Real Estate as a Side Hustle? 7 Easy Ways to Make Extra Income

Starting a real estate side hustle is a great way to not only earn extra income but also learn about the industry and sharpen your skills. In this guide, we’ll share the most beginner-friendly side hustles and some more advanced options!

Summary

• A side hustle is a job, gig, or investment that allows you to earn money beyond your nine-to-five job.
• In real estate, side hustles can be used to earn regular income or build long-term wealth.
• The most beginner-friendly side hustles include turnkey rental investing, real estate investment trusts (REITs), house hacking, bird-dogging, and more.

What Is a Real Estate Side Hustle?

A real estate side hustle is any job, business, or investment that allows you to earn money outside of your regular income source.

Side hustles like turnkey rental investing or investing in REITs (real estate investment trusts) require very little time, while others require a much greater time commitment and can even become full-time jobs. Some side hustles, like bird-dogging or driving for dollars for other investors, require little to no real estate experience.

7 Real Estate Side Hustles (Beginner-Friendly)

There are several real estate side hustles you can start with either very little money or very little time. Here are some of the best options for beginners.

1. Turnkey Rentals: 1-2 Hours/Month

A turnkey rental is a move-in-ready property that you can immediately rent out for a profit. These rentals require very little setup or maintenance, and turnkey real estate can make hundreds (or sometimes thousands) of dollars a month in cash flow!

As a landlord, your responsibilities will include collecting rent checks and handling tenant issues. If you want to be even more hands-off, you can easily delegate these duties to a property manager; in fact, many turnkey rental companies, like Rent to Retirement, include property managers!

2. REITs (Real Estate Investment Trusts): 1-2 Hours/Month

Real estate investment trusts are companies that allow you to buy fractional shares of real estate portfolios. These passive investments usually pay out anywhere from 2% to more than 10% in annual dividends, but you should regularly review the company’s financials and stay up to date on the housing market to ensure that your investments are headed in the right direction.

3. House Hacking: 5-10 Hours/Month

House hacking is the process of renting out a unit or room on your property while living in it. As the homeowner, you’re responsible for furnishing units, managing tenants and roommates, collecting rent, and making repairs.

Many homeowners save (or make) hundreds or thousands of dollars a month with this strategy and are often able to cover their entire mortgage payment!

4. Bird-Dogging/Driving for Dollars: 10-40 Hours/Month

Rather than finding their own off-market deals, an investor may hire a “bird dog” to look for houses that fit their requirements. As a “bird dog,” your responsibilities may include driving around and looking for neglected properties, finding hidden areas with off-market deal potential, and working closely with investors to build off-market lists.

Bird dogs may be paid per lead (typically $100-$500 per property), by the hour (roughly $15-$25), or once a deal closes (anywhere between 2% and 10% of the profit).

5. Real Estate Agent/Investor Assistant: 10-20 Hours/Month

Assistants are hired to help with routine administrative tasks. Their responsibilities might include setting up appointments (with buyers, sellers, lenders, and other parties), creating listings, marketing homes, and coordinating open houses and closings.

Typically, assistants make $15-$25 per hour in the US, but rates can be as low as $5 per hour if outsourced abroad.

6. Cold Calling: 10-40 Hours/Month

Cold callers find off-market deals for investors. To succeed at cold calling, you must be comfortable talking on the phone and should have some level of sales acumen. You’ll need to call homeowners and property owners to inquire about their homes, work alongside investors to develop a high-converting script, and relay information from the call to the investor.

US-based cold callers can make between $20 and $50 per hour, depending on experience.

7. Real Estate Photographer: 5-40 Hours/Month

Sellers, agents, and property managers need high-quality photos of their properties to attract potential buyers and renters. Of course, you’ll need some gear to get started, such as a camera and lenses. Your job will likely involve visiting properties and taking photos, sorting and editing photos, and potentially operating a drone to get better angles of the property.

 If you have a knack for photography, you could make anywhere from $100-$300 per shoot. 

Want to make cash flow and equity without a ton of work?

Higher-Difficulty Real Estate Side Hustles

Are you up for a bigger challenge? Some real estate side hustles have a much steeper learning curve, requiring more time or expertise to get started.

Real Estate Agent

A real estate agent helps clients buy and sell homes, earning a commission whenever they make a sale. Their responsibilities include finding and listing properties, negotiating with buyers and sellers, and preparing documents. To become a real estate agent, you’ll need to become knowledgeable about your market and pass a test to become licensed in your state.

House Flipping

House flipping is the process of buying an inexpensive or distressed home, making improvements, and selling it for a profit. This can be a lucrative side hustle for an investor who knows the ins and outs of rehab projects, but a beginner may struggle with unforeseen expenses, holding costs, and tight deadlines.

Wholesaling

Wholesaling is the process of finding a property and getting it under contract, assigning it to a buyer for a higher price, and keeping the profit. While wholesaling is an inexpensive way to make money in real estate, it’s highly competitive. It can take time to build your network of buyers and sellers, and you only get paid when you close a deal.

Short-Term Rental Investing (Airbnb)

Short-term rentals, or vacation rentals, are properties that you rent out to guests for up to 30-day stays. This strategy is very hands-on and requires the property manager to regularly communicate with guests, clean the units between stays, and manage listings on Airbnb, VRBO, and other vacation rental marketplaces.

Did you know Rent to Retirement offers turnkey short-term rentals?

Property Management

Property management is the process of overseeing an investment property and its day-to-day operations. While property managers can earn a solid income by charging a flat monthly fee or a percentage of all rents, property management is often a high-stress environment. Your responsibilities will include screening tenants, collecting rent, fielding maintenance requests, reporting to owners, communicating with tenants, and dealing with evictions.

Everyone Needs a Side Hustle

Ready to start a profitable real estate side hustle? Whether you need an immediate source of income or are looking to build long-term wealth, investing in turnkey rentals from Rent to Retirement covers both bases—allowing you to earn consistent monthly cash flow and hold a property that appreciates over time. Our team will walk you through the entire process!

Real Estate Side Hustle FAQs

Is Real Estate as a Side Hustle Worth It?

Real estate side hustles are some of the best side jobs, as they allow you to generate regular income and long-term wealth while learning about the industry. Some side hustles require a greater time commitment than others, so be sure to choose a side hustle that works with your schedule.

Is Flipping Houses a Good Side Hustle?

House flipping is one of the most lucrative side hustles, as it allows you to generate large profits within a relatively short timeframe. With that said, it’s a risky strategy for new investors, with certain pitfalls that can easily derail a deal.

What Side Hustles Pay the Most?

There are many ways to make money in real estate, but investors and real estate agents tend to make the highest returns over time. Keep in mind that your earnings largely depend on your skill level, experience, and time investment. Just getting started? Browse our turnkey rental properties for sale!