You are not alone. Most of us today are looking for a Side Hustle.
You are probably already earning a steady paycheck from a corporate employer, running your own small business, or working hard as a stay-at-home parent. But no matter your primary career, finding a lucrative side hustle can be crucial to your strategy for building wealth and finding financial freedom.
A successful side hustle allows you to earn Passive Income
Time is precious. There are only 24 hours in a day, and most of us are overloaded with tasks – jobs, pets, friends, family, kids, hobbies, sports.
So we need a way to earn money without having to work at it continuously. There’s not enough time for anything else!
That’s where passive income comes in. Passive income is the money you make while you sleep. What? You don’t get to sleep?? Well, that’s okay too, because passive income rolls in whether you are sleeping or awake. It keeps rolling in while you are busy living your life and taking care of a million other things.
Passive income is the way that regular people grow their wealth, and the way that rich people become richer. We should all strive to generate passive income to pave the way to personal wealth and to find financial freedom.
Does Real Estate Investing Provide Passive Income?
That’s yes…with a big, fat asterisk….why the asterisk?
Generating any passive income stream will take quite a bit of time and effort in the beginning. You will be climbing the learning curve and you might even feel frustrated or overwhelmed initially.
This can be especially true in real estate investing. As a side hustle real estate investor, you may choose to build your “sweat equity” in the early years. It’s called sweat equity because you’ll be working hard (sweating!), while wearing the various hats of active landlording. These landlording duties can range from property management, tax-planning and bookkeeping, to handling small repairs, renovations and maintenance tasks. By taking on all of these jobs, instead of paying someone else to do them, you will generate more cash flow when you need it most…in the beginning.
So with all this talk about sweat, why choose Real Estate Investing as your Side Hustle??
To Grow Your Wealth, Live Like a Rich Kitty & Retire Like a Fat Cat
Real estate investing is a proven route to making money, growing wealth and finding financial freedom. It is uniquely powerful for wealth building. It harnesses the power of leverage and carries a unique set of tax advantages that are unparalleled in the investing world.
And the best form of real estate investing for side hustlers is the “Buy-and-Hold” variety.
Buy-and-Hold Real Estate Investing
Buy-and-Hold investing is simple! You just need to:
- BUY RENTAL PROPERTIES &
- HOLD THEM (and keep holding them…)
Hmmm, sounds too easy. Well, simple is not exactly easy.
You must begin by gathering information and educating yourself as a real estate investor. You can do this for FREE by reading library books, magazines and blogs. You don’t need a license, a degree, expensive seminars or investment “coaches” or “mentors” to provide you information. In fact, you don’t need anyone but YOU! Just make sure that you steel your resolve and understand that building wealth through real estate investing may feel risky, uncertain, or even downright scary at times.
Then push through your fear and take action! Identify and purchase one rental home. Learn the ropes of acquisition and property management. Are you generating cash flow? Do you enjoy building equity each month as you pay down your mortgage with your tenant’s rent payment? Do you see your rental property value appreciating?
Or do you find the real estate investing process to be too risky or too difficult or just too damn [fill in the blank]? Let’s face it, real estate investing is not for everyone. But isn’t it worth finding out if it works for you?
Because as you collect monthly rent from your tenant, not only are you making extra money, you are earning back your initial rental property investment and paying down your outstanding mortgage loan. You now have a built-in savings plan! Your rental property will eventually be paid-off through rent collection, and you will own your rental property outright. What an asset!
And the more rental properties that you acquire, and the longer that you hold those properties, the more income they will generate. Your rental home portfolio will become your small business, working for you as you pay down your mortgage debt. So your side hustle investing business can generate money and savings to provide for your family, allow you to walk away from your 9-to-5 job, and enable you to pursue your retirement goals to their fullest.
Real Estate Investing as a Path to Your Best Life
Life can be tricky. Maybe you’ve a got college degree that you aren’t using; or, you are, but it’s turned out to be a dead end. Maybe you’re a full-time stay-at-home mom, raising kids and wondering whether or not you’re using all of our skills to their fullest potential. Maybe you aren’t earning enough; or you’re working too hard; or you’re just burned out, stressed out and sick to death of your primary job.
Maybe real estate investing can help. It’s not necessarily the golden ticket to utopia, but it can provide an amazing opportunity to use your talents and energy, building your own side hustle business. You will be your own boss, as the owner and landlord of your rental homes. You can choose your properties, your management strategies, and your investment style. Do you want to buy and hold your homes for long-term passive income? Or do you want to try other real estate investing methods, such as flipping properties to generate quick cash in a short-term project-based business model?
It’s up to you. And maybe it’s time that you decide where you want to go in your life. Real estate investing has no barriers. You don’t need any special education or degrees to get started. You just need to want it – and be willing to work for it. If you are, real estate investing has no limits!
And One More Thing….
Don’t use “One More Thing” as your excuse to not start investing. Don’t say: “I’ve got enough to worry about. I don’t need one more thing.”
Instead, flip it around and say: “I already handle so much, what’s one more thing? I can start this side hustle now, because it will pay off for years to come. I will build my future now, because I can handle one more thing!”
The Real Estate Investing Passive Income Payoff
Once you’ve handled a few more things and you’re done building your sweat equity, the passive income rewards will follow. As rents rise (and they always do) and your profits increase, you can opt to pay for more services and professional property management to take the load off your own shoulders. Yes, it’s true, you can shift your real estate investing onto auto-pilot and set sail around the world, living happily off your passive income. Woooohooo!
So whether you are interested in building passive income for the retirement of your dreams or for making more money to live a better lifestyle today, real estate investing might be the just the side hustle you need. Subscribe to CashflowKat to get tips, advice and support in your real estate investing journey. You can do this!