Real Estate as a Side Hustle

We are currently doing demo on our condo in San Diego. It is getting ready to be rented and we are doing a lot of the work ourselves to save money. It was our first condo so feeling nostalgic about it as we tear apart some of our original work. Since it was our first condo and renovation we feel very sentimental, but know it is time to update. We have bought real estate in each of the places the military has sent us, and it has created a fun side hustle for us along the way. Have you ever considered real estate as a side hustle? It can be hard as a MilSpouse to continue switching jobs so it becomes important to look at options outside the box that can go with us, and real estate is one of those things that we can do from anywhere. Let’s explore some tips and tricks for having real estate as a side hustle. 

1. Make sure to do your homework of the area. If you want to invest in real estate, it is important to do some research before investing. What are the rents in the area? What is the neighborhood like during the day and night and how many places are currently for rent in the area are just a few things you should consider. 
2. Decide how you want to use a property. Are you going to rent full time or willing to do short term leases?  A lot of our military communities look for short term rentals for schooling and short-term assignments so this might make your place appealing and often can bring higher rent. If you buy around a training base or school this is an option for 6–9-month leases and are usually in high demand.
3. We all know about the success of Airbnb’s and getting in on this success can make a great hustle. It has become very popular, but there are a lot of considerations when thinking about doing this type of rentals. You need to find good help to oversee your property, get it cleaned in between visits and keep rented. It is important to make sure that they are utilized in the area and necessary to compare yourself to other rentals you would be competing against. The key is good location and to create a unique option that helps you stand out and get premium dollar. 
4. Have you considered flipping houses? One of the big home show trends is watching couples flip houses and it does have its appeal. But it can be very risky too. There is a lot that can go wrong when walls are removed so having a contingency budget is something to be prepared with. There is a lot of potential in flips, but as a military family we always take into consideration trainings, deployments and moves when we are looking at flips. It can be done but keeping those things in mind will make it a lot less stressful. 

There is a lot to consider when thinking about real estate as a side hustle. However, it can be a fun way to make a little extra money, learn new skills and build your portfolio in preparation for retirement. The key is to plan, do your research and have a solid system set up and with those pieces in place real estate can be a great side hustle for military families. We now have a portfolio across the country that will help us to stay diversified and gives us that extra for retirement and real estate has turned out to be a fun and excited side hustle that has kept us connected to our military communities and allowed us to serve military families along the way. 

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This article was brought to you by Veteran’s First, who strives to help our Veterans understand the home loan options available to them and what might work best in their unique situations is our priority. They work to walk you through the homebuying process, step by step, so you can achieve your American dream.

As CEO for Inspirational Inc. and founder of “Tea With Chantel” trainings & workshops, Chantel Mathson inspires women to live with purpose and build thriving community. She has traveled all over the U.S. and Canada, speaking and inspiring others to become impact makers. Chantel has been a featured speaker at NASA Space Center, The University of Notre Dame and numerous national conferences. She is a keynote speaker, workshop facilitator, blogger, bible teacher, military spouse mentor, author, and professor of communications. Chantel shares her heart and home with her husband, three kids and two dogs in California. As a Military spouse she has moved twelve times and has a heart for helping military wives connect, find their purpose, and create community. Her Tea with Chantel business evolved as she moved across the country and had to create new community herself. She is always ready to share a cup of tea and would love to connect…  FB/Twitter/Linkedin/IG @teawithchantel or Instagram.com/teawithmilitarywives and teawithchantel.com