And it\u2019s not crazy to think these tourists might have such a great time that they decide to buy a vacation home in your city. And which agent do you think they\u2019d contact to help them with the purchase? Right. <\/p>\n

To learn more about adding this income stream to your business, check out our post, How to Make Money Creating Local Experiences for Tourists.<\/p>\n

Content Writing<\/h2>\n

Do you love to write in your down time? Consider expanding your real estate business by selling your writing services to companies in adjacent industries! Write articles for mortgage companies, contractors, or national real estate publications! You\u2019ll increase your market authority and online profile while earning a side income.<\/p>\n

On the flip-side, if you dread writing content, even for your own real estate blog, hire me to do it! I\u2019ve helped multiple agents increase their Google rank by creating high-quality blog content for consistent publication. And I have multiple content solutions to fit any budget!<\/p>\n

House-Flipping Management<\/h2>\n

Managing flips is a difficult gig to land, but a great way to increase your income if you can pull it off!<\/p>\n

You\u2019d need to find a hands-off investor, build a relationship through multiple deals, and lead them to some profitable flips. Now most people who invest in flips like to do some of the work themselves and even have a real estate license so they can save on the commission. So to make this work, you would need to find out-of-state investors, or investors who are completely uninterested in the process itself, and happy to hand the reins to you as the experienced professional.<\/p>\n

As a flipping manager, you will make a commission on both the purchase and the sale, plus a fee on the management of the flip. Negotiate a flat fee or a percentage of the profit.<\/p>\n

Side note: if you\u2019ve flipped a house, you know how time-consuming the management is. To be successful in this income stream, you would need to create a management business and hire help.<\/p>\n

Rental Property Management<\/h2>\n

With many millennials opting to rent instead of buy, there is a growing number of SFRs being used as rental properties. And more and more absentee owners in need of property management services.<\/p>\n

You may already have experience with property management, but for those who aren\u2019t familiar with it, it basically involves:<\/p>\n

\n
• Marketing properties for rent<\/li>\n
• Touring properties with prospective tenants<\/li>\n
• Screening tenants<\/li>\n
• Drafting leases<\/li>\n
• Collecting rents<\/li>\n
• Scheduling maintenance and repairs<\/li>\n
• Negotiating renewals<\/li>\n
• Addressing any tenant issues<\/li>\n
• Handling any eviction proceedings (if it ever comes to that)<\/li>\n
• Managing move-outs and return of deposits<\/li>\n
• Making properties ready for new tenants<\/li>\n<\/ul>\n

  In an ideal world, you find great tenants, spend a little time on the paperwork upfront, then sit back and watch the rent money roll in online every month for multiple years with just a couple minor maintenance issues scattered in there.<\/p>\n

  Believe it or not, that\u2019s been my personal experience so far. But it\u2019s only been two properties over two years, and I\u2019m smart enough to know it won\u2019t always be this good. So I\u2019m going to enjoy it while it is! Because for now, this is easy money.<\/p>\n

  Fees are nearly always a percentage of the rent. It varies by market of course, but 5% is fairly standard for year-round management. Then there\u2019s usually an additional fee for finding new tenants; 50% of the first month\u2019s rent is typical in many markets. <\/p>\n

  It just takes a little organization to stay on top of your portfolio, so make sure you invest in some inexpensive, but effective, property management software.<\/p>\n

  Landscape Design and Maintenance<\/h2>\n

  There is a great opportunity for a landscape design and maintenance income stream for higher-end real estate. Many owners just don\u2019t have the time or desire to mow, rake, trim, and plant. Or God-forbid, shovel.<\/p>\n

  So offer them reliable, high-quality landscape maintenance services.<\/p>\n

  Or help them add curb appeal by designing an inviting front yard landscape. They get more enjoyment from the property while increasing the property\u2019s value, and you have a new income stream. <\/p>\n

  Painting<\/h2>\n

  Painting always sounds easier and more fun than it actually is. Once your homeowners try to paint just one room and realize how miserable it is, you can offer your painting services to finish the house for them. <\/p>\n

  Cleaning<\/h2>\n

  Cleaning can be a weekly gig or more of a make-ready gig for your investor-owners who need help turning units over for new tenants.<\/p>\n

  Roofing<\/h2>\n

  Have a seller that really needs to replace the roof to get top dollar? How great would it be to offer your roofing services to them? The seller gets a roofing company owned by someone they trust, and you get the added income.<\/p>\n

  Property Inspection<\/h2>\n

  I imagine you\u2019re very familiar with the home inspection process. Have you ever thought about getting certified as an inspector? To avoid conflicts of interest, you could focus your inspection business on a different property type than your brokerage business. <\/p>\n

  Real Estate Appraisal<\/h2>\n

  Or how about getting certified as an Appraiser? If you love the number-crunching side of real estate, appraisal work could be a great fit for you.<\/p>\n

  Ways to Make Money in Products<\/p>\n

  \nSelling products is a fantastic income stream because it\u2019s so passive. Once the product is created and posted online for sale, you can earn money round the clock with minimal active management. Make money while I sleep? Yes, please.<\/p>\n

  eBooks<\/h2>\n

  I\u2019m going to guess that you have acquired some serious real estate knowledge and insight in your time as a real estate professional. Package that knowledge in an eBook and sell it!<\/p>\n

  But aren\u2019t there literally thousands of books on real estate already on the market?<\/p>\n

  Yep, so you know there\u2019s a market for them. You just need to make yours stand out. Niche-down and write for one specific group.<\/p>\n

  You might be wondering why I keep saying to niche-down. Why not try to appeal to a wider audience to increase your chances of a sale? It\u2019s because, as you know, there\u2019s a lot of competition in real estate publishing. Instead of competing with all the big players before you\u2019ve had a chance to make a name for yourself, get some small wins and build your brand until you can legitimately compete with them.<\/p>\n

  Let\u2019s say I\u2019m a recent college grad with an interest in real estate investing, but minimal savings and a bunch of student loan debt. I have a choice between 2 books: Real Estate Investing for Dummies or Investing in Real Estate with No Savings, No Experience, and No Idea How to Pay Your Student Loan Debt. Which book will I choose? The one that speaks directly to me of course. You may be marketing to a smaller group, but you\u2019ll convert a higher percentage of that group into buyers.<\/p>\n

  You can sell exclusively through your own website or get more eyes on your product by self publishing on Amazon.com. <\/p>\n

  Courses<\/h2>\n

  Courses offer a different way to package and present your knowledge. They also provide an opportunity to charge more than an eBook because they are more involved. And they allow you to support your students through the steps required to learn the material you\u2019re teaching.<\/p>\n

  You have valuable skills and knowledge worth passing along! Share it with the world and add an income stream in the process.<\/p>\n

  Learn More: How to Create Online Real Estate Courses<\/p>\n

  Real Estate Stock Photography<\/h2>\n

  Have you ever had to select images for a website, mailer, or social media post? Someone took that photo, and they most likely make a little money every time it sells. You could do the same.<\/p>\n

  Selling stock photos online isn\u2019t a get rich quick scheme. It takes some time to build a sizeable bank of images and for your photos to gain momentum. But once they do, it\u2019s basically free money.<\/p>\n

  I\u2019m playing around with this income stream now, but haven\u2019t committed much time or effort to it. I\u2019ve spent probably 3 hours signing up as a \u201ccontributor\u201d on different stock photo sites, uploading a dozen images, and tagging them all with keywords (super important to get your images found!). So far I\u2019ve sold the same photo 5 times for a total income of\u2026drumroll please\u2026$3.50. <\/p>\n

  $0.86 per hour isn\u2019t a great pay rate. But I don\u2019t have toWays to Make Money in Products
  \n invest any additional time or energy in those photos. And they\u2019ll continue to earn money on their own. The more photos I upload, the better this rate will ultimately get.<\/p>\n

  Again, this is highly competitive, so niche-down to find your specific audience.<\/p>\n

  Have some photos to sell? Get started today on these platforms (sign up with multiple platforms to reach a greater audience).<\/p>\n

  \n
  • Dreamstime<\/li>\n
  • Shutterstock<\/li>\n
  • 123rf<\/li>\n
  • Adobe<\/li>\n<\/ul>\n

    Learn more: How to Make Money Selling Stock Photos Online<\/p>\n

    Equipment Rental<\/h2>\n

    If you\u2019ve worked with first time homeowners, you know they usually buy a starter home requiring some fixes, and they don\u2019t have the money (or need, really) to buy expensive DIY equipment, so they head to Home Depot and rent it.<\/p>\n

    Why not offer to rent your tools and equipment to them? In my experience, the rentals at Home Depot are often in poor condition, too expensive, and sometimes not even available for weeks at a time. You can provide a better rental experience!<\/p>\n

    I suppose equipment rental could be considered a service or a product. It\u2019s not as passive as the other products we\u2019ve discussed, but you have the added benefit of earning money on the same piece of equipment over and over.<\/p>\n

    Just for the love of God, make sure you get their credit card on file for a healthy deposit in case they somehow destroy your equipment.<\/p>\n

    Learn more: How to Make Money Renting Out Tools and Equipment<\/p>\n

    Ways to Make Money in Investments<\/h2>\n

    The final category of income to cover is investment income. We\u2019ll focus on real estate investments like REITs, rental property ownership (long-term rentals and vacation rentals), and flipping, but let\u2019s not overlook the dull-but-wise index funds.<\/p>\n

    REITs<\/h2>\n

    Real Estate Investment Trusts (REITs) are the easiest and, arguably, safest way to invest in real estate. They\u2019re ideal for beginners.<\/p>\n

    REITs work a bit like mutual funds. They allow you to buy a small ownership stake of multiple real estate ventures. So you can be a real estate investor without putting up a large amount of money or taking on debt.<\/p>\n

    REITs are required by law to maintain dividend payout ratios of at least 90%. This guaranteed dividend payout makes REITs ideal for investors looking for cash flow. And many REITs offer the option to reinvest those dividends so they compound over time.<\/p>\n

    Long-term Rental Properties<\/h2>\n

    Long-term rentals are my personal favorite investment. Why? Because they\u2019re relatively passive and because you make money in four different ways!<\/p>\n

    \n
    • Appreciation<\/li>\n
    • Renters are paying down your debt<\/li>\n
    • Renters are also putting money in your pocket<\/li>\n
    • Tax breaks<\/li>\n<\/ul>\n

      With only two properties in my current rental portfolio, I\u2019m still pocketing nearly $1,000\/month. But the real win has been in terms of growing my net worth. The two properties have increased in value by a total of $431,000 in just a few years!<\/p>\n

      There are hundreds of resources for investing in real estate, but my favorite is The Millionaire Real Estate Investor by Gary Keller. This is the book that got me started in real estate investing. It\u2019s simple enough for anyone to pick up, but thorough enough to guide investors to netting millions.<\/p>\n

      Sidenote: If you haven\u2019t already read The Millionaire Real Estate Agent (also by Gary Keller), I highly recommend that as well. It provides step-by-step instructions to take your real estate business from a single-person enterprise to a team-based empire.<\/p>\n

      Learn more: Top 10 Real Estate Investing Tips for New Investors<\/p>\n

      Vacation Rentals<\/h2>\n

      Vacation rentals demand much higher rates than long-term rentals, but there are trade-offs:<\/p>\n

      You\u2019ll need to fully furnish the property (even down to dishes and linens)
      \nThe property is exposed to greater wear-and-tear with vacationers being notoriously messy and careless with the furnishings
      \nIt requires more active involvement because of frequent turnover. You\u2019ll need to have a reliable cleaning\/laundering service
      \nUtility costs are the owner\u2019s responsibility and your vacationers will likely not use water and electricity sparingly
      \nYou will have greater periods of vacancy, during which you won\u2019t be earning any income
      \nDespite all those negatives, vacation rentals can be highly lucrative, especially if your rental is well-located in a tourist destination. Ideally, you\u2019ll be able to rent the property for a week at a time with minimal off-season.<\/p>\n

      Learn more: The Ultimate Guide to Vacation Property Investing<\/p>\n

      Flipping<\/h2>\n

      In the right market conditions, flipping houses is an investor\u2019s dream. In the wrong conditions, it\u2019s a nightmare.<\/p>\n

      You know the drill: buy low, renovate, sell high. Flipping is a highly active investment, taking substantial time to locate the right property, close the purchase, renovate, find a buyer, and close the sale.<\/p>\n

      I\u2019ll confess, I\u2019ve never done it. I don\u2019t think I have the temperament to weather the stress. For those who do, and who are willing to take the risk, the payoff can be great.<\/p>\n

      Index Funds<\/h2>\n

      The last income stream we\u2019ll cover is not-at-all glamorous or exciting, but it is as passive as it gets, and relatively safe. I\u2019m talking about index funds.<\/p>\n

      Index funds are a special type of mutual fund. In a nutshell, they are baskets of investments (like stocks or bonds). When you buy a share of an index fund, you\u2019re automatically investing in a bunch of different companies or organizations instead of putting all your eggs in one basket. Index funds = automatic diversification!<\/p>\n

      And you can achieve great returns from Index Funds if you invest for the long-term. The S&P 500 Index, for example, has averaged annual returns of about 11.69% from 1973 \u2013 2016. Of course some years are great and some aren\u2019t. In 2008 for example, the values actually dropped by 37% because of the recession. But they rebounded with an increase of about 26.5% in 2009 and another 15.1% in 2010. So be prepared to wait out any market downturns to realize strong gains over time.<\/p>\n

      Update: More Investment Income Streams<\/h2>\n

      Since publishing this post back in 2017, we\u2019ve gotten an education in the many, varied ways to make money through real estate investments! For more, check out 18 Different Ways to Invest in Real Estate.<\/p>\n

      Get a Small Win<\/h2>\n

      Great victories are made possible by small wins. Before you move on with the rest of your day, get a small win!<\/p>\n

      Your Small Win Challenge is to choose one (just one!) income stream to seriously research. Then commit to actually doing it. Show your commitment by leaving a comment to let me know which income stream you chose. Your feedback will also help me tailor future posts to topics that most interest you.<\/p>\n

      You can get an additional small win today by joining the Real Estate Side Hustles Community! We publish great new content every week to help real estate professionals like you create and manage multiple income streams. Get inspired with new money-making ideas and get the details on putting these ideas into action.<\/p>\n

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