A lot of you who are getting your foot in the door of real estate investing have asked me if there are other ways of earning money in real estate while they’re still seeking that first investment property. Or maybe you’ve done your first deal and would still like to be around the industry while you’re looking for your next opportunity. Working in real estate while you’re sizing up your next opportunity has several advantages. Obviously, there’s the revenue you earn from these side hustles, but you’ll also be gaining more knowledge about real estate investing and expanding your network of industry professionals in the process. So, what are some good real estate side hustles?
Mortgage Notary
A notary is someone who screens the signers of important documents for their true identity, their willingness to sign without duress or intimidation, and their understanding of the contents of the document or transaction. There are a number of documents that require a notarized signature – such as property deeds, wills, and powers of attorney – and only a notary can do this. A mortgage notary signing agent is a notary public who specializes in the process of obtaining and notarizing the signatures of all the relevant parties on real estate loan documents upon closing. Lenders rely heavily on competent mortgage notary signing agents to complete the signing and notarizing portions of the loan transaction in a professional, reliable and accurate manner.
Property Management
If you’re planning on owning an investment property, working as a property manager first will give you a good way of learning the ins and outs of owning a building. It’s a great way to learn about the nuts and bolts of owning a rental property as well as great practice for when you have your own tenants. You can learn about maintenance and upkeep, what type of personnel you will need, and what tenants will want, among many other things.
Airbnb management
There are many different types of arrangements you can strike with Airbnb owners. While some Airbnb owners may just want someone who will make sure the residence is clean and tidy for the next guests, you could also offer to market their Airbnb for a percentage of the business you generate. This will be valuable practice for you when you have your own investment property. Whether you decide to Airbnb your property or rent it to year-round tenants, your experience with marketing a property will come in handy when it’s time to drive interest in your own property.
Real Estate Agent
OK, we know that we’re stretching the idea of “side hustle” here a bit. Becoming a real estate agent isn’t what people typically think of when you mention a side hustle. Yes, you need to take a class, study, and pass an exam to receive your real estate license. But once you’re up and running, you can set your own schedule, and decide how much work you’re willing to put into it. Also, having a real estate license will serve you well as a real estate investor. You will gain access to more deals and your contact network will expand along with your business knowledge. You can also work as a virtual agent – specifically, a virtual inside sales agent. Real estate agents have been using the services of virtual inside sales agents. These virtual ISAs respond to inbound leads, conduct a quick intake process, and set appointments.
Not all side hustles are created equal. Some of these require more effort than others, but each offers excellent learning and networking opportunities.
