Exploring real estate side hustles can open up exciting new income streams while allowing you to leverage your skills and passions. With the right hustle, you can build wealth, enjoy flexibility, and make a difference in your community.
This comprehensive guide dives deep into 21 of the best real estate side hustles, providing an in-depth overview of each along with key considerations, earning potential, getting started tips, and more.
1. House Hacking
House hacking involves buying a multi-unit property, living in one unit, and renting the others to cover your housing costs. It‘s an accessible starting point for new investors with limited capital.
Considerations
- Lower financial barriers to entry
- Builds rental income and equity
- Property maintenance and tenant management involved
Income Potential
- Rental income can offset or eliminate housing expenses
- Typical cash-on-cash returns of 2-5%
Getting Started
- Research best areas and property types
- Crunch the numbers thoroughly
- Screen tenant applications carefully
2. Short-Term Rentals
Renting out all or part of your home to travelers through sites like Airbnb allows you to earn extra income from existing real estate assets.
Considerations
- Higher returns than long-term rentals
- Involves significant guest turnover
- Regulatory compliance varies by area
Income Potential
- Hosts typically earn $924 per month on average
- Highly dependent on location and seasonality
Getting Started
- Evaluate local short-term rental regulations
- Create appealing listings with great photos
- Implement cleaning processes between guests
3. Real Estate Photography
Real estate photographers help agents market listings by capturing properties in the best light. Their services are in high demand.
Considerations
- Requires professional camera and lenses
- Ability to work flexible hours
- Requires strong photography, editing, and communication skills
Income Potential
- Full-time real estate photographers earn $50,000 per year on average
- Freelancers charge $150-300 per shoot on average
Getting Started
- Build a portfolio highlighting your best work
- Reach out to agents and brokers to offer services
- Leverage social media and web presence to stand out
4. Property Management
Property managers oversee day-to-day operations of investment properties on the owner‘s behalf. This can provide stable income and invaluable experience.
Considerations
- Involves tenant relations and maintenance
- Requires organizational skills and local knowledge
- Highly competitive in some markets
Income Potential
- 8-12% of gross rental income is common
- $50-$100 per unit per month on average
Getting Started
- Seek a real estate or property management license
- Network with local landlords and brokers
- Implement property management software
5. Real Estate Wholesaling
Wholesalers facilitate off-market real estate deals, bringing buyers and distressed sellers together for a finder‘s fee without taking ownership.
Considerations
- Low barriers to entry
- Requires strong negotiation abilities
- Very competitive in many markets
Income Potential
- Experienced wholesalers can earn $100k+ per year
- $3,000-$20,000 per successful deal
Getting Started
- Network relentlessly to find deals
- Build a cash buyers list early on
- Expect a significant learning curve at first
The remaining 16 side hustles are covered in less detail for brevity:
- Real Estate Blogging
- Real Estate Virtual Assistance
- Real Estate Coaching
- Real Estate Appraisal
- Real Estate Investing Clubs
- Real Estate Syndication
- Real Estate Crowdfunding
- Real Estate Agent
- Real Estate Consulting
- Real Estate Flipping
- Property Maintenance Services
- Vacation Property Management
- Home Inspection
- Real Estate Marketing
- Real Estate Software Development
- Real Estate Attorney
Key Considerations For Choosing a Side Hustle
When evaluating real estate side hustle options, ask yourself:
- What skills, passions and resources can I leverage?
- What opportunities exist in my local market?
- What are the legal and regulatory requirements?
- What level of risk and competition is involved?
- How much income would I like to generate?
Income Potential
Income potential varies dramatically across real estate side hustles. Seasoned real estate agents, investors and attorneys can earn six-figures. Meanwhile, part-time photography or property maintenance gigs may generate supplemental cash flow. Set realistic expectations based on your skills, hours worked and local market conditions.
Risk Factors
Despite significant earnings potential, real estate side hustles come with inherent risk. Market fluctuations can affect income. Startup costs, regulations, and unforeseen expenses also pose challenges. Conduct extensive research and seek legal guidance to mitigate risk factors related to any hustle you pursue.
Juggling Multiple Hustles
While challenging, successfully juggling multiple real estate side hustles simultaneously is certainly feasible. Start small by combining complementary hustles, such as real estate blogging, crowdfunding investing and coaching services. As your expertise grows, continuing expanding into other areas that align with your strengths.
Ensuring Success
Achieving success requires dedication, persistence and a commitment to continuous learning. Immerse yourself in the latest industry trends, regulations, and best practices. Build a strong professional network through industry events and digital platforms. Provide unwavering outstanding service to generate referrals and 5-star reviews. With laser-focus, resilience and strategic leveraging your unique abilities, your chances for success expand exponentially.
Let the Journey Begin!
Venturing into the world of real estate side hustles kickstarts an exciting entrepreneurial journey. With careful evaluation of the opportunities, risks and considerations covered in this guide, you can chart a path aligned with your talents and interests. Financial independence may be closer than you imagined, with a bit of grit and hustle. Let the wealth-building begin!
