Some of the common misconceptions of getting stated in real estate are:
- I need to go into lots of debt
- I need to understand the real estate market
- I need to be able to understand the inner workings of complicated contracts
- I need to be good at construction
- I need to be good at decorating
- I need to have a lot of money
These are misconceptions that keep many people from getting started in real estate.
I’d like to use this newsletter to give you 6 simple ways to get started in real estate (in no particular order):
- Buy a fixer upper & update it while you live there
We’ve done this many times and made a significant profit when we sold. And I’m not handy at all. We hired everything out. What’s great is that if you live there at least 2 years, the profit is tax free up to a certain amount. We call these “live-in flips.”
- Airbnb something on your own property
There are so many ways to make money on Airbnb using your own property. And you can keep your privacy too. I’ll link a newsletter I wrote about all the ways you could use Airbnb to make extra income in real estate.
- Become an agent & represent family & friends
We’ve done this for years and have made great extra income. We’ve also helped others in ministry do this as well. I wrote a guide that explains the process called “Earn an Extra $10k in Only 10 Hours Each Year.”
- Find opportunities for investors
Investors are always looking for deals. Perhaps you know of a home in your neighborhood that likely needs an investor to buy it. If you talk to the homeowner and connect them with an investor in your area, they’ll often pay you a “finder’s fee” for helping them get the property.
- Manage a few rental properties
You probably already know some people that own rental property. You could contact them and offer to manage it for them for a fee. 10% of the monthly rent is common in our area. If you had a few of these, you’d make great extra money.
- Find a house to Quick Flip
I’ve helped many pastors get started with quick flipping. This is a great way to enter the real estate world and you can make nice extra income. I’ve written a newsletter about the different types of flips that I will link here. And here are some links to quick flip deals that some of my students have done: $23,637 Profit, $140,874 Profit, and $26,000 Profit. You can find the course that these students took to learn how to Quick Flip here.
Real estate can be such a flexible and profitable extra income stream for those in ministry.
It’s a great way to earn income in your spare time.
