Should You Do Real Estate Full-Time?

Many self-acclaimed real estate gurus state that everyone should quit their jobs and immediately jump into full time real estate investing. They often claim incredible results from students with little experience. We would like to caution that life-changing decisions are not usually simple and that full time investing is not for everyone. Let’s discuss some pros and cons of full-time versus part-time investing.The Full-Time InvestorEntering into the real estate profession on a full-time basis offers several advantages over a part-time commitment. Being successful requires you to develop knowledge in many aspects of real estate, and more time focused on real estate leads to greater knowledge. The more your learn, the more you earn, since you do not need to rely on as many professional services or partners for help. You also learn to recognize a deal (or a dud) faster, which gives you more time to do more business or spend with your family.As a full-time investor, you work your own hours. When we say “full-time,” that may mean as little as twenty hours per week if you are good at finding deals. The rest of your time can be spent pursuing other vocations or hobbies. Or, if you are so inspired, you can work forty or more hours and use the extra cash flow to buy rental properties or diversify your holdings in the stock market. The point is that you need to satisfy your cash flow needs before you can start “investing” your money.One final point you should consider is whether you want to be “self-employed.” If you have always worked for someone else, being your own boss sounds very attractive. In some, respects, this isn’t quite the truth. Being your own boss means being an accountant, bookkeeper, stock clerk, receptionist and office manager all-in-one. You have to do deal with tax returns, payroll, office supplies, customer service, bills and all the other hassles that come with a business. You don’t have friends to chat with at the water cooler. You don’t have paid health insurance, a company car and a 401(k). You take your problems home with you every night. Sound like fun? It is, once you learn how to master your time and run your business. Being the master of your own life and career is well worth the other hassles of dealing with your own business.The Part-Time InvestorThe part-time investor holds a “regular job.” This may be by choice or for the time being until his real estate ventures are bringing in enough cash to quit his job. If it is the latter reason, don’t quit your job because the real estate “guru” told you so. Quit your job when it is not worth the income that it brings you. In other words, if you are making more money per hour flipping properties on the side, you are at the point that where your regular job is costing you money. Only then, is it time to quit!One of the advantages of starting out part-time is that you can maintain cash flow while learning the business. It may take weeks or possibly months to find your first deal. That same deal may take several months to turn around, especially if you decide to fix it and sell it retail. Think twice before telling your boss you’re leaving; you will have plenty of time to make the career switch once you have real estate experience. You may, on the other hand, like your occupation. If so, continue to work at it, and invest in real estate on the side.The best case scenario, if you are married, is to have one spouse work a regular job. The other spouse work the real estate business for creating wealth, retirement income and a nice college fund for the children. Of course, in today’s market, you could be laid off due to unforeseen circumstances. If you earn additional income flipping houses and invest the proceeds into rental properties, you will be covered if your main income is lost. This is especially the case for married women that often forego a career and raise a family, only to find themselves divorced with no means of making a living. We don’t want to sound cynical about marriage, but with a fifty-percent divorce rate in America, it never hurts to have a system for making money.Someone with a full time job tends to have little free time to focus on real estate. A part-timer should learn most of the same skills as a full timer. Thus, the key disadvantage to flipping properties on a part-time basis is that it takes sacrifice to learn the business. Something has to give; television, lazy weekends, meaningless hobbies and even some family activities must be compromised. As with any education, time spent learning about real estate will bring its own rewards, especially if the people in your life understand your goals and your plan to achieve those goals. If you are married, make sure your spouse reads this material with you and participates in the fun process of making money.Treat Real Estate as a BusinessPeople are lured to real estate because of the quick buck that it promises. Don’t hold your breath, you won’t get rich quick. An “overnight sensation” usually takes about five years. More than ninety percent of the people who take a real estate seminar quit after three months. Real estate investing should be treated with the seriousness of a career. It takes months, even years for a business to cultivate customers and have a life of its own. You need to treat it like any other business.

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Real Estate Business Tips – Do You Know Your Numbers?

I bet that if I asked you right now approximately how much money you had in your personal bank account that you would know the answer. And I bet that you probably keep fairly good track of the checks that you write in your checkbook log.Of course, you are saying to yourself…so what’s the point? My point is simply this: you obviously have a pretty good knowledge of the financial numbers in your personal life, so how come you don’t know the numbers in your Real Estate Investing business? Now, there is more to knowing your numbers than knowing just how much money you have in your bank account and in your checkbook, so I don’t want you to think that you can get off that easy. Ultimately, if you want to be extremely successful as a real estate investor then you need to know, review, track, and work to improve the numbers of your business on a weekly, monthly, quarterly, and annual basis!In my business, every Monday I get together with my employees and we talk numbers such as: How many letters were mailed out, how many calls we received, how many appointments were scheduled, how many houses we are trying to buy, how many houses we are trying to sell, how our marketing is converting, how, how, how, how…. It’s called, keeping a finger on the pulse of your business. Do you have a finger on the pulse of YOUR business?If you are lazy, or think you don’t have enough time to compile and review your stats, or think that it doesn’t matter, THINK AGAIN! Here’s the reality of how important it is to know your numbers: No numbers = No business (period!). Everything in this real estate investing business revolves around numbers and simple math. My advice to you is to create some simple reports that you can easily analyze and compare once a week. It doesn’t have to impress a Statistician, just keep it simple and start to keep track of that which you feel is most important to your success. If you have an assistant or employees that can help you, then create the report and have them compile the data for you to review each week (that’s what I do).Make a commitment to yourself to do this for a minimum of 1 month. If it seems to be too much work then you can stop, however you have to do it for a minimum of 1 month. About the 2nd or 3rd week your eyes will open wider then they ever have in the past as you’ll now begin to know your numbers. This simple act will make you smarter, more confident and more wealthy as you grow your real estate investing business …GUARANTEED!If you enjoyed this article, then you”ll love what I have for you now. For a limited time, get a FREE CD and Report ($19.95 value). Go to http://www.ForeclosureGoldRushReport.com or call 1-888-866-2340.To your real estate investing success,
Brian Evans