How to Choose the Right Side Hustle

There are so many ways to make passive income, which can make it challenging to choose the one that fits you best. If you are looking to start your first side hustle it is best to start with something you have some knowledge of, or that interests you. For me, that was real estate. I enjoy watching HGTV’s House Hunters, Caribbean Life and I’m obsessed with Bravo’s Million Dollar Listing New York.

Real Estate

My first side hustle actually happened unintentionally. I bought a condo just outside Atlanta, Georgia in 2009. At the time I thought I would live there for the next 10 years. In 2012, my husband and I moved to Long Island, New York. I was faced with the dilemma of selling the condo or managing it as a long-distance rental property. It was a great condo, in a well developed area. I researched rental prices in the area and decided to keep it as an income property.

I will not lie, it was a challenge to get it rented while living in New York because I had to rely on family and neighbors to get it done. Long story short, I have had the same tenant in the condo since 2012. It was the right decision and I am so thankful I did not sell it.

This side hustle worked for me, because I enjoy real estate and do not mind being a landlord. I get calls about leaks, bugs and minor repairs, but the rewards far outweigh the risks.

If you are looking to get started in real estate I would suggest starting small. Try to choose a property that will fit with your lifestyle. If you have a lot of time on your hands and want a project, then a fixer upper might be the right fit. If you have limited time, but a little more money to invest you could opt for a more move-in ready option. These are some of the topics I discussed in a recent post about picking a home that fits your needs!

Rent Your Car

Whenever I am looking for a new side hustle, I first look at the resources I have at hand. If you can make money off something you already have, that will make your initial investment less! If you have an extra car, you could rent it out on a website like Turo or HyreCar.

While both of these are good options and would allow you to make extra cash, they cater to different needs.

Turo is best described as Airbnb for cars! It is a website that allows vehicle owners to rent their car to individuals for a certain amount of time for a daily or weekly rate. This is a great option because it allows you to decide when you want to rent out the car. Similar to Airbnb, you don’t have to rent out the car full time.

HyreCar allows individuals to rent their car to Uber and Lyft drivers. This is important to know because you want to consider the fact there will be MANY people in and out of the car. The car will also have a lot of miles put on it. These are things to consider when choosing the right option.

There is no right or wrong option. However, it is important to understand and read all information carefully to ensure you make the best decision for your situation and vehicle.

Rent Extra Garage or Shed Space

If you have extra storage space in your garage or shed you could rent the space on Stache. Stache allows you to offer a certain amount of square footage to potential renters on a monthly basis. It is important to ensure the space is dry, not too humid and not to hot/cold, depending on the season. This is an option that could make a few hundred dollars to over $1,000 per month depending on your location and how much space you are renting.

If you are considering renting space on Stache, I suggest setting aside a dedicated space that is only for renters where you do not store personal items.

Rent out a Room or Basement

If you have an extra bedroom or a basement apartment consider renting them short-term through Airbnb. Our home in Jamaica has been listed on Airbnb since 2018 and it has been a great way to make extra money. Airbnb allows you to block dates on your calendar. This is very helpful if you are renting out your vacation home. It allows you to enjoy the home with your family and friends, while also making extra money when you are not using the home.

If you are considering renting a home on Airbnb, make sure you have a house cleaner and repair man on call. I also highly suggest a co-host to assist with greeting guests and key hand off. This is imperative if the home you are renting is in another city.

Other Income Streams

If you do not have any of the above resources, consider options like buying music royalties (which is something I am looking into…more to come on that!), investing in stocks or starting an online business.

When choosing your side hustle make sure you consider all aspects of the venture.

• How much money will you need to invest up front?
• Is there a significant time commitment needed?
• How long will it take to start making money?
• What are the possible risks and are you willing to take those risks?

It is easy to maintain when things are going smoothly, but try to think of possible challenges you may encounter along the way. How will you resolve them? For example, if my tenant gives notice, I know exactly how I will market the condo to get it rented, without skipping a beat!

I hope the above information is useful in finding your first side hustle. What will your first side hustle be? If you have already started a side hustle how did you choose it and how is it going? Please feel free to ask questions in the comment section.

Stay Blessed,

Jess