Do you know why most people cannot invest in real estate? It’s because they don’t have the money.
Are you one of these people? Are you dying to get in, but don’t have the funds to do so? You may have fully optimized your spending, but let’s be real—you can only save so much.
Ideas on how to get into your first real estate deal have run through your mind. Perhaps this includes wholesaling, flipping, or using other people’s money (OPM). Unless you plan to dedicate 100 percent and make this your full-time job, I would advise against these strategies, as they can be quite time-consuming and may take away from your current job. Instead, I would advise that you continue to pinch your pennies and look for easier ways to generate additional income—ones that are relatively easy to do for a short period of time and will generate just enough to get you the cash for that first down payment. So, here it goes!
1. Drive for Uber or Lyft
Driving for Uber or Lyft is the most obvious side hustle. Turn your car into an asset while familiarizing yourself with the city and networking with the passengers. You’ll be surprised that you may find a property that you are interested in — or meet the newest member of your team.
I actually did this for about three months and would make an extra $1,000 per month while also getting to know Denver. Fun fact: I actually found the woman who cleans my Airbnbs through driving for Lyft.
2. Rent Your Car on Turo
I’m not the biggest fan of driving, which is why my career with Lyft was rather short. I decided that I’d rather make slightly less money but have all of my time back by turning my car into a semi-passive income stream by renting it out on a site called Turo.
Turo is essentially the Airbnb for cars. It works great, and depending on the type of car you have, it can put a couple hundred dollars in your pocket each month.
3. Airbnb Rooms in Your Apartment (If Your Landlord Allows)
Be sure to check with your landlord, but if you have an extra room in your residence and live in a semi-desirable area, try renting an extra bedroom, or even your couch, on Airbnb.
I rented my bedroom out while sleeping on a futon behind a curtain in the living room. The results? My savings were boosted an additional $1,200 per month and I met some cool travelers from all around the world.
4. Assistant to a Real Estate Agent
Are you just getting started in real estate? Do you want to learn a whole bunch in a short amount of time while getting paid for it? Would you like to gain a mentor in the process? If so, go onto Zillow and look at some of the top performing agents in your area. I bet more than anything they are extremely busy and are going to need some assistance. Reach out and ask if they are looking for an assistant. You will receive a lot of Nos, but keep asking. All it takes is one Yes, and you’ll have yourself a (albeit low) paying real estate job while learning from one of the best in your area and making connections.
5. Waiter/Bartender on the Weekends
If you are looking to rapidly save money, becoming a waiter or a bartender on nights and weekends might be a great way to get started. This is a double win. Not only will you make lots of money, but you’ll be doing it during a time when you’d likely be spending a significant amount of money. Each night you bartend you replace high spending with high earning. Although, you likely will not get many high-value networking opportunities being a waiter or bartender.
6. Start a Blog
You are about to embark on a journey down the path less traveled. The road of financial independence through real estate investing. Why not document the journey? Let your friends and family know what you’re doing, why you’re doing it, and the frame of mind you are in.
A couple of years down the road, when you are much more experienced, your blog will likely help and motivate others. Who knows? It might even be thousands of other people in which case you can monetize if you’d like.
What was your favorite subject in high school? I’m sure if it was your favorite, it was because you were pretty darn good at it. Guess what? There are loads of kids having lots of trouble learning the stuff that you are good at and there are twice as many parents willing to pay someone to get their kids up to speed.
Why not monetize your math, history, or English skills? If you live in a culturally diverse area, this can include teaching non-English speakers how to speak English.
Babysitting is a great way to make extra money. I’ve never been paid to babysit, but the people I know who have seem to get paid a decent amount of money. Depending on the kids and time of day, it can be a relatively easy job. If all it takes is putting them to sleep, then you’ll have time to listen to a podcast, read a book, or work on other side projects.
Heck, maybe even the parents you’re babysitting for are involved in real estate and you might be able to get some good networking from it.
9. Clean Houses
One thing that many people dislike doing is cleaning. You know what that means? There’s a good chance that they will pay someone else to do it. Do you know who that someone is? It’s you!
Get a few clients and clean their houses once or twice a month. Depending on the size of the house, you’ll likely be able to make $60-$100 per house. If it takes you 3-5 hours per house, that’s a $20-per-hour job. Not bad for one of your first side hustles.
10. Become a Freelance Writer
If you are a good writer, there are a lot of people who have great content but do not have time to write the articles. I promise that I write my own articles, but do you think guys like Tim Ferriss and Gary Vaynerchuck write their own articles? Probably not. They probably hire someone to do the writing so they can still provide quality content while doing bigger and better tasks. You can be a writer for one of these people. That is, until you move on to bigger and better tasks.
As you can see, there are an infinite amount of side hustle opportunities, many of which are not mentioned in this list. My suggestion is to pick one where you think you can get the most additional income and personal growth so you can purchase your first property.
Remember that this is not a job you will hold onto forever, it’s just for a couple of months or years until you’ve saved enough for that down payment. Once you feel like your time can be better spent elsewhere, do it!
Until then, heads down and get to work! Remember, saving the first $20,000 is the hardest part. My challenge to you is to do it in 2 years.