OfferMarket
To deliver the best experience we store cookies on your device. Please accept our Term of Service to continue.

Contractors should use their skills to create another income stream

callum-hill-oamw52SCGi0-unsplash-TOOLBELT-2.jpeg


Working as a contractor is often quite taxing. Complex projects, long hours, and demanding customers are all part of your everyday dealings. Therefore, it shouldn't be surprising that most contractors look to retire as soon as possible. But, before you do, you'd be wise to make as much money as possible by using the skills you already possess. With this in mind, we will explore why contractors should use their skills to create another income stream and how to do so with surprising ease.


Why contractors should use their skills to create another income stream?


Let's say that you are an average US contractor. You make around $120k per year, plus $6,500 for overtime. Depending on where you live and what your living needs are, this can cover your living expenses. After all, 120k per year is nothing to scoff at. So, with this in mind, why should a contractor with enough work even consider creating another income stream?


Inconsistency of work


Unless you work for a well-off company, your workload will likely be inconsistent. Even top-notch contractors don't have active projects all the time. Depending on the local economy, the need for contractor work can fluctuate. Therefore, it only makes sense to broaden your earning potential and make as much money as possible.


Finding work


Not only is the nature of contracting work inconsistent, but it can also be challenging to acquire new projects. Namely, if you get a good reputation and people start recommending you, great. But, if you don't catch a good wave of recommendations, you may need to work on marketing. Finding projects as a contractor can be difficult, especially if you have no significant local reputation to speak of. This is why finding new sources of income is something all contractors should consider.


How contractors should use their skills to create another income stream


Now, by finding new sources of income, we don't mean investing in cryptocurrencies or starting an OnlyFans. Instead, we imply that you should use your contractor experience to find flip properties. While this may seem far out of your reach, you'd be surprised to learn that it takes just a bit of learning and effort to turn an established contractor into a full-fledged real estate investor.


Using what you already know


The idea of flipping property is buying low, selling high. Namely, you find properties in poor condition that will go for a low cost. As a rule, these properties are hard to sell as the process of fixing them does not only cost money but also entails time and effort. Fortunately, as a contractor, you likely already know how long various repair projects will take. By investing in property and then repairing it yourself, you stand to make a handsome sum. You likely already know where to find the necessary supplies and how to make your repairs time and cost-effective. Furthermore, you can use your knowledge from remodeling homes to repair them in style and quickly flip them.


As a contractor, you probably cooperate with moving companies who help your clients relocate in and out of their homes while you work there. You can team up with reliable pros when you need something transported to your new investment as well. They can help you remove items from the place as you declutter before renovation begins. Moreover, you will know how to find decent electricians and plumbers. All in all, you stand to gain far more from flipping if you use your contracting experience and connections.


Difference in earnings


The average net profit in the US for flipping a home is around $30000. This means that if you manage to flip four houses in a year, you'll already make your wage. The true earning potential comes with experience as you learn how to make your repairs cheaper and find a better property. You can earn much more from flipping if you have access to a thriving real estate market. This can free you up from standard contractor work and help you make much more money for the same work.


Where OfferMarket can help


To ease your transition toward flipping properties, OfferMarket can help you out. While we cannot find properties for you, we can help you out financially and help you list your property easily.

Funding


Once you find a property you deem worthy of investment, we can help you financially. Namely, as you'll soon learn, properties can be costly, especially once you factor in the repairs. And to have the necessary funds, you either need to have a substantial amount saved or look for outside funding. With OfferMarket by your side, you only need to put down 20%-30% of the original value. For the rest, we can give you a loan.

Free listing


After you repair and remodel the property, you will need to list it online to sell it. In standard practice, this means working with a real estate agency and hiring a real estate agent to aid you. But, if you wish to avoid agent fees, OfferMarket is here to help. We will happily list your property on our website and help you find buyers in no time.


Summing it all up


Contractors should use their skills to create another income stream even if they earn decent money. As mentioned, no man can work in construction forever, especially if they work independently. By flipping properties, you use your acquired skills to earn extra money. And you will learn a thing or two about real estate and real estate management. If everything goes well, you can look to rent out your renovated properties and gain a steady stream of income. This will further reduce the need for taxing construction work and help you enjoy your retirement in health and prosperity. So, be wise, and start working for your future.


You might find these useful:

Off-market deals
Off-market deals
These Business Books Will Make You A Better Real Estate Investor

If you want to become a great real estate investor, these foundational investing books will pay divi...

Buy On The Path To Progress: Brooklyn Park, MD

One of the most important concepts that real estate investors and savvy homebuyers use is to buy on ...

HVAC Contractors Baltimore

Licensed HVAC contractors Baltimore directory....

Who we think are the premier Montgomery county property management companies

OfferMarket brings you a comprehensive list of premier property management companies in Montgomery c...

Sell My House Fast Success Story: Dan From Parkville, MD

Every seller has a Sell My House Fast story to tell. Meet Dan, who sold his house in Parkville, MD i...

95% of Investors Would Buy This Rental Property In Top 10 'Unhappiest' City Johnstown, PA. Would you?

Would you buy a rental property for $100,000 ($30,000 + $70,000 renovation) that generates $2,067/mo...

Facebook Groups For Real Estate: Wholesale, For Sale By Owner

Facebook Groups are an excellent place to houses for sale. If you're looking for off-market listings...

Reputable Calvert county property management companies

List of reputable Calvert County property management companies. This list will help any busy landlor...

What's going on with interest rates for DSCR Loans?

The market for DSCR Loans is experiencing significant turbulence. Interest rates for DSCR loans have...

Announcing 6.75% Bridge Loans For Non-Judicial States

If you're investing non-judicial states, our bridge loan ("fix and flip") just got even more competi...

Sell My House Fast Success Story: Darren from Austin, TX

Every seller has a Sell My House Fast story to tell. Meet Darren, who has sold 5 rental properties w...

Best Caroline county property management companies

As a busy landlord, sometimes its hard to manage your real estate rental portfolio, OfferMarket brin...

Tired of Being a Landlord? Sell Your Rental Property

Tired of being a landlord? It has never been easier to sell your rental property for a competitive p...

Best of the best Howard county property management companies

If you a tired landlord who just needs you business to be handled with no issues, look no further. O...

Licensed Architects and Professional Engineers Baltimore

Directory of licensed architects and professional engineers (PE) in Baltimore....

3 Best Real Estate Podcasts

These are the best podcasts for aspiring and proven real estate investors....

Real Estate vs PropTech vs Stock Market

In this report, we'll look at market data to understand how various real estate investing strategies...

Don’t Let Your Property’s Value Decrease

Comprehensive guide on preserving the value of your home. Detailing how to avoid common pitfalls of ...

Multifamily Term Loans

Multifamily term loans are asset-based for purchasing and refinancing 5+ unit residential properties...

Reliable Prince George's county property management companies

Searching for a reliable property management company in Prince George's County? This comprehensive l...

Selling A Rental Property

Selling a rental property can be tricky depending on the property's condition, occupancy and your ti...

Luxury Redefined: Episode 1

Luxury Redefined Episode 1 features 5505 Stuart Ave, Baltimore, MD 21215. A distressed listing with ...

Sell My House Fast Success Story: Jason From Norcross, GA

Every seller has a Sell My House Fast story to tell. Meet Jason, who received 14 offers and closed i...

Dependable Carroll County Property Management Companies

Dependable property management company is what every busy landlord needs. This list present the most...

What Housing Shortage?

We don't have a housing shortage. We have a shortage of desirable housing and that is an important d...

Effective Cecil county property management companies

As a busy landlord, sometimes its hard to manage your real estate rental portfolio, OfferMarket brin...

Introducing Portfolio Deals

Introducing OfferMarket Portfolio deals. Passively invest in single family rental properties, sell w...

Opendoor Competitors

Opendoor competitors include OfferMarket, Offerpad, Zillow Offers and RedfinNow. Learn more about ho...

OfferMarket Podcast, Episode 2: The Story of Frank, A crash course in wholesaling

In this episode of the OfferMarket Podcast, Daniel and Martin share their origin story, the story of...

Is Wholesaling Ethical?

Is it ethical to wholesale real estate? We'll look at both sides of this divisive topic....

Short Term Rental Bubble

We believe there is a bubble in the short term rental asset class, investors need to understand what...

Leading Harford county property management companies

OfferMarket brings you a list of leading property management companies Harford county Maryland. Thes...

Baltimore city property management companies

OfferMarket presents list of reputable Baltimore City property management companies. This lists give...

Off-Market Housing Inventory In Greater Baltimore

With housing inventory at record lows, savvy real estate buyers are looking off-market. Learn more a...

Reading Between The Lines: What Zillow's iBuying Pause Really Means

Zillow abruptly stops iBuying citing operational challenges. Let's read between the lines and see wh...

Zillow Offers Competitors

Learn about Zillow Offers competitors and how the iBuying service compares to Opendoor, RedfinNow, O...

Mike DelPrete Research Reports: iBuyer, Power Buyer

If you're looking for articles about iBuyers, Power Buyers -- there's a good change Mike DelPrete's ...

For Sale By Owner Websites

Looking to sell your house For Sale By Owner? See how top For Sale By Owner websites compare....

Try To Find Us On Product Hunt

OfferMarket launched on Product Hunt! This is a post on how not to launch on Product Hunt....

Sell My House Fast Success Story: Jessica From Baltimore, MD

Every seller has a Sell My House Fast story to tell. Meet Jessica, who saved $11,500 by selling with...

RedfinNow Competitors

What is RedfinNow? Where is RedfinNow available? Who are RedfinNow competitors? Your questions answe...

Allegany county property management companies that get it done

Landlords in Allegany county, pay attention. This list of Allegany county property management compan...

Sell My House Fast For As Much As Possible

If I want to sell my house fast, I also should want to sell my house for as much as possible. This a...

Deal Flow: The Fastest Growing Investment Property Marketplace

OfferMarket is now the fastest growing investment property marketplace. Learn more about OfferMarket...

The Ultimate Guide: Real Estate Private Lenders

Real estate private lenders help fix and flip and rental property investors scale. There's a lot to ...

What to Look For in a Professional Contractor

Professional contractors are hired to improve your home, but the liability that they bring along is ...

Best Credit Cards for Real Estate Investors

These are the best credit cards for real estate investors. A ranking of credit cards for fix and fli...

The Most Powerful Dispositions Tool For Real Estate Wholesalers, Landlords, For Sale By Owner

See OfferMarket in action: the most powerful dispositions tool for real estate wholesalers, landlord...

Rent Check Alternatives — 5 Superior Ways to Collect Rent

We are all used to paying our rent using cash or check, but this its 2022 and technology has moved f...

Wholesalers: Why Are You JVing?

Why are you JVing? Stop JVing and start using OfferMarket to grow your wholesale real estate busines...

Announcing 'We Buy Houses' Day

Every day is 'We Buy Houses' day at OfferMarket. How does we buy houses work? Learn more....

Deal Or No Deal? Crowd Sourcing Rental Property Investing Decisions

Deal or no deal? We asked 180 rental property investors if they would do this deal. Rental investmen...

OfferMarket Podcast, Episode 1: 468 Unit SUPER SIZE House Hack with Stewart Beal

Stewart Beal joins us to talk about his "super size house hacking", BRRR, property management and hi...

OfferMarket Podcast, Episode 3: Turnkey Rental Properties Brain Drain

In this episode of the OfferMarket Podcast, Daniel shares everything you need to know about turnkey ...

Reddit Real Estate

These are the Reddit real estate communities you should know about....

Private Lender Data Feed

A private lender data feed helps real estate investors access capital to fund new projects and refin...

Real Estate Wholesalers Near Me

Real Estate Wholesalers Near Me is a director of wholesale real estate providers. Find real estate w...

Announcing 'Sell My House Fast' Day

Every day at OfferMarket is 'Sell My House Fast' day. It's not about how fast you can sell your hous...

Real Estate Marketplace

A real estate marketplace is an online platform that allows homeowners to list their house for sale ...

OfferMarket Podcast, Episode 4: Real Estate Investing with a Growth Mindset featuring Brandon Diaz

In this episode of the OfferMarket Podcast, Brandon Diaz shares his principles for successful real e...

Adam Neumann Flow

Flow, Adam Neuman's new real estate startup, is already valued at $1 billion. The company raised rep...

How to sell a condo online in today's economy?

A practical guide on how to sell a condo online using the latest tools in Real Estate in todays econ...

Sell My House Fast Success Story: Neil From Baltimore, MD

Every seller has a Sell My House Fast story to tell. Meet Neil, who saved $23,500 by selling with Of...

40% Of Real Estate Investors Surveyed Bought Their Last Property Off-Market

We surveyed 50 real estate investors to find out where they sourced their last deal (MLS or off-mark...

Who are the top Anne Arundel county property management companies?

Checkout the top Anne Arundel county property management companies that will help any busy landlord ...

Plumbers Near Me Baltimore

Plumbers near me in Baltimore. Access our growing directory of active licensed plumbers....

How To Invest In Real Estate

Investing in real estate is an incredibly powerful way to build wealth and achieve financial indepen...

Sundae Competitors

Looking for Sundae competitors? If you need to sell your house fast, this article compares Sundae vs...

How will COVID affect multifamily real estate valuation?

Analyze the data on how COVID-19 is affecting multifamily real estate valuations....

Housing Data: On-Market vs Off-Market Real Estate

Learn how housing supply shortages and increased demand are affecting home buyers and sellers. 99% o...

Invest in Baltimore Rental Properties

Learn more about investing in Baltimore rental properties....

Electricians Near Me Baltimore

Licensed electricians near me Baltimore directory. There are 263 active licensed electricians in Bal...

For Sale By Owner (FSBO) Statistics

11% of houses sold in 2018 were For Sale by Owner (FSBO) listings. That is 605,000 homes and roughly...

Baltimore Investment Properties

In a world of low interest rates and inflated asset values, high cap rate rental properties make for...

Offerpad Competitors

Offerpad competitors include OfferMarket, Opendoor, Zillow Offers and RedfinNow. Learn how these ser...

Bridge Loans: Fix and Flip, Hard Money

We call them bridge loans but you may know them as hard money or fix and flip loans. Same thing, dif...

Should you sell your house without a real estate agent?

Two houses with identical floor plans and similar quality finishes were listed in a desirable Baltim...

Buy The Best, Wholesale The Rest

The best real estate wholesalers use this simple strategy. They buy the best deals for themselves an...

How To Sell A House That Is Isn't Selling

When a house isn't selling, it's important to take a step back and use a data-driven approach to und...

9 Best Real Estate Blogs

Take your real estate knowledge to the next level. These are the best real estate blogs that we beli...

Home Appraisers and Inspectors Baltimore

Licensed home appraisers and home inspectors Baltimore directory. There are 225 active licensed home...

The Future Of Real Estate: Agentless

In the future, real estate transactions will not involve agents....

Ways To Sell Your House

You have options when you sell your house. Compare the options to see which is best for you: On-Mark...

A Closer Look At Mortgage Forbearance And Foreclosure Data

A data driven perspective of mortgage forbearance and foreclosure trends and the health of the U.S. ...

Fix and Flip Loans

Fix and flip loans are short term hard money private loans for real estate investors (aka "flippers"...

Home Improvement Contractors Baltimore

Looking for licensed home improvement contractors in Baltimore? There are 1424 actively licensed hom...

8 Best Real Estate Twitter Accounts To Follow

These are the best real estate twitter accounts to follow. If you're on Twitter and you're intereste...

💍 Marry the property, date the rate 💸

Don't let elevated DSCR loan interest rates stop you from growing your portfolio. The best rental pr...

Hard Money Lenders In Maryland

Looking for hard money lenders in Maryland? This guide is for real estate investors who are looking ...

Sell My House Fast Success Story: John from Dundalk, MD

Every seller has a Sell My House Fast story to tell. Meet John, who received 3 offers in 24 hours an...

Fastest Growing Cities In Texas

The fastest growing cities in Texas include Frisco, McKinney, Round Rock and Pearland. See the full,...

What is a DSCR Loan?

Can you get a HELOC on a rental property?

OfferMarket Capital now offers fixed rate and floating rate investment property HELOCs with credit l...

DSCR Loan Program

A DSCR Loan Program is a mortgage used by rental property investors. DSCR, debt service coverage rat...

Is now a good time to buy real estate?

Is now a good time to buy real estate? This is an important question that deserves careful considera...

What Are the Benefits of Investing in Southern Exposed Land

Location, location, location is the most famous mantra of real estate. This article dives deeper to ...

BRRR Loans: Bridge Loan to DSCR Rental Loan Growth Strategy

Learn how to use bridge loans and DSCR rental loans to grow your portfolio with the BRRR method....

Rising Interest Rates

Interest rates are rising, here's what it means for real estate investors and consumers who are buyi...

The Convergence of Bridge Loan and DSCR Loan Interest Rates

The spread between DSCR Loan and Bridge Loan interest rates is narrowing. How does this affect your ...

Bridge Loan Index: Interest Rates and Fees

Current and historical interest rates and fees for Bridge Loans. Based on best available nationwide ...

Max LTARV for BRRR Method: Factor In DSCR For Bridge Loans

When using a bridge loan from a private lender to purchase, rehab, rent and refinance (BRRR), rememb...

DSCR Loan Index: Interest Rates and Origination Fees

Current and historical interest rates and origination fees for DSCR Loans. Based on best available n...

Real Estate Investing Market Update: 10-13-2022

This week's market data and insights for real estate investors. Have we reached a breaking point?...

Rural Designation Checker

Wondering how to check if a property is considered rural? This article will provide you with the res...

Private Lender Update, November 15, 2022: DSCR Loans, Fix & Flip Loans

Federal Reserve Housing Market & Economic Data Dashboard

Your dashboard for the most important housing market and economic data. Get the facts, form your own...

DSCR Loan Interest Rate Prediction and Prepayment Penalty Options

In this video we share our DSCR Loan interest rate insights and review prepayment penalty options th...

How credit score affects LTV for DSCR Rental Loans

In real estate investing, when borrowing money, one of the most important and overlooked components ...

How to pick the right insurance for your rental

If you are a landlord, having the necessary insurance to safeguard your rental property is critical....

Multifamily Bridge Loans

Multifamily bridge loans are short term, interest only loans for the purchase and renovation of 5+ u...

Cleaning your rental property after a hoarder moves out

What are the best tools and methods of scrubbing your rental after a hoarder moves out...

Questions to Ask Your Private Lender

Essential questions that you must ask your private lender or hard money lender...

Appraisal Property Condition Ratings: C1, C2, C3, C4, C5, C6

Appraisers use a standardized property condition rating matrix on their appraisal report. Learn more...

Contractors should use their skills to create another income stream

There are several reasons why contractors should use their skills to create another income stream. U...

Hard truths about the high interest rate environment

High interest rate environment is quickly become the new normal for the lending industry, adaptation...

Does your private lender charge junk fees?

If you're a real estate investor, you're no stranger to the sticker shock of lender fees on your set...

How To Tell If A Private Lender Is Legit

Before doing business with a private lender, use this checklist to avoid bad experiences and outrigh...