Today we're going to discuss real estate side hustles.
You can do as we head into a recession.
Long gone are the days when employees had multiple job offers.
And you need to wrap your head around the fact
that you need to have a side hustle
and not be just relying on one source of income.
So I get really frustrated when I look online and I see different side hustles,
and some people list YouTube as a side hustle.
You're not going to make money from YouTube for a very long time.
A side hustle should have a few factors that I think are important.
One, you need to be able to get paid right away.
You can't get paid right away.
And that is not a helpful side hustle to most of you that are trying to earn
extra money.
Secondly is it needs to be something that you can do repeatedly.
Like sometimes I see things
where like you could sell like your clothes or something online.
That's not a side hustle.
That's called selling the stuff that you have on offer up.
Lastly, you need to be able to grow and scale it.
This is essentially going to be
your small business, whether or not it's your main source of income ever or not.
It is a small business to you and you need to run it like a business.
So remember, if I go through these side hustles
this summer, these are going to be right up
your alley and others are going to be outside
of your skill set or something that you want to do.
So the first one I'm going to talk about is a handyman, because if you are at all
handy and can fix things, you can make a lot of money doing this.
I typically pay my handy men and women
about $75 an hour and a lot of times they have a two hour minimum.
So if you can fix things, being a handyman or handy woman is a really good option
to make some extra money.
I also love the handyman side hustle because it is recession proof.
Things are always going to break and there's always people like me
that can't fix them.
And we always need people like you that can.
You can advertise this on Craigslist.
TaskRabbit pass out fliers in your neighborhood.
All three are a great way to build your base and earn some extra cash.
Side hustle Number two, Airbnb decorator.
So Airbnb has become really popular in the last few years
and you know, the expectation from the guests, it went up a lot.
Now they really expect to walk into a very nice looking set up.
And a lot of people that own these Airbnbs like myself don't have the skill
set to make them look beautiful with decoration on a budget.
If you have that skill set and that eye for decorating,
you can make a lot of money here by offering your services to people
that have different Airbnbs.
The fees are kind of all over on what you can charge here,
but I would start low and then as you kind of
build your clientele in your base, you can increase your prices.
But it's an awesome side hustle.
It really wouldn't take any money to get started if you have that eye
for decorating side hustle number three is wholesaling.
So wholesaling is a great side hustle.
If you're very motivated.
So basically about wholesalers do is they drive around
and they look for properties that are not listed for sale
and they talk to the owners and they try to see
if they want to do an off market listing.
So if they decide
they want to do an off market listing, you do an agreement with the seller
that you're going to find a buyer for them and you basically get a commission.
This side hustle can give you a lot of extra income,
and it also can teach you the ropes of real estate
if that's something you're interested and get wet and getting more involved in.
The real estate market continues to correct.
You know, it's also a good time to find those wholesale deals as well.
Financial number four is becoming a notary.
So a lot of times notaries get overlooked because that's a very old school thing.
Every loan document still needs to be notarized.
Basically, what a notary does is they verify a signature.
What I love about notaries is it doesn't take much to get started.
You can charge about $75 a signature, and if you do one of these
a day, you know, that's some really good extra money without a lot of work.
If you live in a vacation area and that's housesitting.
So a lot of times people have vacation homes, you know, in Florida,
Arizona, California, Idaho, all over the place.
And they only stay at those homes for about three months out of the year.
Well, the other nine months out of the year,
a lot of times the home sits vacant.
So when that happens and no one's using the home,
people hire people called house sitters to come in, walk
the property, make sure there's no leaks, make sure the appliances are working,
make sure the pipes aren't freezing and making sure the pipes are working.
And also, you know, kind of picking up and getting the mail
and making sure everything is running smoothly.
This is a very easy job that you can do on your own time.
I actually know a girl that does this here and she house sits about 30 houses
a month on the off season and that's very good extra money as well.
It also tends to be a recession proof because a lot of times these people
with these second homes can afford them and then also can afford to pay you.
The left side hustle I'm going to talk about is the most passive.
And that's how packing or apartment hacking.
So if you're in the house or an apartment and you have extra bedrooms,
this might be a great option for you.
Basically, what this is, is taking that extra room
that you have and renting it out to somebody else for a passive income.
It's basically like being a real estate investor,
but you're using the place that you actually lived to do it.
What I love about this is it takes no work from you.
You just have to be able to tolerate a roommate
and you're going to make money each and every month.
This can really help when you're trying to combat things
like inflation and also when as we're going into a recession and a lot of people
are going to need places to stay because they're looking to downsize.
So renting a room from you might make a lot of sense.