Wed. Jun 19th, 2024

When people think of side hustles, they think about making money in their spare time. Real estate side hustles are perfect for that. For example, you may start a Gatlinburg Airbnb rental and earn a significant income. Here, knowledge and sales skills are the best capital to push you to success.

The best part is that even a small investment may lead to long-term profits. If you have no experience, it’s even possible to earn and learn simultaneously.

Still, it would help if you learned as much as you could about the real estate market. With that knowledge and the advice in this article, you are ready for success!

Skill Set

Side hustles require a skillset. Base your skillset on sales, flipping property, negotiation, market analysis, and property management in real estate. It becomes easier to work with real estate when you know how to trade in real estate markets.

Without these skills, you may believe that you have to own a property to profit from real estate. That’s far from the truth since you can flip or manage properties or help others buy.

It all ties together in your ability to move around, network, and sell. So, an entrepreneurial mindset is crucial if you want to make money consistently.

Get to know people in the local network. Listen to their needs and help them get what you want. It works every time, and it works even better when you know you can help them.

Airbnb Rentals

Owning a property is the best way to start real estate side hustles. You can list that property as a rental and build your income stream. Or you can use that property and get a mortgage loan for another and double the income.

You can use many strategies to buy an apartment for Airbnb rentals. Then, market the rental and bring as many guests as possible. You can get a taste of the hustle if you list a spare room in your home on Airbnb.

Difficulty: Easy if you have basic hospitality and property management skills

Skills: Hospitality, property management

Investment: Anywhere from $1,000 to $20,000

House Hacking

House hacking is like a twist on traditional Airbnb rentals. Instead of renting out the whole apartment, you turn a part of your house into a rental space. The advantage of house hacking is that it’s inexpensive compared to buying a property on a mortgage.

But, that could be another strategy to consider. You can take a mortgage loan and buy a multi-house unit property. Then, you can rent other house units and live in one. While you have a leading source of income, you cover the mortgage payments and turn a profit.

Difficulty: Medium, requires renovation skills like fixing a kitchen or decorating a bedroom

Skills: Renovation, property management, landlord skills, negotiation

Investment: Anywhere from $3,000 to $40,000, depending on your real estate portfolio

House Flipping

House flipping has a high earning potential. But, it takes basic entrepreneurial skills and capital to make it work. Flipping houses means finding a property, renovating it, and selling it at a higher price.

It’s the most challenging side hustle on the list. House flipping requires an understanding of the real estate market and an active network. You have to know how to appraise a property and negotiate a better price for it. Then, find a buyer, refurbish it, and sell it to them for a profit. That takes actual skills and experience in real estate.

Difficulty: Medium to Hard, requires experience on the market and entrepreneurship skills

Skills: Market analysis, investing, sales, negotiation, networking, property management

Investment: At least $50,000

Bird Dog

Bird dog is a potentially lucrative real estate side hustle. It’s a perfect side hustle if you want to spend the least time on it. And, it requires no investment since you’ll be earning commission on properties you recommend to buyers.

While it sounds simple, finding sellable properties is another matter. To hack your success with a bird dog, create a network of sellers and agents and trade information. Then, you can scout properties faster and forward them to buyers for commission.

Difficulty: Easy, requires a basic understanding of real estate

Skills: Market analysis, negotiation, sales

Investment: None

Real Estate Agent

You can work part-time as a real estate agent. Some states allow you to work without a license, or you can get one for $1,000. Enter the market and sell real estate.

The real estate agent is an excellent side hustle since it allows you to work and earn as much as you want. You can network with real estate companies or other individuals and earn commissions. Even as a part-time real estate agent, you can make a full-time income.

Difficulty: Medium, may require a license and requires real estate market understanding

Skills: Market analysis, sales, negotiation, networking

Investment: You may need a license that costs $1,000

Make Profit from Real Estate Side Hustles

So, these are the highest-paid real estate side hustles. And, to make things even better, you can try some of them without any upfront investments.

To succeed, you need a passion for the real estate business. If you have that, developing sales skills and network will be a piece of cake. Give it a try!

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