If you are a college student looking to make extra money, there are plenty of ways for you to do so. From driving with Uber or Lyft to working for your university, many opportunities are available if you know where to look. One area you might not have thought to look at, however, is real estate. How can a full-time student make any money in the real estate business? Well, that’s exactly what we are going to explore in this post!
There is plenty of money to be made, and all you need is the attitude and planning to get a piece of it!
Have You Considered Becoming a Part-Time Realtor?
There are several steps you need to take before you can become a realtor, but — once completed — this job offers flexible hours. A realtor that works 20 hours/week makes $24,556 a year on average. That means you can choose when to work and easily schedule around class time. You’ll need to take an online prep course and then pass your state’s licensing exam, but after that, you can apply to a brokerage near your school.
If you have a free summer, then you should take the course and licensing exam then, as you wouldn’t want the licensing process to get in the way of your studies. Plus, it doesn’t take three months to complete, so you can use the rest of the summer to get comfortable with the job before resuming your studies.
Suppose you are going to school for finance, business, or hospitality and management. In that case, this job is a perfect resume builder because it involves negotiating with buyers and sellers, keeping track of accounts, numbers, and spreadsheets, and requires that you develop and maintain a schedule. If you can pull it off, this is a lucrative way to make money while in school and develop many sought-after skills in the job marketplace.
Have You Considered Investing in Real Estate?
Investing in real estate sounds like something your parents might bring up with their friends as you awkwardly engage in conversation at a family party. However, it has never been easier for retail investors, a.k.a. you, me, and everyone who isn’t a full-time investor, to enter the real estate investment market.
Many traditional investment businesses have followed Robinhood’s lead and opened up real estate investments to the masses through REITs publicly traded on the stock market. REITs, short for real estate investment trusts, are publicly traded companies that exist solely to invest in real estate. It is an indirect way to invest in real estate, as you are removed from direct investments, but the return on investment can undoubtedly be direct!
If you have extra cash, you may want to consider investing in a REIT through Robinhood or any similar investment app. A smart plan would be not to order out once a week and instead put that money toward a REIT investment. Similarly, you could look at any extraneous expense, like coffee or pizza, and reallocate that money into your investments.
There are many ways to tap into the predicted growth when it comes to massive markets – like real estate. Whether you tap into it directly by getting involved in a brokerage as a realtor or indirectly through real estate investments, there are opportunities to be had and money to be made.
The critical thing to remember is that opportunities are abundant if you know how and where to look for them.
BIO: Veronica Baxter is a writer, blogger, and legal assistant operating out of the greater Philadelphia area. She writes for Chad Boonswang, a successful life insurance lawyer in Philadelphia.