Are you a real estate investor who feels stuck in your job? Getting started as an investor while working at a job… that’s a HUGE problem for aspiring investors. Keep reading to find out how to solve that problem and start investing now…
It’s such a privilege to meet real estate investors from all over the place. Some investors are doing deals now and I get to help them take their investing to the next level; other investors are still in the “hoping-to-start-soon” stage but feel stuck in their job and unable to break out of one to start the other. That second group is who I am writing to today…
It’s a classic “stuck between a rock and a hard place” conundrum: On the one hand, your job feeds your family today; on the other hand, investing can build financial freedom for the long term, so the choice is obvious. Yet, your job is feeding your family today and paying your bills, while the return on your real estate investments might take a while before they replace your income. So how do you ease out of your pay-the-bills-today job without risking a hungry family and an unpaid mortgage while you start up your investing business?
A lot of the strategies that experts give seem to be pointed toward people who have 24 hours a day available to devote to real estate investing and no financial commitment to pay a mortgage or put food on the table — am I right?
But where does that leave the aspiring investors who want to do deals but are stuck in a job from 8-5 and have a mortgage payment due next week? How do you get started in real estate investing today, and hopefully start generating a financial return from that investment BEFORE you quit your job?
7 Ways To Get Started As An Investor Without Quitting Your Job (Yet)
#1. Get Educated
One problem that holds back a lot of investors is their lack of knowledge. Yes, they might BUY all the educational programs and books but do they actually read them? Sometimes not. So set aside time daily to study. Read books and websites during your coffee break at work; listen to podcasts in the car, etc. Do this daily. Build your own real estate investing “playbook”, complete with a step-by-step method to do deals daily. (Even if you’re not doing deals daily now, this will help to solidify your knowledge AND it will be an excellent starting point when you’re ready to start).
#2. Connect With Other Investors
Join your local REIA and start building relationships. Real estate investing is a relationship business — the more people you know, and the sooner you help them reach their goals, the faster you’ll reach your goals. Build a deep network of positive, win/win relationships with other investors.
#3. Build Your Investing Business
Set up your business. Get your LLC (or whatever legal structure you’re going to use), build a website and a social media presence, get a logo, gather your forms and documents, invest in the software and tools and “back-end dashboards” that you’ll need… in other words, do the things you need to do so you are ready to pull the trigger and do your first deal FAST. I suggest doing it now, even though there might be a small cost, so that you’re ready to do a deal in the future and this stuff doesn’t bog you down.
#4. Shadow Other Investors
There are many busy investors out there who are hungry to work with good people and willing to train others, too. You my be constrained by your job from doing a full-time project with another investor but you may find an investor who would be glad to have some extra help in the evenings and weekends in exchange for teaching you how to do the work. This role is sort of a cross between an internship and mentorship. Maybe you want to rehab and can spend a couple hours before or after work helping the rehabber; maybe you want experience owning rental property so you shadow the other investor on weekends while they visit one potential rental property after another. As long as you are eager to learn, respectful of the other investor’s time, and provide some value to the other investor, then there is probably an investor out there who would love to work with you even if it’s around your existing job schedule.
#5. Become A “Weekend Warrior” Bird Dog
This will take some of your non-work time, yes. But consider the benefits of this extra effort during the short-term: you’ll meet other investors (who may do deals with you in the future), you’ll earn extra income from the deals you find, and you’ll quickly become an expert in finding and evaluating properties… all of which are invaluable skills that will carry over when you’re ready to start doing your own deals.
#6. Become A Cash Buyer Or Private Lender
You may aspire to be the investor who finds deals for OTHER cash buyers or private lenders; but you have the advantage of a job, which means income, savings, an IRA/401(k), and credit score — and all of those are valuable “assets” that will allow you to invest with another investor. With the right cash flowing investment, this can replace some of your existing job income AND give you a hands-on experience that will help you when you’re ready to step out on your own.
#7. MOST IMPORTANT: Build Your Cash Buyers List
If you’ve heard me speak before, you’ve probably heard me say this — build your cash buyers list. Do it first, do it often, do it always. Fortunately, you don’t need deals in your investing funnel to build your cash buyers list. So start building it now. In my opinion, this is the most important step you can take right now, even if you have a job, and it will be the fastest way to step out of your job.
Put The Pieces Together
Do you feel stuck in your job right now, and perhaps you’re DESPERATE to quit and start investing full-time (but you’re reluctant to give up that income to start from scratch)?
Well here’s the good news… that’s no longer a problem. In this blog post I’ve shared 7 ways that you can get started in real estate investing safely, sensibly, and without risking your current income. Do these 7 strategies, do them often, and you’ll soon find that you’ve got an investing business set-up, a lot of knowledge, confidence, and experience, and even income coming in… and all of those things will empower you and equip you to quit your job on YOUR terms, when you’re ready.
For most people reading this, staying in your day-job isn’t the ultimate goal. But it doesn’t make sense for you to quit right now and risk a few weeks or months of zero income while you get started investing. So these 7 strategies will help you bridge the gap and smooth out the transition. Do these 7 steps and you may find yourself ready to quit your job and start investing full time — sooner than you expected!