You may already have a day job and you’re wanting to make money as a side hustle. Alternatively, you may wish to go beyond this to start something that could eventually grow within a couple of years to outstrip your primary income and allow you to quit your job.
Here are four ways to make money by using your free time to do so.
Rental Real Estate
Buying a local single-family home or a multi-family double unit is a good option for someone who is comfortable dealing with people and handling money. Real estate investing, unlike when buying your home, is all about the gross rental yield achievable from a property that’s then used to repay the loan for the deal. By going through a hard money lender like lionshare lending, an investor can obtain a real estate loan to buy a selected property and get started.
Sometimes, rental properties are already filled with tenants and the owner is selling up. This is a good situation if the tenants have been there a while and there’s no history of rent arrears. Eventually, the mortgage gets repaid using the rent charged to tenants, leaving you as the owner free and clear. From there, profits leap up and investors tend to buy larger properties at that point.
Day Trading and Currency Trading
Day trading is popular with people who are good are reading stock market trends. When they use software to find that certain stocks trade within a fixed range, they can pick their entry point, ride the price of the stock back up, and then exit out safely with a tidy profit.
Currency trading also works in a similar fashion where investors are estimating that a currency is priced low compared to other respected currencies. Or, they deal with currency pairs where they’re looking at the changing values of two currencies and making money on the expected movements.
Experience and know-how count in both of these investing disciplines.
There’s a good trade to be made in a lawn care business run in the evenings and on weekends. Plenty of homeowners don’t wish to lose their weekend mowing the lawn and taking care of other gardening chores. They’ll often pay a pretty penny to offload the chores to get the weekend to themselves.
While you would likely hand out flyers locally to promote your business and put up a listing on Craigslist too, once you get to a certain number of regulars, you’ll need a team of people to help. After all, there’s only so many hours in the day. At that point, you can become the manager of a team of lawn care specialists and not tied to only what you can get done in a day.
Buying and Selling Items
Good money is made from buying new, or previously owned goods which other Americans no longer have a need for. From discount deals in big box stores to local house clearing sales and private deals, once you know your merchandise, you can pick the profitable winners.
Amazon has their own shopping app to scan barcodes to quickly see what the item sells for new or previously owned, and how many are currently listed on their site. It’s also possible to sell through eBay and other places too.
The focus of any side business is to start something that you’ll be good at, enjoy doing, and has the potential to grow beyond yourself. Eventually, you’ll want to run the business and have other people generating the sales and profits for you.