be quite a balancing act.
So, if you are looking for an industry that is manageable as a part-time business, a real estate venture on the side might just be a thing for you. Here are some suggestions on how to get started.
How to Get Started with Real Estate as a Side Income
Little or no startup investment
If you have a limited budget or no budget at all, you should consider some of these options.
Virtual assistant
In case you don’t already know, a virtual assistant (or VA) is someone who helps out another real estate agent with things they can’t manage to do by themselves.
Some of these tasks can include:
- making appointments
- responding to emails
- managing a busy schedule
- maintaining property listings
- coming up with marketing material.
It is your job to make their business run smoother, but it is also an opportunity to gather valuable knowledge and real estate experience that can aid you in your future business ventures. Another benefit of this job is that you can do all of it virtually, without leaving your house.
Part-time real estate agent
Since it is a side business, you can consider a job as a part-time real estate agent. Make your own schedule arranging the working hours how you sit fit and keep in mind that it requires developed people skills and selling strategies.
However, even as a part-time job, becoming a real estate agent requires an investment of both time and money in order to obtain a necessary license, and starting your own company.
Whether you are new to the real estate world or a professional, starting a company can be rather overwhelming. Luckily, you can find help in the form of business consultants at creationbc.com.
A freelance writer
If you have experience with real estate but you decided to quit fieldwork, this is an ideal opportunity to share your knowledge by working as a writer for a real estate website, or by starting your own blog.
The main benefits of this job are having flexible working hours and the fact that you can do it from the comfort of your own home. It is something that most people look for in a side business.
Different investment options
In case you have some sort of startup capital and you are looking for a profitable real estate investment, there are various opportunities to increase your income.
Purchasing and renting a property
This is an efficient way of investing in a cash flow real estate. In the act of purchasing a property and renting it as an occasional vacation place, or a more long-term living or office space, you will have a regular cash income by collecting a monthly fee in a form of rent.
Other than occasionally dealing with tenants, this type of investment allows you plenty of free time, as it doesn’t require your around-the-clock attention.
It is a perfect opportunity to direct your focus to something else while receiving additional income in the process. Before diving into this business venture, research the current market place by checking out businesses such as Al Manal Property Development. The more familiar you are with the local real estate market place, the easier it will be.
Investing through real estate crowdfunding or investing in a REIT
Like renting a property, it is a passive source of income. That means, your money is invested in shares or a crowdfunding platform and you accumulate a certain amount of money on a regular basis (whether it is monthly, annually, etc).
During the past few years, more and more crowdfunding platforms have been created and some of them are available to anyone (not just accredited investors). The crowdfunding platform is most likely to produce income in either interest payments or dividends. Investing in REIT is perhaps the easiest way to generate income. All you need to do is choose a subsector and buy a share of the REIT.
Flipping a house
Simply put, it is about buying cheap and flipping it for a profit. But be prepared, since it’s a process that does require a certain amount of time and financial expenses.
The point is not only to buy an affordable property but to cut the renovation expenses to the minimum as well. One way to do that is to do some of the improvements by yourself (some things on the other hand are better left to the professionals).
If you are creative and enjoy these kinds of projects, this might be your kind of investment. As with a lot of investments, there is a certain risk to it, since there is no guarantee that you will be able to sell the property for the set price.
In this business, the more experience you have, the easier it will be to calculate and predict all the expenses and by that, the profit you can potentially make. That way any financial risks can be minimized.
As you can see, there are numerous ways to turn the real estate business into a side income. There is even an opportunity to turn this side job into a full-time real estate career that would be a better financial option than your current job. It is up to you to decide what option suits you best.