Yes, You Can Be a Real Estate Investor Even if You Have a Full Time Job. It’s true that you can make a lot of money with real estate investments but it’s not something that you can do overnight. There are many things that need to be done before you can even buy your first property. There is no easy way around it and don’t ever trust anyone who tells you that it can be done easily. However, it will be worth it in the end when you’re making millions of dollars.
Though it is already challenging enough, it can be even harder if you have a full-tie job. But I have good news for you: it is possible to invest in real estate with a full-time job. Here’s what you need:
The kind of work that you need to do is not easy. Not only do you need to look at properties but you also need to pay very close attention to the neighborhood including school systems, unemployment stats, proximity to grocery stores and public transportation, etc. You will also need to look at comps in the area. Comps are other, similar properties which are being sold or have been sold in the area. If you see an area with a lot of other properties that have been on the market for a long time, most likely that would not be a good place to invest.
These things take time and it’s not something that can be done overnight. The research part of the process is the most tedious and lengthy aspect of real estate investing but it is the most important. Every real estate investment should be built on a foundation of due diligence. If you don’t put in the work at the beginning, you are more likely to make a very bad deal.
When it comes to flipping houses, you can’t do it on your own. This is a mistake that many new house-flippers make. It can be easy to think that you can do the refurbishing, maintenance, and selling on your own but that’s just not realistic. Instead you will need to hire a team of professionals who will help you and don’t be cheap about it. Find a quality contractor and real estate agent to help you with the flip. Make sure that you find a contractor who can get creative when fixing up the house. The contractor will cost more upfront than a repairman but you will save money in the long run because they will know how to fix up the house for the least amount of money. You need someone in charge of the whole process of refurbishing the property. You will also need a real estate agent to sell the property because it isn’t something you can do, especially if you’re working a full-time job.
You may be afraid of failure but you only truly fail if you give up on your dreams of being a Real Estate Investor. The first investment is going to be tough but it will get easier as you make more investments in the future. No real estate investor has ever said that the first fix-and-flip was the easiest or most profitable but you need to take that first step if you want to make money. Especially since you are working a full-time job, it is going to be stressful and difficult. However, it is incredibly rewarding. Investing in real estate is not just profitable, it will give you a sense of pride. According to Inman,
“When it comes to investing in real estate while maintaining a full-time job, dedication is one of the most important factors. Starting out in real estate investing is essentially like starting a business from scratch. You will have to do research, write a business plan, visit properties, make phone calls and follow leads.”
Failing to plan means planning to fail. Take my word for it.