It’s no secret that I’m a big fan of investing in residential income properties. It’s how I built my real estate investing business and I continue to invest in them to this day. But purchasing and managing income properties isn’t the only way to make money through real estate. In fact, there are several ways you can earn some additional income through this wide-ranging industry.
Whether you’ve got $100 to invest or $100,000, here are some ways to make money through real estate that you may not have thought of.
Start a real estate blog
A blog can be started in just a few minutes, and depending on your site and design, it can be done for less than $100. Allow people to leave comments on your posts and get some conversations going. It’s a great way to share your passion with others and hopefully learn along the way. By including ads and affiliate links on your site you can begin to earn some revenue. Be sure to promote your posts on social media and share them with real estate groups in order to grow your audience and your advertising revenue.
Set up a real estate focused Youtube channel
Tons of people have had success in creating their own videos and posting them to Youtube. And the beauty is that your videos can be about almost anything, so you can keep it simple and speak directly to the camera, interview real estate experts, do house tours, whatever. You can enable ads that, if clicked, will make you money. And if you can manage to find an audience and get a lot of subscribers even more advertising opportunities will come your way.
Rent out a parking space or garage
You don’t have to rent out your basement in order to make money from your existing home. If you have extra space somewhere – such as a garage or a parking spot – go ahead and rent it out. If you’re in a city where parking is difficult, renting out a parking space can bring in a lot of extra cash. As can renting out a garage for storage. In a city like Toronto a downtown parking space can generate over $30,000 a year in additional income. It’s all about location location location.
Invest in a REIT
A REIT is like a traditional mutual fund that pools investor capital for the purpose of investing in a portfolio of assets managed by professionals. A REIT invests in income-producing real estate so that you can invest in office buildings, apartments and commercial real estate without the same time commitments as traditional real estate investing. You get to invest your money and collect the “rent” while someone else does all the work.
Wholesale a house
Wholesaling is similar to flipping, but you never actually take possession of the house and you don’t have to front any maintenance costs. Wholesaling a house means contracting someone who is looking to sell their house, and quickly taking that contract and selling it to a prospective buyer for a profit, which the wholesaler keeps. No renovations or fixes required. It can be challenging to find properties with enough wiggle room to make a profit, but those who are good at spotting deals have the potential to make a lot of money very quickly.
Whether you have a significant amount to invest, or just a few dollars, as long as you’re willing to think outside the box, it’s more than possible to make money with real estate. What are you waiting for?
Photos courtesy of Unsplash & District REIT