What Are the Best Opportunities for Generating Income Now?

Build a church.  

Religious attendance rises in tough times. Big Sky Enterprises of Voorhees, N.J., does 80 percent of its business developing churches and church-related properties. The key to success is offering a turnkey, end-to-end project management solution that includes strategic planning, land acquisition, architectural engineering, finance, and construction. Tremendous loyalty in the religious community also makes it great for referrals.   
- Ryan Regina, co-owner, Big Sky Enterprises of Voorhees, N.J.

Become a property manager.

Demand for managers—and compensation—often goes up in a downturn. Recent Institute of Real Estate Management surveys found that base salaries for both certified property managers and accredited residential managers rose from 2006 to 2009. "We’re the cavalry riding to the rescue of defaulted properties."  
- Ron Goss, 2011 IREM President

Buy an apartment.

With few new properties being built, the economic uptick combined with more Generation Y members reaching their 20s should spur rental demand by 400,000 units in the 2010s (assuming a 66 percent home ownership rate and 1.2 million new households).  
- Gleb Nechayev, senior economist at CBRE Econometric Advisors, Boston

Rev up your energy knowledge.

As higher gas prices make previously untapped deposits of oil and gas profitable, owners who never gave a thought to mineral rights are getting offers. "If you’re going to sell land, you have to be prepared to educate unsophisticated land investors about mineral rights." 
- George Clift, ALC, president of Clift Land Brokers, Amarillo, Texas

Provide demographic analyses  and competition surveys for medical practices.

These days, doctors—particularly better-paid specialists—don’t just cluster around hospitals. Many want multiple locations out in the community so that patients can receive regular treatments more easily. "This is an opportune time to renegotiate leases or help medical professionals change from being renters to owners." It’s important for brokers to find out the demographic interests of doctors—based on the kind of practice and specialty they have—for the location to work.  
- Sam DiFranco, CCIM, SOIR, managing principal of CresaPartners, Cary, N.C.

Advise government entities on real estate acquisitions and dispositions.

Budget cuts that trimmed government staffs created more need for real estate consultants, who often have the deal-making and development skills lacking in house. Laws may bring added constraints when representing a public entity, and the pay may be less, but the work is out there.   
- Albert Pappalardo, CRE, president of Pappalardo Consultants Inc., New Orleans