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 or Youtube Channel
If the costs associated with investing in real estate are holding you back, consider this. A real estate blog or Youtube channel can be started for less than $100 and can provide you an entry point into the industry. While the returns may not be much to start with, it’s a great way to share your passion and start to create conversations. 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. As you begin to build credibility and create a community, you may find that investment
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.
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.
Invest in a Real Estate Fund
Real estate funds are a great way to invest passively and make money with real estate. These work by pooling investor capital to invest in real estate. The fund then collects the income and profits earned and passes that onto investors as a return. It’s an ideal opportunity for those who are passionate about real estate and interested in diversifying their portfolio beyond active investing.
I’m such a big fan of real estate funds that I’ve started my own. The Scott McGillivray Real Estate Fund marks the first time I’m giving people the exclusive opportunity to invest passively alongside me in a portfolio of residential development projects in key growth areas in Southern Ontario. Each project and portfolio investment is strategically selected by me and a qualified team of real estate professionals to offer investors an attractive return.
Want to learn more? Sign up here and someone from my team will be in touch.