You are not alone…many women, especially stay-at-home moms, are looking for ways to earn extra money.
Finding a lucrative side hustle can bring in cash and allow you to:
1. Earn Passive Income
Time is precious. There are only 24 hours a day and most of us are already overloaded with tasks. Who’s keeping track of doctor’s appointments, holiday cards, and birthday gifts – all while cleaning bath tubs, emptying kitty litter and making dinner? 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 comes in whether you are sleeping or awake. It rolls in consistently while you are busy living life and doing a million other things.
Passive income is the way that regular people grow wealth, and the way rich people become richer. And all women, should strive to generate passive income to help pave the way to wealth and 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 land-lording. These land-lording duties could range from property management, tenant communications and bookkeeping, to handling small repairs, renovations and cleaning. By taking on all of those jobs, instead of paying someone else to do them, you will generate more cash flow when you need it most.
But once you are done building your sweat equity in the early years, the big passive income payoff will follow. Due to rising rents, you will be generating more income over time and you can opt to pay for professional property management to take the load off your own shoulders. I haven’t selected this route yet. I continue to be a DIY landlord because paying for property management truly doesn’t seem worth it right now. I have good long-term tenants that don’t require that much effort to manage and I am happy being more involved. But, at any time, I could easily turn the property management over to professionals, shift into auto-pilot and live happily off the passive income.
2. Find Life 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 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 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 barrier. 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.
3. Get the H*** Out of the House
I’ve been a stay-at-home Mom for many years. I know what it’s like to want to get out of the house and do something that’s not kid-related. Real estate investing provides an opportunity to do just that. Join a real estate 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 kid duty to build your new business. Or consider hiring a sitter more often if you can swing it, and give yourself a little time to get your investing business going.
If you can’t get anyone, well, that’s okay too. I have toured prospective properties, shopped at Home Depot and driven through rental neighborhoods, all with my kids in tow. I’ve even done 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 mama working hard to build wealth and create a better life and future for the family!
And One More Thing….
Don’t us “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 fit this side hustle in now, because it will pay off for years to come. I will build my future now, because I can do it! I can open a pack-n-play with one hand while typing a search into Zillow with the other! Don’t test me people!
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 down-payment 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.
If you are ready to begin real estate investing, take positive steps to make it happen. Subscribe to CashflowKat for continued support, tips and motivation. Because that’s what this site is all about – helping you achieve financial and investing goals!