Real estate investing is one of the best career paths you can choose. In addition to unlimited earnings potential, you have the ability to make your own schedule. However, the schedule you give yourself says a lot about your ambition. Many new investors think they will enter the business and have more deals than they can handle. As most experienced investors can tell you, this is hardly the case. There is often a transitional period where getting leads and closing deals can be a challenge. Because of this, it is a good idea to ease into the business by working full time until you get going. This sounds like a daunting task, but the transition may not be as difficult as you think. Here are some tips and strategies for working full time while getting your investing business off the ground:
1. Embrace the demands: Working full time while trying to juggle family time and personal schedules can be a difficult task in and of itself. Adding real estate investing as a hobby or even a new career will leave you stretched thin. Instead of running from it, you need to embrace it. There will be a period of time when you are overwhelmed and question what you are doing. Those new investors that fight through the tough times are the ones that come out the other end and transition into the business. This requires expert time management and some sacrifice on your end. Instead of watching your favorite TV show every week, you may need to spend time researching a property. Instead of sleeping late on the weekends, you may need to wake up a few hours earlier and learn something about your new business. Take advantage of your commute to and from work and utilize any lunch break you get. Establishing yourself in the business will not be easy, but if you embrace the demands you will deal with them much better.
2. Take advantage of technology: The real estate business has not changed much over the past fifty years. What has changed, however, is how it is done. Today’s investor has many more different ways to find deals. Advancements in technology have leveled the playing field. Instead of having to physically drive to a real estate office to review documents, you can E-sign over your IPhone. These technological advancements are vital to managing your time. Regardless of how old you are or how much you know, you should constantly update your technology and know how to use it. This can be anything from starting your own real estate website to implementing Google Voice on your phone. Instead of needing to have a dedicated business office, all you really need is a good phone, a laptop and access to a scanner. You can stay in touch with your contacts and research any properties from your phone. What other generation can stay that? When you get a break from work, you can send emails, text or make the necessary phone calls. There is an abundance of technology at your disposal. It is up to you to take advantage of it.
3. Put a quality team in place: Regardless of whether or not you have a full time job, you need to surround yourself with a quality team. You will lean on your realtor, mortgage broker, attorney and contractor for the first several deals. It is important to spend time talking with each prospective member until you are comfortable that you have a good fit. Your realtor should know exactly what types of properties you are looking for, in what area and for what price range. Your mortgage broker should know what you can and cannot do, and have multiple options for your loan. By eliminating time spent on deals that you have no desire to do or loan products you have no chance of getting approved for, you can spend time on real deals. If your time is thin, you have no choice but to lean on the team around you.
4. Partner up: One of the best ways to get your business off the ground is by working with a partner. Some jobs allow you the flexibility of free use of the internet or to be able to make a phone call when you need to. Other jobs, you can only get away for a few minutes when you get a break or during lunch. If this is the case, you may want to consider finding an investing partner. Your partner should be someone that has an opposite skill set as you. If you have access to capital but are having trouble with time, your partner should not be in the same situation. A good working partner that can do everything you cannot do from 9 to 5 will keep your business moving forward until you can branch out on your own. Under this scenario you may not make as much as you expect, but you are making more than you would without them.
Getting any new business off the ground can be a stressful and overwhelming time. Instead of worrying about what you do not have in place, focus on what you do have. What you will find is that you most likely have more going for you than you thought. Working full time and balancing a new career or even a hobby is all about managing your time and your contacts. If you are willing to use every minute of the day and give up some free time, your business can take off in no time.