Money may get a little tighter during a recession. We know prices for nearly all products are going up while our wagers remain the same. Better tighten your belt. It may get a lot worse. We are tempted to crawl under the bed covers, stick our thumb in our mouth, and not come out.
Life is about more than money, but hey, we can make do with money if we have to. One solution is to increase the number of income streams that you have. The more income streams we have, the better prepared we are to survive a recession. Follow my suggestions and you will have a real estate business running like a Swiss watch.
1. Buy Fixer-upper Houses
The time to buy in real estate is when prices are low and soft, and when interest rates are low. If that sounds like the present situation we are in, you’re right. Buying fixer upper houses gives you the added premium of buying houses at even lower prices and using sweat equity to raise its value. When you’re done you can flip your house for short term gain (although it may not be so easy to sell in a recession) or rent it out for long-term gain.
2. Take Handyman Jobs
Use your fixer-upper skills to take jobs as a handy man. Once people know that you repair fixer-upper houses their eyes light up. They think of several jobs around their house they would like you to do. When it comes out that I repair fixer-uppers in a conversation with someone, the conversation usually ends with the other person remarking “oh by the way, I have this leaky faucet (or toilet, or roof). I wonder if you could look at it.”
3. Turn Empty Space Into Money – Rent Out a Room
I know, “who wants to have a stranger in your house”. But this can be a friend or a relative. Convert a section of the house into a rental room. College students make good renters.
4. Build a Separate Guest House
If you have space in your yard, and the city codes allow it. It could be cheaper than buying a new property.
5. Write a Book About Your Experiences in Real Estate
Your experiences and unique and people buy books that show them how to make money. Write and publish the book yourself, and yes, (gasp!), learn to market it too. Sell it on Amazon.com.
6. Write a blog.
Tell people about your daily activities in real estate investing, and plug your book at the same time. Don’t forget, you are an expert. An expert is only a regular person who has written a book.
7. Teach seminars or classes.
Check into teaching at a community college or “open” university. They are always on the lookout for new teachers. Can’t talk in front of people? Join Toastmasters and have fun while you learn.