It can be tough to begin any new career. But when your income is solely dependent on your success, the risk and challenges are even higher. As a new wholesaler, it can take some time to begin creating and closing deals to make any money. But some other side gigs can be used to generate income as you learn the ropes and begin to make money as a successful new wholesaler. Below are five side hustles that can provide that cash you need to make the transition to wholesaling.
Become A Real Estate Agent
Not everyone thinks highly of becoming a licensed real estate agent. But it is an excellent way to earn commissions on the side and help out your friends and family. And you might even discover that you like this little sideline enough to continue working as an agent.
As you focus more on your wholesaling, you will find that many buyers and sellers will greatly respect your initiative to get your license.
Work For A Real Estate Investment Company
This is a great way to get on the job training on someone else’s dime. You will be working on commission in most cases, but the company will have buyers and sellers in the pipeline for you. So you will not be starting from the ground up on your first deals. It gives you experience in the real estate business, a more steady income, and lets you begin to develop your reputation and contacts within the industry. And as long as you are honest with your employer about your aspirations to start your own business some day, there should not be any hard feeling when you decide to hang out your own shingle.
In fact, your previous employer could be one of your first and best resources.
This is not going to necessarily get you into the real estate business to gain experience, but it will get you some cash. Sites like Fiverr and Upwork are great places to find freelance work in a variety of fields. You just select the jobs that meet your skill set. And in most cases, you will work when you want to and for whom you want to.
This option is a great training tool for managing your own time, setting and meeting scheduling requirements, and also reaching goals without a boss standing over you to micro-manage your time and production.
Be An Independent
There are a number of companies that offer independent statuses such as Uber, Lyft, and DoorDash. This job is a lot like a freelance gig. Only you are continuing to work for the same company. Or, in the case of someone who is very motivated, you could work for a few companies to increase your income.
If face-to-face contact with people is not what you are looking for in a side gig, check out remote gigs that allow you to work with nothing but an Internet connection for a company located anywhere in the world.
If you can make a part-time paycheck work, take a part-time job at a local company for a regular income, and supplement with your income from your new wholesaling business.
This choice gives you some stability financially while still having the time needed to really learn the wholesale real estate world.
In the end, there are a lot of different opportunities to make money while you are transitioning to your new career in wholesaling. But you need to be willing to work hard and think outside the box to reach your goal. In a way, it is all training for what you will need to be successful in your new real estate wholesaling business.