Side Hustle Ideas in Real Estate: Make 6 Figures a Year

Carrol Strain

5 months ago

side hustle represented by a photo of the Singapore harbor after dark

Featured image by Engin Akyurt via Pixabay

Uncertain economies call for individual financial stability, and these side hustle ideas in real estate provide it.

But a side hustle means more than simply earning cash. Additionally, it fosters freedom, self-sufficiency, and passionate pursuit. Moreover, it nurtures skills and creates a safety net. As Gary Vaynerchuk emphatically advises, “Invest in yourself. Learn more, earn more.”

In the following article, we explore seven amazing side hustle ideas in real estate that have the potential to make six figures in a year. So let’s dive right in.

1. Own Residential Property and Rent It Out

To begin with, this side hustle idea is pretty straightforward. You purchase a property within your financial means, rent it out, and then sit back and watch the income trickle in.

Easy-peasy.

For example, Singapore is one of the most lucrative destinations for rental business right now. People are turning markedly huge profits yearly simply by investing in condo properties there. Moreover, with the high demand for housing in the country, owning a condo and renting it out is offering huge passive income streams in the country right now.

To get started, check out this Continuum condo development right now. It’s so affordable that just about anyone can afford it.

The benefits of owning a rental property as a side hustle include:

Generating passive income
Building equity and wealth through property appreciation
Tax deductions for expenses related to the rental property
Opportunities for long-term financial stability

Follow these tips for successfully managing rental property as a side hustle:

Screen potential tenants thoroughly
Maintain regular communication with tenants
Conduct regular maintenance and repairs
Stay up to date with landlord-tenant laws and regulations
Have a financial plan for managing expenses regardless of potential vacancies

2. Become an Airbnb Host as a Side Hustle

Airbnb hosting is a popular side hustle that involves renting out a room, apartment, or home to travelers and visitors through the Airbnb platform.

As an Airbnb host, you can earn extra income by sharing your space with guests who are looking for affordable and unique accommodation options.

The benefits of Airbnb hosting as a side hustle include the following:

Flexibility in terms of hosting schedules and availability
The ability to earn passive income through short-term rentals
Exposure to people from all over the world
Opportunities to meet new people and learn about different cultures

To become a successful Airbnb host consider the following tips:

Set competitive prices that reflect the market and the quality of your rental
Provide excellent customer service and hospitality to guests
Keep the space clean, organized, and well-maintained
Create an attractive listing with high-quality photos and detailed descriptions
Finally, respond promptly to guest inquiries and requests

3. Consider Real Estate Investing

Real estate investing is a side hustle that involves buying, owning, and managing different types of properties. Obviously, its aim is the generation of capital gains.

Real estate investing has the potential to make six figures in a year through various strategies such as:

House flipping
Rental property ownership
REITs (Real Estate Investment Trusts)
Real estate crowdfunding

To become a successful real estate investor consider the following tips:

Research the local market and identify investment opportunities
Build a team of professionals such as real estate agents, contractors, and property managers
Develop a financial plan and budget for expenses and potential vacancies
Stay informed of industry trends and regulatory changes
Continuously educate yourself on real estate investing strategies and techniques.

4. Manage Properties for Other Real Estate Owners

Property management is another side hustle. It involves managing properties on behalf of owners or landlords. For example, this can include tasks such as finding tenants, collecting rent, and handling maintenance and repairs.

Property management as a side hustle can provide the following benefits:

Passive income from management fees
Flexible scheduling and workload
Opportunity to work in a growing industry
Exposure to different types of properties and clients

To become a successful property manager, consider the following tips:

Develop a strong network of clients and vendors
Stay informed of landlord-tenant laws and regulations
Provide excellent customer service to clients and tenants
Develop and follow a budget for managing expenses
Continuously educate yourself on property management trends and techniques.

5. Become a Real Estate Photographer

Real estate photography is a side hustle that involves taking high-quality photos of properties for use in real estate listings, advertisements, and marketing materials.

Real estate photography can be a lucrative side hustle because realtors are always looking for this service. This is especially true in areas with a high demand for properties.

The benefits of real estate photography as a side hustle include the following:

Flexibility in terms of scheduling and availability
High earning potential per shoot
Opportunities to work with real estate agents and brokers
The ability to exercise creativity and artistic skills

To become a successful real estate photographer, consider the following tips:

Invest in high-quality equipment such as a DSLR camera and wide-angle lens
Develop a portfolio of your best work and create a website to showcase your services
Stay up to date on photography techniques and trends
Build relationships with real estate agents and brokers in your area
Provide excellent customer service and quick turnaround times for photo delivery

6. Start Home Staging for a Lucrative Side Hustle

Home staging is a side business that involves improving a home’s appearance, appeal, and functionality before a sale.

As a home stager, you will work with real estate agents, homeowners, and sellers to showcase the property’s best features, despite any flaws, and create an attractive and inviting environment for potential buyers.

To become a successful home stager, consider the following tips:

Develop a portfolio of your work and showcase it on social media and websites
Network with real estate agents, builders, and other industry professionals
Stay up to date with design trends and styles
Develop strong communication and customer service skills
Set clear expectations and goals with clients and ensure you meet their needs and preferences

7. Become a Property Inspector

Property inspection is a side hustle that involves assessing the condition and safety of residential or commercial properties for buyers, sellers, or owners. This is an important service because it benefits all parties involved.

Property inspection as a side hustle offers the following benefits:

Flexibility in work schedules
High demand for services in the real estate industry
Potential for high earnings depending on the number of inspections conducted
Opportunities for continuous learning and development

To become a successful property inspector, consider the following tips:

Acquire the necessary certifications and licenses
Invest in high-quality equipment and tools
Build a network of real estate agents, brokers, and homeowners
Develop excellent communication and customer service skills
Stay informed of industry standards and regulatory changes because they are continually evolving

A Side Hustle in Real Estate Offers Multiple Benefits

Pursuing a side hustle in real estate can offer numerous benefits. For example, you will enjoy flexibility, the potential for high earnings, and opportunities for personal and professional growth. Whether it’s owning rental property, hosting on Airbnb, becoming a property inspector, or being a home stager, there are various options to explore. So don’t hesitate to start your journey toward a successful side hustle in real estate today.