How To Become A Full-Time Real Estate Investor?
Unless you have a million stacked in your bank account already, you cannot just barge into your employer’s office, hand over your resignation letter and leave the day-job to go “all in” in real estate investment.
As sexy as the lifestyle of a successful real estate investor may look, things aren’t exactly as glamorous in the inside. To get to that spot, you need a thorough plan, strategic approach and a bit of luck here and there.
The transition from being a full-time employee to becoming a full-time real estate investor takes a lot of time and many critically-accurate decisions. Here’s a 7-step process to successfully make that transition with the least of financial hiccups:
1. Find A Role Model Or Mentor
Many people undermine this step. But it’s extremely crucial to have a role model or mentor by your side. The path you’re venturing isn’t well-defined. So, following those who have successful trailed on this path can help you stay on the right track. You can draw inspiration from their stories and learn from their strategies.
2. Learn About The Market In Part-Time
The more you understand the market, the better. So, learning is the single most important part of becoming a full-time real estate investor. In preparation, even with a full-time job, spend enough time learning about the real estate market, the different investment concepts and theories, and technical analysis.
3. Start Saving Ten-Month Salary
Before dumping your day-job, you must ensure that you have enough savings to live off until your investment venture returns with something substantial. Save at least ten months of salary to cushion this transition.
4. Make Small Investments While Employed
Don’t wait to leave your job before getting into the market. Start making small investments in commercial and residential properties as soon as you start understanding the fundamentals of the real estate market. Look around online for good real estate investment services providers. Do your research and pick one residential and commercial property investment company that best fits your needs and goals.
5. Be Fully Prepared With Sufficient Capital
This is, of course, a must. Before taking any long-term action, make sure you’re fully prepared with capital that’s sufficient to fit your investment plans. Meaning, sort your finances clean and have a proper money management strategy in action.
6. Make The Jump
Once you have enough savings to live off and all your finances are sorted out, resign from your day job. Finally. And then start functioning as a full-time real estate investor.
7. Deploy Massive Patience
Sure, there exists many real estate investment opportunities out there. But they won’t make you rich overnight. Building a solid and sustainable portfolio requires a crazy amount of time. To that, the dynamic market and its unpredictable trends further add to the challenges. So, it’s important that you are massively patient throughout the journey.
Giving up your day job and taking up real estate investment full-time is, indeed, quite risky. But as they say, no good thing ever comes out of comfort zone. If you can manage to take this risk calculatively and with immense preparation, you can certainly rank yourself as a profitable real estate investor in just a few years.
Remember, the life of a professional real estate investor looks quite attractive. But to become that guy or gal, you must essentially have an appetite for risks and love for hard work.