Top 5 Ways To Generate Additional Income While Investing in Real Estate
We know that living in the big city can be tough financially. In a place where everything is expensive, every penny counts. This is why it is not uncommon for many people to have multiple jobs to support themselves or their families. One of the best ways to generate extra cash is by investing in real estate. However, this is not the only way.
Below are some great examples of how you can generate additional income while investing in real estate:
Stay Employed
Your job right now is a source of income. Quitting your job to focus on real estate investments is fine; but why leave a good paying job when you can do both?
Financial advisors always say that multiple streams of revenue are better than having just one single source. Staying employed will allow you to have a salary so that your income from your real estate investment can be used for other investments. You can use your salary for overhead expenses like food, utilities, student loans and the likes and then save the income from your real estate gig to buy more properties or other forms of assets.
Become a Licensed Agent or Realtor
A realtor can be a great part time gig and something you can do while being employed. Depending on your area, average realtor commission is approximately 5%. It might not seem much, however remember you can represent more than 1 seller, meaning you can sell multiple houses depending on how robust the market is.
Doing Wholesale Deals
Selling items for wholesale is another good way to increase your income. With the advent of social media and platforms like eBay and Amazon, you can even sell online where you can reach a larger audience. A lot of businessmen are looking for wholesalers no matter what the industry. Businessmen are always looking for ways to maximize profit by buying large quantities to help lower costs resulting in a higher profit. Find an industry that you like and try to look for items that you can supply as a wholesaler. Contact manufacturers to see if you can strike a deal with them to become a distributor or supplier of their products. Lastly, wholesale also applies to real estate deals!
Affiliate Marketing/Referral
Affiliate marketing is a great way to make money without leaving the comforts of your home. Affiliate marketing involves selling the product/service of someone else and getting a referral fee or commission for every sale. Selling is done via the internet through the use of Google Adwords, social media or blogging or word of mouth. Referral fees depend from store to store or vendor and you can affiliate with as many as you like. One thing to keep is mind is a way to track each sale so you can get paid.
Referring To Other Agents
Speaking of referral fees, did you know that you can earn money by referring buyers to other real estate agents? You need to be a license realtor to do this but it is still a great part time gig that can help you generate extra income. Referring buyers to other realtors is also a great way to network with fellow realtors and you might also get buyers referred your way by other realtors who want to reciprocate.
Being financially comfortable is a goal for many people. One of the ways of generating extra income is by dabbling in real estate investments. Combining your investments with your extra gigs and regular job is a great way of adding more money to your pocket so that you and your family can attain financial security. Looking for more investment ideas? Learn more from our blog here.