what are some Part time RE gigs?

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what are some Part time RE gigs?

James H.
Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes

I am in the very beginning stages of my RE investment journey. After having acquired rental number one, I'm relatively cash poor. The money I borrowed to rehab the rental will be paid off in about a month and I will begin saving again for another oppurunity.

My rate of savings can only be about 600/month. That is not much considering I will need to have at least 15K in cash to make something good happen if I can't find a good deal on an owner finance property.

Since my expenses are cut down about as much as can be, my only option is to increase my income so I can save faster. So, I am wondering what kind of jobs are out there that I could do part time in the RE industry.

Since I have an engineering degree and am a registered EIT, I have considered getting licensed as an inspector and do inspections on the weekends. This could be a good way to generate an extra couple hundred dollars a week and stay connected to the market in a sort of way.

I have thought about getting licensed as an agent, but don't think I would be that effective as a weekend only agent. I don't really want to work evenings when I get home from work, but am not opposed to doing it occationally.

What other part time RE jobs are there? Any thoughts or ideas? Even ideas on how I can use my skills outside of RE are welcome. I am trying to find something that would be at least equivelatnt $15/hour - more if possible.

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Carlos Flores
Commercial Real Estate Lender / Syndicator · Dallas, TX · Member since 2011 · 888 posts · 309 votes
14y

I have access to practically every dealer only auction in the country. Wanna sell some cars?

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  • Zachary Dosch
    Bismarck, ND · Member since 2011 · 142 posts · 16 votes
    14y

    Being a property manager might be a decent gig if you can manage the right property. Should be a good educational tool as well.

    Im considering doing the same thing.

    0Reply
  • Danny Day
    Developer · Houston, TX · Member since 2008 · 488 posts · 121 votes
    14y

    If you have a full time job you'll be working nights and weekends regardless of the job. Becoming a licensed inspector involves an apprenticeship I believe. I might be wrong. This can take time. Another thing to consider is amount paid for services. Inspectors make $250-500 per inspection. Not sure what their split is after that with their company. Lets say you did 2-3 inspections per week. You could make 3x that with 1 real estate deal per month as an agent. In my opinion I would get licensed and become a part time agent. Don't let industry full timers bring you down and think that you're sub-par to them. I know some part time agents who close more deals than full time agents (I was one of them before). You'll have access to the MLS as well. If you want to generate cash as an agent do BPO's (time consuming). I would get my license, and work on getting listings. Listings let you leverage your time better as you're not out spending Monday - Friday nights with buyers. $15k needed for your 1st deal can be done within the next 12 months of right now if you got your RE license.

    My .02 cents. Good luck

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  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    14y

    Brian, what is an "EIT" sorry...

    If you are a degreed engineer, you need to shoot for more than 15 bucks....more like 50 to 100!

    A home inspector should be hitting about 80 an hour with time in for driving and doing a written report.....probably take time to start your own though.....working for another should get you 25 anyway....

    0Reply
  • Samantha M.
    Landlord · Dallas, TX · Member since 2012 · 505 posts · 34 votes
    14y

    Would wholesaling part time be an option, by saving the assignment fees?

    0Reply
  • James H.
    OP
    Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
    14y
    Originally posted by Bill Gulley:
    Brian, what is an "EIT" sorry...

    If you are a degreed engineer, you need to shoot for more than 15 bucks....more like 50 to 100!

    A home inspector should be hitting about 80 an hour with time in for driving and doing a written report.....probably take time to start your own though.....working for another should get you 25 anyway....

    Bill Gulley,

    EIT stands for Engineer In Training. I will not be able to test for my PE (Professional Engineer) licensce until next April. So, I cannot provide engineering services to the public.

    Also, I am only qualified, right now at least, to provide the same services which I do for my employer. I cannot go out and do the same work on the side as it would be a conflict of interest. Until I decide I want to run my own consultancey doing what I do (and I'm not sure if I ever do) I can't be competing with my employer. Yes, I agree that my services are worth at least 100/hour billed directly to the market - but that is not an option right now.

    So, that is why I was thinking inspector or agent. I don't mind putting in some extra hours to get some training if it means the difference between working part time for $80/hour or so.

    Danny Day,

    You are right about an apprenticeship. I did a little research on the TREC website and it appears my education, work experience and registration as an EIT counts as a waiver toward some of the required education hours. Honestly, I don't know if it is worth the effort, but just brainstorming ways to find part time work that does not require me to punch a time clock.

    I guess my main concern with the Agent's license is that you have to pay to hang your license at a brokerage. I do like the access to the MLS. Of course, it doesn't do me a lot of good if I can't buy anything. I know I can track trends, but it is also kind of torturous to look at listings and see great deals when you don't have the money. I'd love to make some sales and get some commission....I know this is an open ended question, but, what does it look like to be a part time agent?

    0Reply
  • Justin S.
    Residential Real Estate Agent · Chandler, AZ · Member since 2009 · 1k+ posts · 928 votes
    14y

    Investors in my area pay drivers $15/house to shoot photos and estimates repairs for them. You might want to try that. Good drivers can do 2-3 homes per hour.

    1Reply
  • Arthur Garcia
    Specialist · San Dimas, CA · Member since 2011 · 350 posts · 122 votes
    14y

    Perhaps you can work with local landlords to do tenant placement. There's a lady in my area who charges 250-400 to place tenants. Not bad if you can line up 2-3 a month.

    AG

    1Reply
  • James H.
    OP
    Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
    14y
    Originally posted by Justin S.:
    Investors in my area pay drivers $15/house to shoot photos and estimates repairs for them. You might want to try that. Good drivers can do 2-3 homes per hour.

    Justin S.,

    How do you locate these investors? How accurate of a repair estimate do they expect?

    0Reply
  • Arthur Garcia
    Specialist · San Dimas, CA · Member since 2011 · 350 posts · 122 votes
    14y

    Brian Hoyt - I would definitively get connected with local investor clubs, call for rent signs, send mailers and work craiglist too.

    0Reply
  • Arthur Garcia
    Specialist · San Dimas, CA · Member since 2011 · 350 posts · 122 votes
    14y

    Brian Hoyt - i just realized the lady that does tenant placement has a site. I've listed it here. Note - I'm not affiliated with her, but I thought her idea was kind of interesting.

    click on the section referring to landlords:

    www.therentalgirl.com

    Not a bad twist on an old gig.

    AG

    0Reply
  • Bala P.
    SFR Investor · Dallas, TX · Member since 2009 · 71 posts · 12 votes
    14y

    Brian Hoyt , have you considered being an non-licensed assistant to an agent? I came this for New Mexico and you should find one relevant for Texas.
    http://realestate.about.com/od/realestatebasics/tp/unlicensedasst.htm

    This will provide you with some supplementary income as well as some of the benefits of an agent without a license, so you can hit both these with one stone.

    Good luck

    1Reply
  • Jeff S.
    Lender · Los Angeles, CA · Member since 2009 · 1k+ posts · 2k+ votes
    14y

    I see from your profile Brian Hoyt that you’re a geotechnical engineer, so I assume your degree is in civil engineering. I know several CE’s who moonlight by doing the engineering for single family homes. Some are PE’s and can stamp plans, which I know you cannot yet, and others work under someone with a stamp and are paid by the hour. It’s fast and easy money and at a rate substantially higher than $15/hour.

    Others are doing awnings, canopies, and other outdoor structures. None of these should present a conflict and all are relatively short piecework type jobs. Call some of the local architects whose signs are posted on new SFR construction in your area and ask them who's doing their engineering. Most of these are small time outfits that always need good part time help and are willing to pay.

    Stick with what you know, since these can become great long term contacts, and don’t sell yourself short. It’s easy to lower your rate but murder to raise it.

    Jeff

    0Reply
  • Joe Delia
    Involved In Real Estate · Rochester Hills, MI · Member since 2010 · 812 posts · 178 votes
    14y

    Become an unlicensed agent. In ohio you'd be able to host open houses, market, ect... even do a lot of it from home. Agents are always looking for people to hold opens, you just wouldn't be able to talk price.

    0Reply
  • Cynthia Franklin
    Investor · Arlington, TX · Member since 2008 · 51 posts · 11 votes
    14y

    Brian Hoyt. The unlicensed agent sounds like a good way to go. I am currently working with a great Real Estate Mentor (who I found on Bigger Pockets) but in the meantime before the BIG Bucks roll in, be an unlicensed agent could work. Now the question is how do I find an agent who needs me :}.

    1Reply
  • Nicholas Kral
    Real Estate Consultant · San Diego, CA · Member since 2012 · 44 posts · 13 votes
    14y

    Craigslist always has postings for the BPO drivers or RE assistant.

    0Reply
  • Justin S.
    Residential Real Estate Agent · Chandler, AZ · Member since 2009 · 1k+ posts · 928 votes
    14y

    Brian Hoyt They are typically auction buyers, so try the courthouse steps. As for accuracy, +/- a few grand but they will make their own call based on your pictures.

    0Reply
  • Brandon Nelson
    Real Estate Broker · Bellingham, WA · Member since 2012 · 20 posts · 5 votes
    14y

    Hey Brian, I've been a full time home inspector (700 inspections from 2004 through 07) and it was an invaluable boost to becoming a successful real estate agent. But our market here is absolutely flooded with inspectors now, and when I'm asked by someone if they should get into it, my reply is that if you've got the chops to break into the inspection business, then you've got the chops to break into sales just as easily, and there's WAY easier/more money in sales. If your market is lean on inspectors that may be different, but check it out first.
    I'll tell you a very easy-to-get-into niche that I've seen a few people do around here and can easily make as much as an inspector but without getting dirty: Mobile notary signer. Title/escrow companies are lean on staff and swamped with re-fis AND purchases in our market, so they call on mobile notaries to meet clients, point and say "sign here" on closing docs and take home $150-$400 depending on number of docs/refis/closings.
    Might be worth looking into.

    1Reply
  • James H.
    OP
    Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
    14y

    Thanks Brandon Nelson,

    I did consider that the market is probably a little saturated with suppressed home sales right not. I will look into the mobile notary thing too.

    0Reply
  • Tod R.
    Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
    14y
    Originally posted by Brandon Nelson:
    Hey Brian, I've been a full time home inspector (700 inspections from 2004 through 07) and it was an invaluable boost to becoming a successful real estate agent. But our market here is absolutely flooded with inspectors now, and when I'm asked by someone if they should get into it, my reply is that if you've got the chops to break into the inspection business, then you've got the chops to break into sales just as easily, and there's WAY easier/more money in sales. If your market is lean on inspectors that may be different, but check it out first.

    Hey Brandon Nelson, why do think these two are similar? I would think the RE agent has to be much more outgoing/social/marketing oriented? I know any business you get in to you have to market yourself, but the volume of interaction with clients as an agent seems like it would be much greater.

    I'll tell you a very easy-to-get-into niche that I've seen a few people do around here and can easily make as much as an inspector but without getting dirty: Mobile notary signer. Title/escrow companies are lean on staff and swamped with re-fis AND purchases in our market, so they call on mobile notaries to meet clients, point and say "sign here" on closing docs and take home $150-$400 depending on number of docs/refis/closings.
    Might be worth looking into.

    For what it's worth, I refinanced one of my investment properties through a mortgage co out of Houston. They used a title co. based in Houston and sent a mobile notary to my office for me to sign. It made it so convenient to not have to go to a title company.

    0Reply
  • Brandon Nelson
    Real Estate Broker · Bellingham, WA · Member since 2012 · 20 posts · 5 votes
    14y

    Good question on how the two are similar, Tod. The two busiest, highest market share inspectors in my area do more outreach and social marketing than 95% of the agents I know. One of them hits EVERY in-town brokerage at least once or twice a month, teaches agent continuing education classes for free, keeps our mailboxes full of microwave popcorn, seasonal calendars, coupons, etc. The other one blogs daily, always sends $5 Starbucks cards for every referral whether he books the job or not, and if he's not inspecting he's out talking to agents. I thought inspection was a great job for me for a few years, and if my own son wanted to get into it for a few years or even grow a business around it, I'd support him 100%. But if either of the two guys I mentioned put that sort of diligent outreach and follow-up into a real estate sales career, they'd be just as successful -- at least in my market here. When I switched from inspection to sales my income quadrupled the first year, with my hours staying the same week to week. And I spent a lot less time on my belly in a crawl space with a respirator on. :-)

    1Reply
  • Tod R.
    Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
    14y

    Those are some hard working inspectors!!! Maybe they'll see the same light you did.

    0Reply
  • Bridget D.
    Involved In Real Estate · Westchester, CA · Member since 2010 · 56 posts · 3 votes
    14y

    Hi Brian,

    Just wanted to add my 2 cents.. You may want to look into becoming an independent Title Sales Representative. I'm not sure about where you are but here in California the pay is commission only and ranges from 18 to 28 % of the volume closed. With a little marketing on the weekend to local agents, loan officers and people you already know in real estate it could prove to be quite profitable for you. No stresser on quota's etc. and you can do it in your spare time or not. I've been ranging a good $800.00 to $1,200.00 per month but others I know doing it are making way more than me because they actually put forth the effort. Also I agree with the mobile notary method. Good luck to you

    1Reply
  • Carlos Flores
    Commercial Real Estate Lender / Syndicator · Dallas, TX · Member since 2011 · 888 posts · 309 votes
    14y

    I have access to practically every dealer only auction in the country. Wanna sell some cars?

    2Reply
  • Jerrold Stallworth
    Real Estate Agent · chicago, IL · Member since 2008 · 46 posts · 1 vote
    14y

    If I may piggyback on the current question, does anyone know about doing receiverships part time as a way to supplement RE income?

    0Reply
  • James H.
    OP
    Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
    14y
    Originally posted by Carlos F.:
    I have access to practically every dealer only auction in the country. Wanna sell some cars?

    Carlos F.,

    This is something I have considered (except I don't have the access you have). I'm really no mechanic and the closest one I trust to do a good job at a good price is all the way in Austin. But I'm not afraid to detail a car. About how much (on average) do you think you need to buy a car at auction that needs little to no work that will sell for a profit?

    0Reply
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