The Mortgage Bankers Association said its Market Composite Index moved lower last week, apparently indifferent to a slight improvement in mortgage interest rates. The Index, which measures loan application volume, decreased 0.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 0.4 percent compared with the previous week.
The Refinance Index decreased 2.0 percent from the previous week and was 9.0 percent lower than the same week one year ago. The refinance share of mortgage activity accounted for 30.8 percent of total applications compared to 31.2 percent the previous week.
The Purchase Index ticked down 0.2 percent both before and after its seasonal adjustment. It was 16.0 percent lower than the same week one year ago.
“Mortgage application activity was muted last week despite slightly lower mortgage rates. The 30-year fixed rate edged lower to 6.93 percent, but that was not enough to stimulate borrower demand,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market. Lower rates should help to free up additional inventory as the lock-in effect is reduced, but we expect that will only take place gradually, as we forecast that rates will move toward 6 percent by the end of the year. Similarly, with rates remaining elevated, there is very little incentive right now for rate/term refinances.”
Additional Highlights from the MBA Weekly Mortgage Application Survey
Loan sizes slipped slightly lower last week. The average was $387,000, down from $389,800 and purchase loans averaged $441,800 compared to $445,000.
FHA and the VA applications each accounted for a 12.0 percent share of the total, declining 0.1-point from the prior week. The USDA share remained at 0.5 percent.
The average contract interest rate (6.93 percent) for conforming 30-year fixed-rate mortgages (FRM) was 4 basis points lower than a week earlier. Points decreased to 0.60 from 0.64.
Jumbo 30-year FRM had an average interest rate of 7.14 percent,unchanged week-over-week. Points dropped to 0.38 from 0.54.
The average contract interest rate for 30-year FRM backed by the FHA decreased to 6.75 percent from 6.89 percent,with points decreasing to 0.97 from 1.04
Fifteen-year FRM rates were down 3 basis points from the previous week to an average of 6.46 percent with points increasing to 0.75 from 0.70.
The average contract interest rate for 5/1 adjustable-rate mortgages (ARMs) decreased to 6.27 percent from 6.33 percent.Points increased to 0.6 from 0.55.
The ARM share of activity moved from 7.2 percent of applications to 7.0 percent.
Embarking on a home renovation to transform your living space is an exciting endeavor. Home improvements are also an investment that can significantly increase the value of your property, so it’s important to track expenses to be prepared for capital gains tax when you sell your home. Tracking home improvement costs can also help homeowners stick to a budget and ensure a greater return on investment.
Let’s take a closer look at how to track home improvement costs, which upgrades qualify for tax purposes, and options for financing a home renovation.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
Why Track Home Improvement Costs?
Amid all the work and logistics that goes into renovations, tracking home improvement costs might not feel like a high priority. However, having documented home improvement costs can help reduce potential capital gains tax when it’s time to sell your home.
The IRS allows qualifying home improvement costs to be added to the original purchase price of the property, known as the cost basis, when calculating capital gains on a home sale. The basis is subtracted from the home sale price to determine if you’ve realized a gain and subsequently owe tax. But by adding home improvement expenses to your cost basis, the profit from the sale that’s subject to taxes decreases — lowering or even potentially exempting you from property gains tax.
Besides home improvements, other factors that affect property value, like location and the current housing market, could make a property sale subject to capital gains tax.
Here’s an example of how capital gains tax on a home sale works: A married couple that purchased a home for $200,000 in 2001 and sold it for $750,000 in 2024 would have a $550,000 realized gain. Assuming that the sellers made this home their main residence for two of the last five years, they’d be able to exclude $500,000 of the gain from taxes. The remaining $50,000 would be taxed at 0%, 15%, or 20% based on the sellers’ income and how long they owned the property.
However, the sellers spent $70,000 on home improvements during their 23 years of homeownership, so the capital gains calculation would be revised to: $750,000 – ($200,000 + $70,000) = $480,000. Tracking home improvement costs in this example exempted the sellers from needing to pay capital gains taxes.
Note that single filers may exclude only the first $250,000 of realized gains from the sale of their home. Eligibility for the exclusion also requires living in the home for at least two years out of the last five years leading up to the date of sale. Those who own vacation homes should note that the IRS has very specific rules about what constitutes a main residence. 💡 Quick Tip: A Home Equity Line of Credit (HELOC) brokered by SoFi lets you access up to $500,000 of your home’s equity (up to 90%) to pay for, well, just about anything. It could be a smart way to consolidate debts or find the funds for a big home project.
Qualifying vs Nonqualifying Improvements
The IRS sets guidelines that determine what home improvements can be added to your cost basis for calculating capital gains tax. Thus, not every dollar spent on sprucing up your home’s curb appeal or living space needs to be tracked for tax purposes. Generally, tracking costs is a good idea for any home improvements that increase your home’s value and fall outside general repair and upkeep to maintain the property’s condition.
Qualifying Improvements
According to the IRS, improvements that add value to the home, prolong its useful life, or adapt it to new uses can qualify. This includes the following categories and home improvements:
• Home additions: Bedroom, bathroom, deck, garage, porch, or patio
• Home systems: HVAC systems, central humidifier, central vacuum, air/water filtration systems, wiring, security systems, law and sprinkler systems.
• Insulation: Attic, walls, floors, pipes, and ductwork
• Plumbing: Septic system, water heater, soft water system, filtration system
It’s also important to track any tax credits or subsidies received for energy-related home improvements, such as solar panels or a heat pump system, since these incentives must be subtracted from the cost basis.
Recommended: How to Find a Contractor for Home Renovations and Remodeling
Nonqualifying Expenses
Owning a home requires routine maintenance and occasional repairs — think fixing a leaky pipe or mowing the lawn. And the longer you own your home, the greater the chance you reapproach past home improvements with a fresh design or modern technologies. The IRS considers regular maintenance and any home improvement that’s been later replaced as nonqualifying costs.
For instance, a homeowner could have installed wall-to-wall carpet and later swapped it out for hardwood floors. In this case, the hardwood floors would qualify, but not the carpeting.
Recommended: The Costs of Owning a Home
How to Track Your Costs
Developing a system for tracking home improvement costs depends in part on where you are in the process. Here’s how to get track home improvement costs before, during, and after a renovation project.
Before You Renovate
The average cost to renovate a house can vary from $20,000 to $80,000 based on the size of the home and type of improvements. Given this range in cost expectations, it’s helpful to create an itemized budget that estimates the cost for each improvement. It’s hardly uncommon for renovations to take more time and money than expected, so consider budgeting an extra 10-20% for the unexpected.
Your itemized budget can be leveraged for tracking home improvement costs once the project starts. Simply plug in the completion date, cost, and description for each improvement, and keep receipts, to itemize the expense as it’s incurred.
Recommended: How to Make a Budget in 5 Steps
Keep Detailed Records
Tracking home improvement costs goes beyond crunching the numbers. The IRS requires documentation to adjust the cost basis on a property. As improvements are made, catalog contractor and store receipts and take pictures before and after the work is done to document the improvements for your records. Store these records digitally in a secure and accessible location; the IRS recommends keeping records for three years after the tax return for the year in which you sell your home.
Catch Up After the Fact
Tracking home improvement costs after the work has been completed is doable, but it requires more effort. If your renovations required any building permits, your municipality should have records on file.
For other projects, start by searching your email for receipts and records can help find a paper trail and track down documentation. Reach out to contractors you worked with for copies of missing receipts or invoices. If you paid with a check or credit card, you can browse through your previous statements or contact the bank for assistance.
Consult a Tax Pro
Taxes are complicated. If you have any doubts about what improvements qualify, consult a tax professional for assistance. Homeowners who used their property as a home office or rented it for any duration could especially benefit from a tax pro. Any property depreciation that was claimed in previous tax years may need to be recaptured if the home sale price exceeds the cost basis.
Home Improvement Financing Options
Renovations and upgrades to your home can be expensive. Many homeowners use a combination of savings and financing to pay for home improvements.
• HELOC: A Home Equity Line Of Credit lets homeowners tap into their existing equity to fund a variety of expenses, such as home improvements. With a HELOC, you can take out what you need as you need it, rather than the full amount you’re approved for, which is often 75%-85% of your home’s value. You only pay interest on the amount you draw.
• Cash-out refinance: Some owners take out a new home loan that allows them to pay off their old mortgage but also provides them with a lump sum of cash that they can use for home repairs (or other expenses). How much cash you might be able to take will depend on the amount of equity you have in your home.
• Personal loan: An unsecured personal loan could be a good option for quick funding that doesn’t require using your home as collateral. The interest rate and whether you qualify are largely based on your credit score.
• Credit card: Financing a home improvement with a credit card can help earn cash back or rewards on your investment. However, these perks should be weighed against the risk of higher interest rates. If using a 0% interest credit card, crunch the numbers to ensure you can pay off the balance before the introductory offer expires. 💡 Quick Tip: You can use money you get with a cash-out refi for any purpose, including home renovations, consolidating other high-interest debts, funding a child’s education, or buying another property.
The Takeaway
Tracking home improvement costs from the start can help stick to your project budget and lead to significant tax savings when it comes time to sell your property. A HELOC is one way to fund home improvements, and may be especially useful to borrowers who aren’t sure how much money they will need for home projects. If you’re unsure whether a home improvement qualifies under the IRS rules around capital gains tax on home sales, consult a tax professional.
SoFi now offers flexible HELOCs. Our HELOC options allow you to access up to 95% of your home’s value, or $500,000, at competitively low rates. And the application process is quick and convenient.
Unlock your home’s value with a home equity line of credit brokered by SoFi.
Photo credit: iStock/Cucurudza
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Today’s big to-do was the ISM Non-Manufacturing data at 10am ET. Of the two ISM reports, this is typically the bigger market mover, but that wasn’t the case this time around. One potential reason for that is the fact that markets had already gone on a fairly good run even before the data was released. Rationale is multifaceted and debatable for that initial rally. It includes things like European econ data, risk-off trading surrounding NYCB issues, and corrective momentum in equities. To be sure, ISM packed the biggest punch among TODAY’s events, both in terms of volume and bond market momentum, even though it only accounted for about a quarter of the overall movement. Still… it’s a strong showing considering bonds are making gains when yields are already at 3 week lows.
ISM Non Manufacturing
52.6 vs 53.0 f’cast, 53.4 prev
ISM Prices Paid
58.6 vs 64.0 prev
ISM employment
48.0 vs 50.5 prev
09:36 AM
Slightly stronger overnight with additional buying at the open. 10yr down 6.3bps at 4.154 and MBS up 7 ticks (.23)
10:39 AM
Stronger after ISM data, but at a tempered pace. MBS up 9 ticks (.28) and 10yr down 7.4bps at 4.143
02:30 PM
Sideways to slightly weaker into mid-day, but back near the highs now. MBS up 11 ticks (.34) and 10yr down 8.2bps at 4.135
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
Looking for a real estate side hustle? Whether you are looking for passive income ideas or if you are looking for a part-time job (or more!), there are many different real estate side hustles. I have done a few different real estate side gigs, and I know many people who have side hustles in this…
Looking for a real estate side hustle?
Whether you are looking for passive income ideas or if you are looking for a part-time job (or more!), there are many different real estate side hustles.
I have done a few different real estate side gigs, and I know many people who have side hustles in this area as well. To get started in real estate, you don’t have to spend a lot of money – there are several real estate side gigs that can be started even if you are brand new or are on a budget.
Key Takeaways
Real estate side hustles have a range of options from income generating assets to freelance opportunities to office jobs.
You can supplement your income with both short-term and long-term real estate strategies.
Finding the right fit depends on your availability, investment capacity, and financial goals.
Best Real Estate Side Hustles
Here’s a quick summary of some of the different best real estate side hustles:
House hacking: Buy a property, live in one unit, and rent out the rest.
REIT investing: An easy way to start investing in real estate with less capital.
Airbnb rentals: Rent out a spare room or an entire property on a short-term basis.
Property management: If you’re organized and good with people, managing properties for others could be a perfect fit.
Long-term rentals: Becoming a landlord can generate steady cash flow.
Fix and flip: Buy properties that need work, renovate them, and sell them for a profit.
Below, you will read the full list and learn more about each one.
1. House flipping
Flipping houses can be a good real estate side hustle if you like real estate and enjoy fixing things up.
When you flip houses, you’re basically buying homes, making them better with repairs and upgrades, and then selling them to make more money.
The first thing to do for a successful house flip is to find a property that can be made better, such as by looking for homes in neighborhoods that are getting better or have room to grow. Think about things like where it is, what the market is like, and the condition of the property.
Before putting money into anything, it’s important to carefully look at the finances. You’ll want to figure out how much it will cost to buy, fix, and keep the property, and think about things like the cost of materials, paying workers, getting a loan, and the costs while you’re fixing things.
To flip a house well, you need to make smart changes that make the property better, without spending too much, by concentrating on important areas like the kitchen and bathrooms, and fixing any big problems with the structure or safety.
Recommended reading: 10 Best Books on Flipping Houses To Make Money
2. Investing in REITs
Real Estate Investment Trusts (REITs) are companies that own, operate, or finance income-generating real estate. They are a way for you to invest in real estate without directly managing or owning properties.
An REIT is like a company that owns and takes care of real estate that makes money. They sell shares of this company to people, kind of like how stocks work.
When you invest in REITs, you can earn money from the real estate world without actually owning any property. So, if you don’t want to deal with being a landlord, this could be a good option. It’s way less work than owning property and handling it yourself.
You can even spread out your money and invest in different kinds of properties with REITs, like houses, offices, factories, and stores.
3. Getting a roommate
Getting a roommate in your home, whether that be a full-time roommate or renting out an extra room in your home short-term on Airbnb, can be a great real estate side hustle that doesn’t require very much work from you.
The earnings you can make from having a roommate depend on things like:
Where your home is (an expensive area? rural?)
The space you are renting to a roommate (for example, do they get their own bathroom? private entrance available?)
To find a roommate, you can share about it on your own Facebook page, put up an ad on sites like Craigslist, or make a rental listing on Airbnb. There are lots of places where you can let people know you’re looking for a roommate.
I have had many roommates in the past when I was younger and had a home with spare bedrooms. I would rent them out to long-term renters and people that we personally knew (such as friends and my sister).
Recommended reading: Tips For Renting A Room In Your House.
4. Airbnbs and vacation rentals
Turning your property into an Airbnb or other short-term rental can be a way to generate extra income. This is when you rent out your space, whether a full house, an apartment, or just a room, to travelers for short stays.
Before starting your Airbnb side hustle, be sure to:
Check local laws: Make sure short-term rentals are permitted in your area. There are many areas nowadays that are more strict when it comes to short-term rentals.
Understand the financials: Calculate potential earnings against expenses like mortgage, utilities, and maintenance.
Set up your space: Furnish and decorate to create a welcoming environment.
Market your rental: Use high-quality photos and create listings on rental platforms like Airbnb and Vrbo.
The amount you can earn can vary, with some hosts making around $5,000 to $10,000 a month or more, but this depends on factors such as location, rental type, and occupancy rates. Always plan for occupancy ebbs and flows – it’s part of the short-term rental business.
5. Real estate photography
If you’ve ever looked at a house listing and thought that the pictures looked awful, then this may be the real estate side hustle for you.
Real estate agents many times hire out for the photography side of selling a house, as they know and understand how important good pictures are.
Real estate photography is all about taking pictures of houses and spaces to grab the attention of people who might want to buy them. Real estate photographers might take pictures of the outside of a house, the backyard, the living room, attic, bathroom, and more.
You can start with the equipment you likely already have, like your smartphone, which can work well because phones these days have great cameras.
How you show a property can really impact a client’s chance of selling it. Your photos are not just pictures; they’re an important part of how the property gets advertised.
As you continue with this real estate side hustle, you might think about getting better equipment (like a real camera!), but for now, practice paying attention to details and getting better at taking pictures.
If you’re thinking about doing something extra to earn money in real estate, photography could be a great choice.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
6. Real estate drone photography
Drone pilots sell real estate photography services to help real estate agents showcase the properties they are selling.
When property listings include pictures from various angles and heights, it gives a different perspective compared to regular photos. This helps show aspects of real estate that traditional pictures might miss.
When you sell property photography services using your drone, you’re providing a valuable service to real estate companies that want to stand out in a crowded housing market.
Homes are increasingly being sold using drone photos, and it’s understandable because they can showcase the surroundings of a home. Also, potential home buyers can see the entire property and house through a drone picture, giving them a better understanding of what the home includes.
Recommended reading: How To Make Money With A Drone
7. Long-term rentals
A long-term rental is when you rent out a property for a long amount of time, usually six months to a year or even longer. An example would be renting out an apartment or house to a family to live in full-time.
Long-term rentals are different from short-term rentals like vacation homes or Airbnb listings. They are meant for people or families looking for a longer place to live.
A benefit of long-term rentals is the reliable and steady income they can give you. When you rent your property to tenants for an extended period, you set up a regular cash flow of rental payments. This stability can be especially nice for people who are looking for a dependable source of passive income.
Plus, it’s usually less work than a short-term rental, because you don’t have to clean the home every few days or find new people to rent out to.
Recommended reading: How This 34 Year Old Owns 7 Rental Homes
8. Buy and hold for long-term wealth
If you want to grow wealth through real estate, the buy-and-hold strategy is a way to achieve lasting growth. This means buying a property and keeping it for an extended period, benefiting from both its increasing value over time and the rental income it makes you over the years.
Some positives to think about with a buy-and-hold real estate side hustle include:
Appreciation: Over time, real estate often increases in value.
Rental income: It can provide a steady cash flow each month.
Tax advantages: Possible deductions can reduce your taxable income.
The buy-and-hold strategy requires patience and a willingness to handle market changes. It’s a long-term approach, not a quick one, but if you stay persistent, you can create an investment portfolio for future financial stability.
9. Notary services for real estate
If you want to get more into the real estate world without becoming an agent or broker, becoming a notary public can be a way to make extra money.
Many documents, including deeds, mortgages, and power of attorney, require notarization to be legally binding.
With a notarization license, you can provide an important service required for different real estate transactions.
Notaries are important because they help make sure that the people signing documents are who they claim to be to prevent fraud.
10. Rental arbitrage
Rental arbitrage is a way to make extra money in real estate without owning a property. You rent a place for a long time and then sublease it as a short-term rental using platforms like Airbnb.
Here’s how to get started:
Check local laws: You’ll want to make sure your city or state allows for short-term rentals.
Make sure the rental allows for you to do this: Not every rental will be okay with you renting it out. You will want to read your rental contract carefully.
Do market research: Understand the demand for short-term rentals in your target area, such as by looking for locations with high tourist traffic or business conferences.
Potential Benefits
Considerations
+ Strong cash flow potential
– Initial setup and furnishing cost
+ Low startup costs compared to buying
– Dependence on short-term rental market stability
Making money in rental arbitrage comes from the difference between the cost of the long-term lease and the income from short-term rentals. The bigger the gap, the more potential for profit. But remember to factor in the expenses of running the rentals, like cleaning and maintenance costs.
11. House hacking
House hacking is a strategic approach to real estate where you purchase a property with multiple units and live in one unit while renting out the others. This is a side hustle because it can help offset your living expenses through the rental income.
House hacking can be an easy starting point if you want to dip your toes into real estate investing with the added perk of reducing your personal living expenses.
Back when we were living in a traditional house, we house hacked for a little while and had a few different roommates live with us. The monthly rent we collected allowed us to lower our house payments and put more money in savings.
We house hacked with our first house, and it was really great for us. Being able to set more money aside even helped me get ready to quit my job to become a full-time blogger.
If you are looking for a good book on the subject of house hacking, then I recommend reading The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom by Craig Curelop.
Recommended reading: What Is House Hacking & How To Live For Free
12. Real estate agent
A real estate agent is a person who helps people, like you and me, find real estate to buy or sell. They usually earn their income through a commission, which is a percentage of the property’s sale price.
To become a real estate agent and start this real estate career, you only need a high school diploma and a professional license. As of 2021, the median pay, according to the U.S. Bureau of Labor Statistics, is $23.45 per hour, or $48,770 per year.
And, there are tons of real estate agents who make a lot more money than this.
13. Crowdfunding and peer-to-peer lending
If you want to learn how to make extra money in real estate, then crowdfunding and peer-to-peer lending are areas to look into.
Crowdfunding platforms allow you to invest in real estate deals with a smaller amount of money compared to purchasing property outright. This can provide you with passive income through rental returns or potential property value appreciation.
Peer-to-peer lending platforms enable you to lend money directly to borrowers. You can potentially earn higher returns compared to traditional savings accounts, but there is always the risk of a borrower not repaying the loan.
Both crowdfunding and peer-to-peer lending utilize technology to connect investors with individuals seeking funding.
14. Bird dogging
Bird dogging in real estate can be a side hustle where you help find potentially profitable properties for investors. Your skill in spotting undervalued or distressed properties is important.
Here’s what you usually need to do:
Conduct market research to locate properties that are flying under the radar.
Build a network with local real estate investors who are looking for deals.
Learn to use the Multiple Listing Service (MLS) to spot opportunities.
Typically, you’ll be on the lookout for foreclosures, bank-owned properties, and distressed homes due for a quick sale.
As a bird dog, your compensation usually comes from a referral fee after the investor decides to move forward with your find. Importantly, to perform this role, you don’t necessarily need any initial capital, just the time and skill to identify promising investment opportunities.
15. General contractor
General contractors handle the day-to-day activities on construction sites, overseeing tasks from residential remodels to constructing new homes.
This is typically more of a full-time job, but this can sometimes be done as a real estate side hustle.
As a general contractor, you can choose projects that match your schedule and interests, providing flexibility. Despite the responsibilities, this role allows you to play a central role in turning plans into actual buildings, giving you the potential to make extra money.
16. Flip raw land
Getting involved in raw land flipping is when a person finds and buys undeveloped land to sell later at a profit.
The main benefits include a lower initial investment and less complexity compared to traditional real estate investments, as it doesn’t involve renovation or improvements. There are no buildings, instead it may be a lot or acres of land.
Here’s a step-by-step guide on how to start:
Find raw land – Research areas with potential growth or upcoming developments that could boost land value.
Due diligence – Perform thorough checks on land titles, zoning laws, and road access to avoid legal issues.
Pricing strategy – Your selling price should be attractive enough for buyers yet ensure you make a reasonable profit margin.
Sell and negotiate – Use online platforms to reach potential buyers and negotiate the best deal.
17. Rent out your storage space
If you have unused land or space in your home, renting it out for storage space can be an easy way to make passive income.
People have a lot of stuff, and they will pay you to store their stuff in your unused spaces.
You can sell storage solutions for vehicles, boats, personal belongings, and more. You can rent out your parking space, closet, basement, attic storage, and more.
A site where you can list your storage space is called Neighbor and you can earn $100 to $400+ each month. This depends on the demand in your area and the type of storage space you are renting out.
Recommended reading: Neighbor Review: Make Money Renting Your Storage Space
18. Property manager
A property manager side hustle can be a great way to make extra money.
A property manager is a real estate professional who finds and oversees tenants, collects rent, and handles repairs and maintenance activities. It’s a side hustle that property owners pay for because they may not have the time or skills to effectively manage their own property.
Property managers can manage long-term rentals like apartments, short-term rentals like Airbnbs, and even commercial spaces as well.
I have a friend who is a property manager on the side of his full-time construction job – he manages many different types of properties, from second homes to vacation rentals to someone simply being out of town. He checks on their properties to make sure that everything is running smoothly.
19. Home stager
If you’re passionate about real estate and design, starting a side hustle as a home stager could be profitable for you. As a home stager, your job is to improve the appearance of a home before it’s listed for sale.
This often results in faster sales and higher prices, making your service valuable to sellers.
You can start by staging homes for friends or family, if possible, to build a portfolio. Before and after photos are powerful tools to showcase your work.
You can even provide consultations to homeowners who prefer to do the actual staging themselves. In such cases, your design style can be a more budget-friendly option for a do-it-yourself homeowner.
20. Home inspector
We recently bought a house, and our home inspector was actually a home inspector on the side – this was his real estate side hustle! I think he was a city inspector (or something similar) full-time, so he was very knowledgeable in the area.
Home inspection as a side job can be a strategic move if you’re interested in real estate. This job allows for flexibility since you can set your hours, such as by completing home inspections on the weekends or before or after your day job.
You’ll need to invest in proper training and get licensed, which is a process that can be completed relatively quickly.
The responsibilities of a home inspector include:
Inspecting homes for possible problems, like a leak or bad wiring.
Creating and delivering reports based on what you find during the inspection.
21. Real estate appraiser
Real estate appraisers determine the fair market value of a property, and this process is important in transactions, such as home sales and refinances.
Appraisers assess property values by taking notes on unique characteristics and comparing them with similar properties that have sold recently.
They then prepare reports, detailing findings and providing a valuation that banks and other institutions depend on for loans.
22. Real estate wholesaler
Real estate wholesalers are middlemen who find properties under market value, contract them with the seller, and then sell the contract to a buyer, often an investor. Their profit comes from the difference between the contracted price with the seller and the amount the buyer pays.
Here is a quick summary of what a wholesale real estate side hustle is:
Find a distressed property – Search for properties that can be bought below market value.
Evaluate the property – Determine the After Repair Value (ARV) and estimate repair costs.
Secure under contract – Enter into a contract with the seller, giving you the right to purchase.
Find a buyer – Locate an investor interested in buying the contract.
Assign the contract – Transfer your purchasing rights to the investor for a fee.
By becoming skilled at finding good deals and building connections with trustworthy investors, real estate wholesaling can become a profitable real estate side hustle.
23. Start a real estate blog
Starting a real estate blog (or even a real estate YouTube channel or social media account!) can be a good way to make extra money without having to spend a lot of money.
With a real estate blog, you can write about local market insights, home buying and home selling tips, property investment strategies, home improvement and DIY projects, and more.
I have been a blogger for years, and I really love it. I am able to create my own schedule, decide how I make money online, travel whenever I want, and more. And, it all started on the side of my day job – so I definitely think that a real estate blog can be started as a side hustle.
Learn more at How To Start A Blog FREE Course.
Frequently Asked Questions
Below are answers to common questions about real estate side hustles.
Can real estate be a side hustle? Is real estate a good side hustle?
Yes, real estate can be a lucrative side hustle. Many people do real estate activities on a part-time basis, which can include short-term rentals, getting a roommate, and more, with lower time commitments.
Is real estate worth it as a side hustle?
Real estate as a side hustle can be worth it if you are looking for more income streams and have an interest in the housing market or real estate. As you probably noticed above, there are many different kinds of side hustles, so the amount of money you can earn or the amount of time you will spend will just depend on the gig you choose.
How can realtors make extra money?
Realtors can make extra money by managing rental properties, taking part in real estate crowdfunding, selling real estate photography services, and more.
Is real estate a good side hustle for teachers?
Yes, real estate can be a good side hustle for teachers. There are many options that may work for a teacher.
For example, some teachers work as real estate agents on the side. This is possible because you can handle listing and selling homes during weekends, breaks, evenings, and over the summer. However, keep in mind that selling homes might pose challenges, as clients may require your full attention during the day, which could clash with your teaching commitments.
You can find more ideas at 36 Best Side Jobs for Teachers To Make Extra Money.
Which licenses might be required to pursue a side hustle in the real estate field?
Depending on the side hustle, certain licenses like a real estate license may be required. For example, to become a real estate agent or home inspector, you’ll need a specific license. However, if you’re looking into just getting a roommate, then you may not need a license. It all just depends on the real estate side gig you are interested in.
How to make money in real estate without ever buying any property?
As you learned above, you don’t need to personally buy or own real estate in order to make money in real estate. You can invest in REITs, become a notary for real estate transactions, include affiliate marketing for real estate products on a blog, and more.
Real Estate Side Hustles – Summary
I hope you enjoyed this article about real estate side hustles.
Picking the right side hustle gig in real estate might feel overwhelming because there are many choices.
Some people might like jobs where you have to do more, like fixing up houses or taking care of Airbnb rentals. Others might prefer making money without doing much, like through REITs or renting out a spare room.
Whatever you’re into or however much money you have to invest, there are probably real estate side business ideas that fit with what you have and what you want to achieve.
What do you think is the best real estate side hustle?
Ryan and Jessica Sartor’s living room has been transformed into a workshop, as they went all-in into the small business world.
“It shortens to WOOD, so that’s perfect,” Jessica Sartor said.
The couple started their business five years ago, creating a variety of products, from small ornaments and sun catchers to charcuterie boards and wall art flags.
“It rabbit holed from there,” Jessica Sartor said. “Next thing we know, we’re getting a laser.”
The laser takes up the most space in the couple’s makeshift workshop. Ryan Sartor describes the laser as a robot that traces a design onto the material placed inside of it.
While the laser does some of the work, both Ryan and Jessica have work to do both before and after, whether that’s creating designs, painting, or putting together various layers.
They estimate that they can make around 150 different products. The couple does all of this on top of full-time jobs.
Do you want to learn how to make money in one hour? Whether it’s for an unexpected bill or you’re saving for a special purchase, the good news is that there are many real ways you can make money within an hour or less. These can be ways to make extra income or even possibly…
Do you want to learn how to make money in one hour?
Whether it’s for an unexpected bill or you’re saving for a special purchase, the good news is that there are many real ways you can make money within an hour or less.
These can be ways to make extra income or even possibly be turned into a full-time job.
Back when I had student loans, I found many different ways to make money in an hour. I did this because I wanted to squeeze in quick side hustles around my full-time job – such as before and after work and during my lunch break. There were also times when I needed money quickly, such as in less than an hour, and I had to find ways to make that happen to have cash on hand.
There may be other reasons for why you need to make money in an hour or less. If this is you, continue reading below to learn how to make money in 60 minutes or less!
Key Takeaways
If you have unwanted items (like clothes you don’t wear anymore), sell them. You can use apps or go to a thrift store, and they might give you cash right on the spot.
You could sell helpful services like tutoring or dog walking. These jobs pay you right away for the time you spend doing them.
You can make money fast by taking online surveys. Websites like Survey Junkie or Swagbucks pay you for sharing your opinions.
Recommended reading: How To Make $100 A Day
Best Ways to Make Money in One Hour
Whether you only have one hour to spare each day or if you need to make money in literally one hour from now, you do have some options.
Make money in one hour by selling items you don’t need
Got stuff at home you don’t use anymore? You can turn those things into cash, often in just an hour!
Here are some easy ways you can do this.
Clothes and jewelry – Look in your closet. Are there clothes that are no longer worn? Take them to a thrift store or a consignment store like Once Upon A Child. They buy your gently-used clothes and you leave with cash in your hand!
Toys and games – If you have toys or video games that just sit around, you can sell these too. Kids outgrow these fast, and you can find a new home for them where they’ll be loved again.
Unused gift cards – If you have gift cards that you haven’t used, you can sell them!
Other stuff – Electronics, books, or maybe some old furniture could also be sold.
You can sell items on platforms like Decluttr, Facebook Marketplace, Craigslist, and eBay. I have sold on all these (plus a lot more!), and they are all easy to use.
You could even have a garage sale if you have lots of items to get rid of.
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This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.
Mow lawns or shovel snow
Making money in one hour can be done if you mow lawns or shovel snow. These jobs can be done quickly, and you get paid right after you finish the work.
You’ll need a lawn mower, shovel, and/or snow blower to get started, and you can typically charge around $50+ for a yard.
Doing a good job increases the chances of people asking you to return or recommending you to their friends. Take your time to do things well. Before starting any work, make sure to ask how much they’re willing to spend because this way, both of you agree on the price!
Return a recent purchase
If you bought something you don’t need or haven’t used yet, returning it is a quick way to get cash.
Surprisingly, many people have items lying around that they’ve purchased but may have not used yet. If you really need the cash, then this can be a great option to start with.
First, find your receipt. This shows you paid for the item and when you bought it. No receipt? Look in your email or bags. Sometimes, stores send receipts to your email or put them in your shopping bag.
Next, check the store’s return policy. Some stores let you return items within a certain time, like 30 or 60 days. Be quick – if you wait too long, you can’t return it!
Before you go to the store, make sure the item is in good shape. It should look like when you bought it. Return it in its original packaging if you can. Here’s a list of what you’ll need to return a purchase:
Your receipt (or email proof)
The item (unused and not broken)
Packaging (the box or bag it came in)
At the store, go to the customer service desk and tell them you want to return the item. Be polite – it makes things smoother. If you don’t want to go to the store, some stores might let you mail the item back.
Remember, some items can’t be returned. Things like opened DVDs or personal use items like earbuds usually can’t go back to the store. It’s always a good idea to know the return rules before you buy things.
Deliver food to make money in one hour
If you want to make money fast and take advantage of the gig economy, you can deliver food, such as groceries or restaurant meals. Companies like Instacart, Uber Eats, and DoorDash let you sign up to be a delivery driver.
To get started, you’ll need a car, bike, or scooter and sign up for the company that you want to work with. You’ll then get orders on your phone through an app, go to the restaurant or grocery store, pick up the food, and drive it to the customer’s place (this may be their home or where they work).
You’ll get paid for each person or food delivery, plus get tips as well.
You get to choose the hours that you want to work, and you can work for just one hour or as much as you want.
Related to this, you can even deliver packages for retailers with Amazon Flex!
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Instacart is a popular website for people looking to earn extra money shopping for and delivering groceries. Instacart gives you the option to turn your free time into a chance to make some extra money.
Drive for rideshare companies
If you want to make money quickly, you might start driving for companies like Uber or Lyft.
You get paid for giving people rides in your car, and the more you drive, the more money you can make.
Drivers can earn about $20 per hour on average. In some cities, drivers can make more than $30 an hour.
You can increase your earnings further by concentrating on busy areas (such as before and after a concert) and driving during the busiest times (such as on a Saturday night). This way, you can make more money for each hour of your time!
Recommended reading: How To Make $1,000 In 24 Hours
Answer online surveys
If you want to make money quickly, you can try taking paid online surveys. Market research companies need your opinions to make their products better, so they pay you for your time.
Some paid survey sites where you can take surveys include:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Here’s what to do:
Sign up: Make a free account on the survey site.
Pick a survey: Choose one that looks interesting to you.
Give honest answers: Share what you really think about the questions you’re asked.
Earn rewards: After you finish, the site will give you points or money.
Earning money from answering surveys is not always fast, and it won’t make you rich. But if you have an hour, it’s a simple way to earn a little extra cash.
For me, I have answered a lot of surveys over the years. I like how I can answer surveys in little breaks I have during the day, such as before and after work, during a lunch break, while being a passenger in a car, and so on. They are easy to answer, and usually only take a few minutes.
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Branded Surveys is one of the most popular survey sites that rewards you in cash and gift cards for sharing your opinion. You can get paid anywhere from $0.50 to $5.00 per survey.
Perform odd jobs found on Craigslist
Craigslist has a jobs section on their site where you can find tasks that people need done right away. These are typically one-time gigs, but there are also part-time and full-time jobs listed here as well.
When you do a job on Craigslist, you usually get paid right after you complete the short task. That means you’ll receive your money on the same day.
To find Craigslist gigs in your town, just go to Craigslist and look for the “gigs” section.
Here are some gigs and tasks I found through a quick search on Craigslist:
House cleaner
Mover
Focus groups
Help with launching a boat
Gardening help
Help with painting a home
Lawn mowing
Participate in focus groups
Are you looking for a quick way to make money? Joining focus groups can be a fun way for you to earn extra cash and many times they take an hour or less.
A focus group is a small group of people who talk about products or services. Companies use your opinions to make their stuff better by learning more about their customers, such as you.
User Interviews is a popular site to find focus groups to take part in.
I have done a user interview in the past and got paid $400 for just one hour of work. It was simple, and everything happened online through a video call to see my opinion on a new feature for a well-known company (one of the largest companies in the world, in fact – so even large companies use these to help them improve!).
You can make $50 to $100 per hour, or even more, by sharing your thoughts and feedback.
Recommended reading: 19 Best Places To Find Paid Research Studies
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User Interviews pays very well for market research studies and these are some of the highest paying online surveys, with each paying $50 to $100 or more. The average pays over $60.
Mystery shopping
If you want to earn money quickly, like in just an hour, you can try becoming a mystery shopper. Mystery shoppers are people just like you and me who get paid to shop and give their opinion.
I’ve done a lot of mystery shopping over the years to make some extra money and to get free stuff. It’s easy work that can be done either on the phone (such as by rating their customer service when they answer the phone) or in person at a store. Most mystery shops take less than an hour too! I’ve done many that even take less than 5 minutes to complete.
The way mystery shopping works is that you’ll typically buy products or try services, pay attention to the details like how clean the store is or if the staff is nice, and then answer questions that the mystery shopping company gives you after you are done.
Donate plasma
If you’re looking for ways to make money in one hour, you can donate plasma and get paid for it.
When you go to donate, the center will check your blood to make sure you’re healthy and that your plasma can be used to help others.
Here’s what you might earn for your plasma donation:
$20 to $50 for each time you donate
Up to $300 a month if you donate regularly
Some centers might pay more money for your first time donating, like a bonus to persuade you to start. The amount you get can change depending on where you live, so make sure to confirm before you commit.
Tutor students online
If you want to learn how to make money in one hour online, then online tutoring jobs can be a good option to look into.
If you’re good at a subject, you can make money fast by tutoring students online. Lots of students need help with their schoolwork and are willing to pay for your knowledge.
As a tutor, you might spend 30 minutes to an hour giving a lesson, answering questions online, or working one-on-one with a student through a video lesson.
Tutors can earn different amounts depending on what they teach (the subject) and the duration of the session (whether it’s a quick question or a full-hour session). For example, tutoring in advanced subjects like calculus usually pays more than simpler ones like first-grade math. Some tutors may earn around $20 per hour, while others can make well over $100 per hour.
Sell scrap metal
Selling scrap metal or precious metals is a quick way to make some money in just one hour.
To get started, you’ll want to find metal items from around your home. This can be old appliances, wires, and even soda cans.
Then, you’ll want to find a scrap yard nearby to take your metals. You’ll want to make sure it’s clean and to keep your metals separated and organized.
Once you get to the scrap yard, you’ll weigh your metal on their scales, and then they’ll give you a price. If it’s your first time, ask how the process works just so that you are not confused by anything.
Prices change often, so what you earn depends on the type and weight of the metal you sell.
Play online games for rewards
Have you ever thought you could make money by playing games on your phone or computer? Yes, you can! Some apps and websites let you earn rewards, like gift cards or even cash, just for playing online games in your spare time.
Apps that pay you for playing games usually make their money through ads, things you buy in the app, and paid gaming competitions. They share a bit of what they earn with you to get you to keep playing their games and spend more time on their platform.
Here’s a quick list of the top game platforms that pay real cash:
KashKick
Swagbucks
InboxDollars
Recommended reading: 23 Best Game Apps To Win Real Money
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Swagbucks is a site where you can earn points for answering surveys, shopping online, watching videos, using coupons, and more. You can use your points for gift cards and cash.
Walk dogs
If you like being around pets and want to make money fast, dog walking is a great choice. Many dog walking gigs are one hour or less per visit, so this can be a great way to make money in an hour.
To start, you just need a love for dogs and a good pair of walking shoes.
You can set your rates, usually between $10 to $20 for a 30-minute walk.
One hour of walking dogs could mean walking one dog for 60 minutes or doing two 30-minute walks for two different dogs.
Rover is a website that connects pet owners with pet sitters and dog walkers. Starting on Rover is simple. You create a profile where you talk about your experience with pets and the services you can offer, such as dog walking, pet sitting, and house sitting. After setting up your profile, you’ll get requests from customers and discuss pricing. Rover handles payment processing, and you’ll receive the payments directly into your account.
I know many people who are dog walkers, and they all really love the job. I have also used dog sitters in the past – it is a wonderful and super helpful service.
Freelance online on your own schedule
As a freelancer, you get to choose your own hours. So, you may decide to work an hour here and an hour there.
Back when I had a full-time job, this is what I loved about being able to freelance online – I could work in my spare time, even if it was just small pockets of time that I had. For example, I would complete short tasks an hour before I went to work, during my hour lunch break, and later once I got home from work.
And, there are many different types of freelance gigs that you can do, such as managing social media as a virtual assistant, data entry, proofreading, graphic design, email management, and more.
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
Sign up for a high yield savings account
A high-yield bank account is a low-risk method to make extra money, and it typically takes less than an hour of your time to set up.
These savings accounts earn more interest than a regular one, so your money grows faster.
You will want to make sure that you pick a trustworthy bank and check the interest rates regularly because they can go up or down. Some people move their money into high-yield savings accounts often so that they can get the highest interest rates.
I personally use Marcus by Goldman Sachs as they have a very high rate. You can get up to 5.50% (at the time of this writing through a referral link bonus). According to this high-yield savings account calculator, if you have $10,000 saved, you could earn $550 with a high-yield savings account in a year. Whereas with normal banks, your earnings would only be $46.
This is an easy way to make passive income!
Frequently Asked Questions
These answers help you find quick ways to make money when you need it fast.
How can I make money ASAP?
If you need cash right away, you can sell things you don’t use anymore, like toys or clothes. Another fast way is to do small jobs for neighbors, like walking their dogs or helping in the garden.
How can I make $100 a day?
To make $100 a day, you could do jobs like cleaning houses, pet sitting, or babysitting. You could also combine a few things like doing surveys online, delivering food, or driving people places.
How to get money in one day without a job?
Without a job, you can still make money by selling stuff online, like clothes, games, or even sports equipment. You can also collect cans or bottles to recycle, or ask friends or family if they need help with anything for some quick cash.
How to make money in one hour as a kid?
As a kid, you can make money fast by setting up a lemonade stand, doing a car wash, or even making and selling crafts to friends and family (such as bracelets or custom T-shirts!). Of course, please check with your parents and stay safe.
How can I make money in one hour at home?
To make money in an hour at home, you can do things like sell items that you already own, such as your old clothing or a cell phone. You could also walk dogs, freelance online, or even tutor.
How to Make Money in One Hour – Summary
I hope you enjoyed this article on how to make money in one hour.
As you can see, there are many things that you can do to make money – whether you’re looking for a full-time job or just want to complete short tasks that take less than an hour.
Hour or shorter gigs helped me a ton to pay off my student loans as quickly as I could. Being able to work in short amounts of time helps me to work on my own schedule and fit more side hustles in.
Why are you looking to make money in an hour? Let me know in the comments below!
Editor in Chief Sarah Wheeler sat down with Kirill Klokov, CEO at Truv, to talk about the advantages of consumer-permissioned data for data quality and security. This interview has been edited for length and clarity.
Sarah Wheeler:How did you get into the verification space?
Kirill Klokov: It was through experiencing how verifications can be broken myself. I’m an immigrant, so when I came here to study and graduated from business school, I got a good job. But I didn’t have much of a credit score, so right after graduation, I applied for a loan to get a car and build my credit. And I got rejected by every single bank I applied with, including the credit union I bank with. They actually didn’t know what to do with me, because I didn’t fit into any of the credit boxes. So, I thought: this is a real opportunity.
Now, almost 10 years later, there’s plenty of fintech, but we’re still just scratching the surface: there are 60 million people who cannot actually get anything other than a payday loan. That’s ridiculous. When you need to verify income for people who don’t have a credit score or they have a thin file — that’s when you need to understand the customers’ ability to pay. And you need to do the same thing in huge transactions like mortgage.
SW: The mortgage space has its own very particular kinds of challenges, especially from a regulatory standpoint. What did you find?
KK: What I learned is: you’ve got to respect the complexity and understand that this is an ecosystem of its own. And mortgage lenders like talking to mortgage lenders, and it’s a whole community of people that once you embed yourself and you’re willing to learn, it’s pretty amazing.
SW: Freddie Mac just approved Truv for payroll verifications and consumer-permissioned income verification. What does that mean for your business?
KK: It’s just the beginning of us being able to tackle some of the pain points that the mortgage lenders are having in this country. If you look at just the last 12 months, you got a 400% increase from FICO, you got an increase from Equifax and the credit bureaus and then you got hit by The Work Number increase again.
Lenders are going through a tough time and some companies are taking advantage of whatever they have left in this market. I think this is a great opportunity for us and for the GSEs to level the playing field and allow new vendors to join so that we can give discounts. And if you’re writing the ROI analysis on us versus say The Work Number, you can save up to 70% of the total cost of The Work Number expenses.
SW: One of your differentiators is consumer-permissioned data and making it easier on the consumer. What does that look like?
KK: Imagine you use nCino or SimpleNexus as a POS, you will open the app and there will be a pop-up which would ask who your employer is. Then we know from our historical data which payroll provider that employer uses, say it’s ADP. The consumer logs in with their ADP credentials and then we’ll authenticate, extract the data and return back to the mortgage lender. It’s a fairly straightforward process.
In comparison, the instant databases like The Work Number go provider by provider and sign exclusive agreements. So, if you wanted to build the next The Work Number, you just can’t because it’s very expensive. And if anybody thinks that there will be another provider who will come around and sell Work Number data for $5, or whatever their prices were before the 2020 spikes, it’s not happening because they completely locked up the market. So the alternative is to access the data in partnership with the borrower. And that’s a more innovative way to access the data — without the middleman.
SW: How does this affect the borrower directly?
KK: When somebody increases prices, they will try to pass along that cost. When I bought a home last time, I got a $350 charge from The Work Number for my loan. And the more prices are increased for credit pulls and for income verification, the more those costs will end up on the closing statement. As a borrower myself, I find it find kind of funny that somebody took my data, put that in their own database without my permission, then charged the lender for my data, and then the lender passed along those costs to me. So I effectively pay for my own employment verification. Same with credit and with any third-party database. For me it’s just mind-boggling.
SW: How do you think about security?
KK: Let’s look at what can go wrong step by step. If I ask you to send me pay stubs, what happens if my email gets hacked or you send it to the wrong email? On your pay stub you have your social security number, which is like your whole life. And who knows how that email is getting shared around within a big bank or a big IMB? Because email is not that secure in the first place. Then on the other hand, we know that in 2018, somebody got access to the whole Equifax database. It was mostly credit data, but who knows if it’s going to happen to the income database. As far as storing the data inside a database, it’s always insecure, because there’s just one point of failure — somebody gets access to those production keys and the whole database is gone.
We’re doing it differently. We are getting one-time access with the consumer’s permission. We hardly ever store the credentials and if we do, we actually store them in a secure, encrypted format. So even if you could steal the whole database, you will just see a bunch of ones and zeros, which doesn’t really help the hackers. Compared to sending emails to your bank, it’s way more secure.
I would argue that compared to before and after Truv, we’re actually making the whole industry much more secure and consumers’ data is now safer. I’m not even talking about fraud. The potential for fraud is gone, because we read the data directly from the data source.
What is important about this is that lenders can trust this data so they can actually process a file much faster. And I think that’s how lenders should be thinking about the time to decision: the higher quality the data and the more reliable the source is, the faster you should process those applications, while you should really give a closer look to those applications that sent you blurry Photoshopped pay stubs.
SW: How do you think about what to do next from a tech standpoint?
KK: It’s simple: You just need to listen to your customers and for B2B, you need to be the biggest customer advocate. Probably 40% of my time during the week I spend with customers. And I try to listen and understand what what’s missing. Right now, we’re selling sort of a point solution — it’s just the payroll and its certification just from Freddie. But ideally, I could sell you a 100% solution to your problem, which is verification of income and employment, assets and insurance. If I could sell you a 100% solution, then you can buy it from one platform, one vendor and kind of forget about this problem.
The Northstar that I keep telling my team: nobody wants your product, everybody wants a solution to their problem. And the more you use your product to solve their problem, the more you’re going to be successful as a business. Our No. 1 value is customer obsession. You can get everything else wrong, but if you build what customers want, you’ll be good as a business.
SW: What keeps you up at night?
KK: I always think about the vision gap: the gap between what I want to have and what we have today. How do I bridge that gap? I know where we’re going, I know how we should look. But then we have the reality of how we work today. And I think finding this kind of perfect balance between getting as fast as we can to the vision but also executing on the promise of what we give to our customers today is really challenging.
SW: What makes you different from a tech perspective?
KK: Alignment around like the customer. Darshana Shetty just won your Tech Trendsetters award. She’s our head of product and she got that award because she actually is the biggest customer advocate. And our engineering team will always be asking, how is this customer using that? And I think this philosophy that we’re here to solve customer problems makes us different. Everything else is like the tech stack. You can copy code, you can ride with ChatGPT these days. I think what makes a big difference are the cultural values around what we want to build as a business and how much we’re willing to focus on the execution and actually delivering on the promise.
SW: What makes you optimistic about 2024?
KK: Everybody is struggling today with the price increases, the volumes. That also means that everybody has a bit more room to think about how do you rebuild your tech stack today? I’m excited because this is the best time to be Truv because we provide substantial savings, we do solve 100% of your problem. I hope lenders spend some time thinking about how do they change things so they don’t have to hire the same big team and then let them go if there’s another downturn. About how they build something that makes their core employees five times more productive than they were in 2020.
The winter holidays are one of the best times to visit Walt Disney World. The parks and hotels are decked out in fresh decor and there’s no shortage of holiday-themed entertainment. Characters turn up for photos wearing winter garb while some rides get festive overlays (for example, the Jungle Cruise becomes the Jingle Cruise).
But the season also makes for one of the most crowded — and most expensive — times to visit the Disney resort, as Disney engages in variable pricing where tickets cost more on high-demand days. If you’re headed to Disney World this winter, these lesser-known tricks can save money and time.
1. Find the least busy day to visit
Disney trip planning site Touring Plans collected 43 million average wait times for rides over the past 13 years to best predict crowds by day. After rating days on a scale of 1-10 (with 1 being the least busy and 10 being the busiest), here are Touring Plans’ crowd predictions for the six days before and after Christmas 2023:
Tuesday, Dec. 19: 7.
Wednesday, Dec. 20: 7.
Thursday, Dec. 21: 6.
Friday, Dec. 22: 5.
Saturday, Dec. 23: 7.
Sunday, Dec. 24: 7.
Monday, Dec. 25: 8.
Tuesday, Dec. 26: 8.
Wednesday, Dec. 27: 9.
Thursday, Dec. 28: 9.
Friday, Dec. 29: 9.
Saturday, Dec. 30: 9.
Sunday, Dec. 31: 8.
If there’s one best day to visit, it’s Friday, Dec. 22. And in general, the week before Christmas is less busy than the week after.
2. Consider Disney’s dining promotion deal
If you’re staying at a Disney-owned resort, a limited-time dining promotion might sweeten the deal. You’ll receive a Dining Promo Card (for use at most Disney restaurants) when you book a minimum five-night stay, worth up to $1,000.
The card’s value is correlated to the price of your hotel room, so travelers who book rooms in the Deluxe tier of Disney resorts receive $200 per night, while rooms booked at Disney’s lower-cost hotels receive $60 per night.
Depending on the room you book, this promotion could be a deal. For example, NerdWallet found availability at one of Disney’s top-tier hotels, Disney’s Animal Kingdom Lodge, for under $500 per night on some nights in December.
While the package requires a minimum five-night stay plus park tickets, receiving a dining gift card ($800 if you book four nights at the Animal Kingdom Lodge) worth about 40% of the overall room cost might be appealing.
The promotion covers stays on most nights through March 5, 2024, including Thanksgiving week and the week before Christmas (arrival dates between Dec. 26 and Jan. 8 aren’t eligible).
3. Order small plates at the Epcot International Festival of the Holidays
If you’re not staying at a Disney resort long enough to qualify for the dining promo, dine at the Epcot International Festival of the Holidays.
Between Nov. 24 and Dec. 30, temporary food stands serve seasonal international dishes in line with the park’s global theme. For example, the Japanese-themed Shi Wasu Holiday Kitchen serves cranberry boba and the L’Chaim! Holiday Kitchen serves potato latkes.
Epcot festival dishes are typically smaller than traditional restaurant entrees, but prices are lower. Many food items cost less than $5, and almost all are less than $10.
4. Replace theme park visits with free activities
Rather than buying a theme park ticket, take a free, self-guided tour past the massive and intricate gingerbread houses on display in the lobbies of six Disney-owned hotels. Among the largest displays is at Disney’s Grand Floridian Resort & Spa. According to Disney, the hotel’s pastry team spent 500 hours baking gingerbread and 480 hours decorating the house, which features 10,000 pieces of gingerbread.
Getting to each hotel can be an adventure in itself. Two hotels, Disney’s Contemporary Resort and Disney’s Grand Floridian Resort & Spa, are located on the resort’s monorail line, which doesn’t require a ticket to board. Almost all the resorts are also accessible by boat (again, no ticket needed), which can be a scenic and relaxing way to get around.
If you want another free Disney World activity, visit the resort’s entertainment district, Disney Springs. During the holidays, you might want to stroll past the shopping center’s 19 Disney-themed trees or visit Santa Claus.
5. Consider an after-hours party instead of a theme park ticket
Walt Disney World offers two sets of after-hours parties this year (both run a handful of nights throughout the season): Mickey’s Very Merry Christmas Party at Magic Kingdom Park, and Disney Jollywood Nights at Disney’s Hollywood Studios.
Party ticket prices aren’t cheap, as both start at about $160 (and can cost more than $200 on peak nights). In fact, they often cost more than standard theme park tickets. But for certain travelers, they might be a better deal. That’s because capacity is more limited than during the day, typically resulting in shorter ride wait times (eliminating the need to pay for upcharges like Disney Genie+, which offers paid, express line access).
The parties also offer entertainment you can’t find anywhere else, and — at Mickey’s Very Merry Christmas Party — you get complimentary cookies and cocoa.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Owning a car comes with costs that go beyond getting an auto loan or needing to insure your vehicle. Maintenance and repair costs can add up, and it’s essential to be prepared for those financially. In 2021, for example, individuals in the United States spent more than $194 billion on vehicle maintenance and repair. Find out about some of the most common car repairs below, including what they cost.
10 Common Car Repairs and What They Cost
This list of car repairs isn’t comprehensive. However, it includes some of the most repaired or replaced items on vehicles.
Replacing an Oxygen Sensor
Oxygen sensors check the exhaust from a vehicle’s engine to see how much oxygen is in it. Most modern cars have O2 sensors before and after the catalytic converter. Your check engine light can come on when the sensors aren’t working right.
While a rogue O2 sensor may not be an immediate emergency, if it isn’t functioning correctly, it can lead to fuel intake and other issues with the engine. The cost of replacing O2 sensors varies depending on which sensors need replacing and the make and model of your car. On average, you can expect this repair to cost $150 to $500.
Replacing a Catalytic Converter
Catalytic converters control the emissions expelled by vehicle exhaust. They’re required on most new cars. A damaged or broken catalytic converter causes your check engine light to illuminate. If your catalytic converter isn’t working, your vehicle might not pass state inspection requirements where applicable.
In most cases, a catalytic converter replacement doesn’t require much labor. However, the parts can be expensive. The job can cost $900 to $3,500 on average, depending on the make and model of your car and where you get the work done.
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Brake jobs are common because your brakes and rotors wear down over time. Expect to pay $200 to $500 for a brake service or repair job. If you need a complete brake job, which includes replacement of brakes, calipers, pads and rotors, the cost can average $200 to $800, depending on the quality of the parts, the make and model of your vehicle and where you get the work done.
Tightening or Replacing a Fuel Cap
The cap you take on and off when filling your car with fuel is a critical component. It’s supposed to provide a true seal that keeps the fumes and evaporation of fuel inside the tank. You might need a new one when your fuel cap goes missing or doesn’t create a tight seal. On average, the parts and labor for such a replacement range from around $97 to $102.
Thermostat Replacement
A thermostat in a car measures the temperature in the cooling system and helps ensure the right amount of coolant is being cycled through the engine. That regulation can’t occur if the thermostat is broken, which can lead to issues with an overheating engine. The cost of repairing or replacing a car thermostat is $140 to $300—typically much less than you’d pay for engine damage.
Replacing Ignition Coils
The ignition coils take power from your car’s battery and magnify it enough to cause the spark necessary to ignite the fuel and get your engine running. Bad ignition coils can mean your car doesn’t start. If you need to replace an ignition coil, expect to pay $200 to $300 on average.
Mass Air Flow Sensor Replacement
The mass air flow sensor keeps track of how much air enters certain parts of your engine. Your car needs to know this to allow the right amount of fuel to flow into the engine. If the mass air flow sensor doesn’t work, your check engine light may illuminate, and you may also notice symptoms such as misfires, a rough-running engine, black smoke in the exhaust and engine issues on idle. The cost to replace this part is usually less than $300.
Replacing Spark Plug Wires and Spark Plugs
Spark plugs and wires are necessary to start your vehicle. Sometimes, you can easily replace these parts to save a bit of money. The cost for parts is $125 to $150. If you pay for professional service, expect the cost to be between $190 and $235 in total.
Replacing Evaporative Emissions Purge Control Valve
The purge valve keeps fuel vapors from being released into the air. It’s a required part of vehicle emissions systems. The cost of replacing this part ranges from around $160 to $180.
Replacing Evaporative Emissions Purge Solenoid
Purging solenoids are parts involved in the same process as the purge control valve. You can expect to pay $150 to $300 to get these parts replaced.
Prepare for Car Ownership and Repairs Financially
Owning a car is a significant investment, and it’s important to be prepared for paying your car payment and covering unexpected expenses.
Start by understanding what you need to finance a car, including what’s a good credit score to buy a car. Then you can shop around for an auto loan that meets your needs.
Once you have a car, create a budget and set money aside for emergency needs. You can also work on your credit to ensure you have access to credit cards and loans if you need temporary help with a major unexpected expense.
More on Auto Loans:
Article updated. Originally published April 19th, 2016.
Hedging, PPE, Fee Collection, QC Products; Gov’t and Conforming News; Producer Inflation Alive and Well
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Hedging, PPE, Fee Collection, QC Products; Gov’t and Conforming News; Producer Inflation Alive and Well
By: Rob Chrisman
Thu, Sep 14 2023, 11:15 AM
This morning I head from Chicago to Orlando along with 74 million others (yearly). More fun with numbers: Although the MBA thinks we’ll fund about $1.7 trillion in 2023, weekly applications continue to reflect a declining market so let’s use $1.5 trillion to make the numbers easier. That averages out to $6 billion per business day of production. The Fed is looking to offload $13 billion in MBS from bank seizures. To keep things in perspective, that is only two days’ worth of production, certainly not enough to “swamp the boat.” Perspective is good, and here’s another example. Higher and volatile interest rates, uncertainty about property values, and stresses in some property markets have increased pressure on some loans and properties. Accordingly, MBA reported that commercial and multifamily mortgage delinquencies increased in the second quarter of 2023. Even with the uptick in delinquency rates, they remain at the lower end of historical ranges. Loans backed by properties (and property types) with stable cash flows, are faring better than those that may have seen declines in incomes. (Today’s podcast can be found here and this week’s is sponsored by SimpleNexus, an nCino Company, and award-winning developer of mortgage technology for modern lenders. Hear an interview with C2 Financial and Revest Homes’ Jim Black on how originators can win business in a tough rate environment.)
Lender and Broker Software, Products, and Services
Amidst changing QC requirements and increasing repurchase risk, lenders must invest in automation to drive efficiency and protect profits. The industry needs to shift its focus from crisis management to prevention with proactive QC. Not only does this approach set lenders up for success regardless of the origination environment, but it’s also a regulatory imperative now that Fannie Mae requires lenders to conduct pre-funding QC on a minimum of 10% of their production. ACES Quality Management empowers mortgage lenders and servicers to take control of their operations and embrace proactive QC. ACES seamlessly combines cutting-edge technology with comprehensive data analysis, giving mortgage professionals the tools they need to identify, anticipate and rectify potential issues in near real time. Learn why financial institutions and third-party providers rely on ACES.
“Looking for a full-service depository bank that will help you achieve your long-term growth plans? NexBank has been a dependable lender to our clients through all business cycles. We’ve been in the wholesale, correspondent, and warehouse lending business since 2008 and don’t compete with our clients for retail originations or refinancing business. Our long-tenured account executives, with an average of 24 years of industry experience, know our business well and are dedicated to helping you grow yours. This month, we celebrate the 15th anniversary of three professionals who have contributed to the success of our clients and NexBank. Lance Hackney with $4 billion closed volume; Brandi Horton with $4.5 billion closed volume; and Steve Smith with $5 billion closed volume. We support all channels: Wholesale, Non-Delegated & Delegated Correspondent with Portfolio, Conventional, FHA, and VA products, and offer Delegated & Emerging Banker Warehouse Lending and Escrow Deposit Management. Email Jon Hodge to reach an AE. Member FDIC. Equal Housing Lender. NMLS 672886.”
If you’re using Encompass® by ICE Mortgage Technology™ and you’re not using Fee Chaser to collect your upfront fees you it’s time to get your act together. Fee Chaser enables your borrowers to pay their upfront fees right from a text message. No more missed appraisal fees, no more paper checks, no more credit card numbers floating around on printed forms. Check out Fee Chaser here and they’ll text a demo right to your phone.
“Optimal Blue’s market-leading product, pricing and eligibility (PPE) engine has been the industry’s preferred choice for years because of our ability to serve our clients’ needs. With Optimal Blue’s open-API platform, our clients can access and use all of the functionality that exists in the Optimal Blue PPE via APIs, including creating customized rate quoting tools, fully automating lock events, and ensuring LOs have on-demand access to product and pricing where and when they need it. Reach out to Optimal Blue today to learn more about our open-API platform and how you can use it to unlock hidden efficiencies and improve your business!”
Government and Other Conforming Program News
Plaza Home Mortgage® reminded brokers of the ins and outs of getting government deals done. Here are five really great reasons to look to Plaza first for your government loans:
Manual underwriting may be an option for loans that do not get an approval through AUS-Total Scorecard (manual underwriting requirements apply). FHA and VA FICOs down to 550. USDA FICOs down to 600. Cash-out allowed on FHA and VA. Experienced Underwriting team that is willing to go the extra mile for your borrower.
Effective August 25th, the Attorney Authorization Approval (AAA) Matrix is available within Property 360™ on both the Claims and Excess Fees landing pages. The matrix remains accessible on the Excess Attorney Fee – Cost Guidelines webpage in the Single-Family portal.
Federal Housing Agencies issued a reminder for mortgage assistance for those impacted by the Maui Wildfires. In a joint statement, the Federal Housing pledged their offices’ ongoing support for Hawaiian residents affected by the devastating wildfires on the Hawaiian island of Maui.
Hurricane season has begun, MBAF provided a reminder of MBA’s Disaster Recovery Resource Guide. This guide outlines what to do before and after a natural disaster, along with how to start, and then, work through the recovery process. Additionally, another resource available is Hurricane Help FAQs.
Fifth Third Correspondent Lending Communiqué 2023-6-9.1.23 has the following topics:
Final Document Reminder, as a reminder, Fifth Third expects Final Title Policies and Recorded Mortgages to be delivered within 90 days of the loan purchase date. Excessively aged documents will be assessed a fee per section 1.07 of the Correspondent Seller Guide.
Maximize Cash Out with Loan Stream Mortgage Non-QM Closed End Seconds. Program highlights include clients can Access Equity with our Non-QM CES Cash Out Refi: 90% CLTV Full Doc, 85% CLTV Bank Statements, 80% CLTV Investment Properties and 75% CLTV DSCR. Also available on Purchase, Rate/Term Refinance & Cash Out.
Chaos has a way of bringing on unexpected opportunities. Plaza Home Mortgage®. Co-President and COO, Michael Fontaine, shares with National Mortgage News how Plaza navigates in the evolving wholesale landscape. From diverse strategies to tapping into improved technology plus Plaza’s training offerings to help amplify broker clients’ strengths, take a look.
Plaza Home Mortgage® Jumbo opportunities keep getting better, now offering 2-1 and 1-0 Temporary Buydowns on its new Jumbo Elite loan program. Get in touch with your Account Executive for the qualifying details. Explore the complete range of Jumbo solutions Plaza offers for your borrowers.
Capital Markets
Why do those in the mortgage space watch the 10-year U.S. Treasury note? Historically, the 10-year U.S. Treasury yield has been considered a key benchmark for mortgage rates. Mortgage rates, however, are not actually based on the 10-year U.S. Treasury note (as is commonly believed). MCT released a blog, “How the 10-Year U.S. Treasury Note Impacts Mortgage Rates” that serves as an excellent primer for how mortgage interest rates respond to moves of the benchmark U.S. Treasury note. The piece discusses why mortgage rates and Treasury yields move together and how bonds are influenced by Treasury yields. With a trusted capital markets partner like MCT, you can rest assured that you will be notified of how economic trends could have the potential to impact your business. Sign up for MCT’s newsletter to receive educational articles like this one and learn more about variables that impact mortgage rates.
In rate news, even though inflation in August showed a larger than expected increase in core CPI (actual 0.3 percent when it was expected at 0.2 percent), it showed ongoing improvement on a year-over-year basis, enough to prevent any significant change in Fed rate hike expectations. The implied likelihood of a rate hike in December sits around 46 percent.
Digging into the numbers, gasoline prices contributed to nearly half of the increase to the headline number, rising nearly 11 percent over the month, and that inevitably had some trickle-through impact on the core reading, as transportation services were driven higher by energy prices. The 3.7 percent year-over-year rate of CPI is still well above the Fed’s 2 percent target, reflecting stickiness that, while probably not compelling enough to the Fed to raise rates further at this point as the trend in inflation has downshifted since the spring, will certainly keep the Fed in a “higher for longer” mindset. Looking forward to the FOMC meeting next week, another pause in rate hikes is already baked in, so the importance is actually much more about rate decisions in November, December, and January.
Today’s economic calendar is under way with several releases. Events kicked off with the ECB releasing its latest monetary policy decision (+.25 percent, as expected, in an effort to continue to tame inflation) followed by ECB head Lagarde’s press conference. The U.S. calendar is also under way with retail sales (+.6 percent for August, much higher than expected), the Producer Price Index (+.7 percent, much stronger than expected, core +.3 percent), and weekly jobless claims (220k, 1.688 continuing). Later today brings July business inventories, Treasury announcing the sizes for next week’s reopened 20-year bonds and 10-year TIPS auctions, and Freddie Mac’s latest Primary Mortgage Markets Survey. We begin Thursday with Agency MBS prices worse a few 32nds from Wednesday evening, the 10-year yielding 4.27 after closing yesterday at 4.25 percent, and the 2-year at 5.02 after this slew of economic news.
Employment
“Foundation Mortgage is rapidly expanding after several record months and is looking for top tier experienced Non-QM account executives to join our team. We have a vast array of non-QM products to choose from and common-sense underwriting. We make exceptions that other lenders won’t. If you are looking to join an experienced team that knows how to get loans done contact Dean Ayres.”
On the heels of the successful acquisition of Platinum Home Mortgage Corp, Planet continues its appetite for retail acquisition by looking to consolidate several independent bankers into its organization. If your firm is seeking better economies of scale or a strategic exit, let’s talk. With our strong multichannel support, speedy turnarounds, dedicated recruitment, and customer retention, Planet will give you a remarkable edge. Please contact Lee Gross to find out what Planet could do for you. All inquiries will be held in strict confidence. Confidentiality will also be honored for single MLOs or smaller sales teams who contact VP of Talent Peter Briggs or 435-709-6287.
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