You are not alone. Women today are often 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 mom. But no matter your day-to-day work and family obligations, finding a lucrative side hustle can be the key to making more money, building wealth for your family and finding financial freedom.
Why Choose Real Estate Investing As Your Side Hustle?
I’ve seen all kinds of ideas for earning side hustle income, everything from driving an Uber to dog-walking to blogging. And while I haven’t tried them all, I can tell you that real estate investing is a proven route to growing wealth that has worked for millions of people and can work for you too. You don’t need a special license or degree, expensive seminars or investment “coaches” or “mentors” to get started. In fact, you just need a willingness to learn (through free sources like library books, websites and investor meet-ups) and the drive and determination to take action!
Through a real estate investing side hustle, you will be able to:
1. Earn Passive Income
Time is precious. There are only 24 hours in a day and most of us are already overloaded with tasks – jobs, pets, friends, family, kids, hobbies, sports. Who’s keeping track of doctor’s appointments, holiday dinners, and birthday gifts, all while cleaning the bathrooms, emptying the kitty litter and making dinner?? Usually women, that’s who!
So women 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. And all women should strive to generate passive income to pave the way to building wealth and finding 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 landlording. These landlording duties can range from leasing, bookkeeping and property management, to handling small repairs, maintenance and cleaning. By taking on some (or 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.
But once you are done building your sweat equity in the early years, 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! Or you can just spend more time with family and friends, creating a life that you love.
2. Find Fulfillment
Life is sometimes tricky for us women. Maybe we’re at home full-time, raising kids and wondering whether or not we’re using all of our skills to their fullest potential. Maybe we’ve got college degrees that we aren’t using, or we are, and they turned out to be dead ends. Maybe we aren’t earning enough; or we’re working too hard; or we’re burned out, stressed out and just plain tired.
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 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 flipping houses and generating quicker gains in a 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. The beauty of real estate investing is that there are 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!
3. Get the H*** Out of the House
I’ve worked full-time and part-time, while raising kids, and been a stay-at-home Mom. I know what it’s like to want to get out of the house and do something not kid-related. Real estate investing provides an opportunity to do just that. Join a local investor meet-up, get out, and start talking to other investors. Convince your spouse, co-parent, relative, or friend that you need a little time away from the house to build your side hustle business.
If you can’t get a sitter, well, that’s okay too. Believe me, I have toured houses, shopped at hardware stores and met with mortgage lenders, all with my kids in tow. I’ve even worked on rental properties, doing minor painting or repairs, with my kids in tow. It’s okay. Anybody who judges you for schlepping your kids through Home Depot has no clue about modern parenting. Plus, your kids can usually learn a thing or two from the experience! If nothing else, they will see their mamma working hard to build wealth and create a better future for the family.
And One More Thing….
Don’t use “One More Thing” as your excuse not to 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!”
So whether you are interested in building passive income for the future or just flat out making more money today, real estate might be the just the side hustle you need. Because any time you invest in real estate, you are acquiring an asset that can generate cash. The cash will flow from the rent your tenant pays you every month. Your net income will be the amount of rent that you pocket after paying your operating expenses (like repairs and maintenance) and your loan costs.
As you are collecting your monthly rent, you are earning back your initial investment and paying down your outstanding loan. So, in addition to generating extra income, you now have a built-in savings plan. Your rental property will eventually be totally paid off through rent collection, and you will own your rental property outright. What an asset!
If you are ready to begin real estate investing, take positive steps to make it happen. Check out some books, talk to other investors, and subscribe to CashflowKat for continued support, tips and motivation. Because that’s what this site is all about – helping you achieve your financial and investing goals!