The real estate investing lifestyle can be amazing: ditch your job, spend more time with your family, and eliminate financial worries forever. What’s not to like about that? No wonder so many people are attracted to real estate investing.
But if you’re at the “just-starting-out” stage, you may find yourself facing a very common catch-22 problem: You want to quit your job to become a real estate investor but you feel stuck in your job because it provides the income you need until you can get your investing business started.
Not everyone is willing or able to make the leap – to quit their job and start an investing business. They’ve got mortgages to pay and families to feed and they’d rather have a smooth transition out of their job and into an investing business that is already earning an income. Perfectly understandable.
Do you find yourself in that situation? Are you STUCK in your job and wish you could finally start moving forward to get some deals done?
Here’s the good news: just because you’re in your job doesn’t mean you can’t get your investing business up and running. Here are six ways that you move forward while working… so you can eventually quit!
1. Find deals
You might not be able to buy deals just yet but it’s a great time to start finding deals. Whether you use Craigslist, MLS, or good old “driving-for-dollars”, it’s good to get into the habit of finding deals. You’ll notice where the deals are in your market, what types of properties they tend to be, and by the time you’re ready to get rolling as an investor, you’ll have no problem identifying them and knowing exactly what they’re worth.
2. Get educated
Don’t get down on yourself about your current situation. Consider this time of your life a “paid college experience” in which you get paid to work at your job but you intentionally carve out time in the evenings and on weekends to get educated about investing. The more you know, the more options you’ll have when you’re ready to quit.
Real estate investors need to be proficient in skills like negotiation. Use this time at your current job to practice the skill of negotiation: when you negotiate pay raises, work schedules, conflict in meetings, and even who will clean the office kitchen, you’re practicing an essential skill that you will eventually use on a daily basis as an investor.
4. Build a network
I can’t think of a more important asset to have than a network of people. As the saying goes, “your network is your net worth.” If I was starting out as an investor all over again, I would focus on this daily. I’d network with colleagues; I’d attend real estate investor meet-ups; I’d go where I thought my buyers were hanging out. If you want to accelerate your start as an investor, make it a point to add one quality contact to your network daily.
This overlooked action is very powerful: invest the time now to position yourself in your market so when you’re ready to quit your job and start investing, you start from a strong foundation. Depending on the type of investing you plan to do, this might include building a website, getting business cards, maybe even write a small Kindle book about investing. Since the benefits of a reputation and search engine optimization take time, your positioning efforts today will pay off in the long run and you’ll be well-positioned when you do start investing.
6. Save money
If you can’t quit your job because you’re not in a financial position to do so, put yourself into a financial position to so. Put money aside. Save the equivalent of 1-3 months of living expenses so you have that buffer to allow you to quit. If you don’t have a lot of extra money left over right now, it’s worth asking yourself what TEMPORARY sacrifices you can make (Cut cable? Take the bus? Stop buying Starbucks?) until you can get your business rolling. Eliminate this worry and you’ll eliminate the biggest hurdle you’ll face to quitting.
If you aspire to invest in real estate but you’re stuck in your job and can’t quit just yet, that’s okay.
Fortunately, this doesn’t have to hold you back from getting a bunch of traction in your business!
Implement these six strategies daily and you’ll be amazed at how much forward momentum you get.
Perhaps that new real estate lifestyle is just around the corner!
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