Diversifying your real estate investing income is always smart and why not make more from the setup you already have? Check out these 5 ideas for boosting your income this year…
All of the following 5 ideas can be Incorporated using your current resources, by expanding your services or simply by referring business as part of an affiliate marketing program.
We are currently seeing more people move home than ever before. Sellers need to move to new homes, buyers need to move in, renters are getting evicted and businesses are relocating. In fact almost everyone you already help move in, out, sell, buy or rent needs help moving. Why shouldn’t you be able to cash in on this? Start your own moving company or get paid for clicks from your website or blog.
Obviously a huge percentage of those you help move also need storage so this is just another natural addition to your sources of revenue. Plus who knows you may be able to get the edge on the competitors at storage auctions if you know which units have the good stuff and which don’t. Better check for legality on this first though.
3. Property Management
Why not turn your wholesale flips into turnkey rentals by providing property management services so that you can continue to see profits from your deals every month, without the hassles or risks of holding them yourself? Plus you are already networking with other investors and property owners everyday who need their rentals managed. With a couple new virtual assistants and a new landing page you can be in the property management business too.
Virtually every distressed home you acquire has a seller or possibly tenant who needs to move out. If you don’t have a property to put them in why shouldn’t you profit by referring them to another investor or real estate agent. Plus they should be really thankful for the help and it can make your sales pitch easier.
5. Cleaning Services
Cleaning services are cheap and pretty easy to run. You already probably need them and so do so many of the agents, investors and property owners you come into contact with everyday. Once you own the contracts you can sub the workout and make a nice spread.
None of these ideas should replace your real estate investing income or could match it but offering them or referring them could actually position you to receive even more referrals and leads back to your core business of flipping houses too.