Having a “side hustle” has become more popular for a number of reasons. Many people like the flexibility of having more than one source of income, and rising inflation means our money doesn’t go as far as it used to, so sometimes we need a side hustle to make ends meet. Side hustles have also evolved in recent years, and people are getting smarter about how they bring in some extra income each month. There are a number of side hustles in the commercial real estate world, and we want to spotlight some of the most popular ones in today’s blog.
Commercial Real Estate Side Hustles
If you have a little money that you’re looking to invest or you’re quite handy with a hammer, you may be able to bring in some extra income each month with one of these commercial real estate side hustles.
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Apartments - Rising interest rates and skyrocketing home prices means more people are looking to rent instead of buying. Investing in an apartment complex can return regular income each month.
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Duplex - Another move that has become more popular in recent years is to buy a duplex and rent out the other side. Rental income from one side of the duplex can help you pay off your mortgage faster, or you can buy a duplex and rent out both sides, in turn earning significantly more than your mortgage amount. If you’re handy and can fix issues when they develop, renting out one or both sides of a duplex can be a lucrative side hustle.
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AirBNB - If you’re fortunate enough to have multiple homes, you can rent one out when it’s not in use for some extra income. AirBNBs have become a popular alternative to hotels for groups and vacationers. Rent out your vacation home when it’s not in use on sites like AirBNB or VRBO.
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Commercial Space Rental - You can also look to invest your money in a commercial retail space, like a strip mall or a business park. Renting out space to companies can bring in money each month, and successful businesses can also bring value to your property.
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Storage Rentals - Americans need a place to store their stuff, so it should come as no surprise that one of the fastest growing commercial spaces is storage facilities. They are cheaper to construct than liveable spaces that require heating and plumbing, and they also require much less maintenance. Investing in storage space can return regular income each month without as much risk as live-in properties.
If you’re interested in learning more about commercial real estate side hustles, or you want to take the first step in making your money work for you, connect with the team at Commercial Partners. We can assist with numerous aspects of the purchase process so that you can start your next commercial venture. For more information, contact our team today at (612) 337-2470.