Typically, success with real estate investing does not come straightaway. Occasionally, there are exceptions to this rule, but usually there is a learning curve involved. One way to push your business forward is to fund it with capital constantly. More capital allows for new methods of lead generation and advertising, which will draw in a regular influx of prospects to your funnel. Locating this capital is often challenging, however this does not need to be the case. After you dedicate yourself to real estate investing, you can still look for other streams of income. Before your business is fully up and running, you ought to look for other money making methods. Here are 5 ways to generate additional income while investing in real estate.
Stay in Regular Employment. Becoming a real estate investor does not mean that you need to commit to it full time. Many investors combine their real estate activities with a full time job. Undoubtedly, this can be challenging, however with the advances in technology, this is far more achievable than ever before. Rather than needing to speak on the telephone and send faxes, everything can be done from a mobile device. Sometimes, you will encounter difficulties, however you do not have to leave your job prematurely. As well as supplying the majority of your income, a full time job gives you access to healthcare and other useful benefits. Getting a reliable paycheck enables you to purchase real estate, without needing to watch every penny and fret about landing the next deal. Full time investing is a fine ambition, but only once you are prepared to meet the challenge. For all these reasons, you should keep working in your regular job for as long as possible.
License for Real Estate. As an investor in real estate, you need as many options for revenue as possible. Although real estate investing might be your goal over the long run, acquiring your license for real estate can facilitate this. Real estate investing is good in the sense that you can do everything on your terms. Once you locate a broker who accepts your plan, your license can be used as regularly as you want to use it. With your license, you can make a small number of deals per year and produce some additional revenue. Consider all the people in your social circle, who might require an estate agent. Away from your social circle, you can earn or save cash on the deals that you are involved in directly. It is not free to get a license and it is definitely not easy, however if you think about the bigger picture, this is an excellent way to master the business and create some extra income.
Making a Wholesale Deal. You ought to find a way to profit on each deal you make. There will be occasions when a specific deal is not for you, however this does not mean that you should wash your hands of it. If you encounter an opportunity that might be ideal for another investor, you should try to wholesale it. This is a process whereby you find a discounted deal, then connect the seller with the end investor. The end investor then pays you a flat fee for doing this. After the contract is complete, you accept your payment and exit the scene. You do not need to concern yourself with the closing procedure, or worry about what should be done with the rehab. The wholesale fee you receive will not allow you to retire, however it is a welcome bonus until the next deal arrives. The great thing is that you make a profit on a deal which you would not usually profit from.
Blogging About Real Estate. There are numerous other methods to boost your income, while developing your real estate investing. If you are knowledgeable and passionate about the business, you could look at contributing to related blogs. There are lots of individual investors and websites that will pay you for quality blog posts. As well as being an excellent way of learning about the business, you might be able to grow your network of contacts too. Making a part time income begins with recognising that most money made will not come easily. When it comes to blogging, the money you earn will be sporadic, however the time you invest will be worth it.
The Bird Dogging Process. The more networking you do, the greater likelihood there is of meeting someone you bond with. At a networking meeting, you might meet another investor, who informs you that they want to move into a specific market, but are encountering problems finding deals. This is where you could offer to locate deals on their behalf. Bird dogging is where you drive a market searching for distressed or vacant looking properties. From the address you try to locate the owner’s details, in the hope of persuading them to sell. Any warm leads you find you can give to the other investor you are in partnership with. In return for this, you might receive a percentage of each deal that is made, or a set fee for your time. In either case, you can make a profit doing something you might normally do anyway.
New investors have to make a lot of sacrifices to succeed. Unfortunately, there is no way round this, because if it was that easy then everyone would be doing it. If you decide that you want to become a real estate investor, there are methods of generating profit that will allow you to accomplish your ambitions.