Anyone who has ever had a job they hated knows all too well the feeling of longing to do something else. You spend your commute daydreaming about the career you were meant to have and are envious of everyone around you who is doing anything but what you were hired to do. That was me several years ago. I was making a good salary and was moving up the corporate ladder, but my heart wasn’t into it. I had to force myself out of bed every morning and found myself watching the clock and counting the days until the weekend.
Then, a chance encounter with an old high school friend at a local watering hole changed everything. We exchanged life stories and I was blown away by the tales Dustin shared. He was successfully investing in real estate and having a great time doing it. That was it for me. After that conversation, I knew exactly what I was going to do: become a real estate investor.
There are a lot of reasons I was attracted to real estate investing after chatting with Dustin but I also realized that it isn’t a walk in the park. It’s up to you to weigh the good, the bad, and the “ugly” to make a career decision that is right for you. The last thing you want to do is quit your day job only to realize you’re not cut out for this line of work. With that in mind, you need to know the pros and cons of real estate investing before diving in headfirst.
Weighing the Pros and Cons of Investing in Real Estate As a New Career
Real estate investing is a unique career with benefits you aren’t likely to find with any other job. And, just about anyone can do it, with the right training, tools, and resources at hand. Over the course of my career, I’ve met investors with just about every work history that you can imagine, from college grads to corporate suits and even disabled military veterans. Here’s why they are drawn to becoming a real estate investor like me—and, possibly, you.
Control your income potential
You can work as hard or as easily as you want, depending on your financial goals. Part-time real estate investing can be done alongside your 9-5, or you can go all out and make it your primary profession. It’s all up to you.
Be your own boss
Most people choose to work for a company, betting that’s the safest way to progress in a career. But, by doing that, you’re placing your future in the hands of someone else. With real estate investing, you’re the boss. You pick how much you work, and when. You don’t even need to be tied to a desk if you don’t want to.
Work won’t get stale
One of the things I hated most about my job before I began investing in real estate was the monotony. But, when you’re a real estate investor, boredom isn’t even in your vocabulary. The process of buying, renovating, and selling or renting out a real estate property has so many moving parts, requiring you to wear multiple hats during different stages of the transaction. Busy, yes—bored never.
There are a lot of reasons to like real estate investing but there are also some negatives you need to consider for making a smart career decision.
You need training
Not only do you have to find a property to purchase, but you also have to value it correctly. Then, you have to bid on the property, close on the transaction, renovate it, and either sell or rent it to make money. That requires a lot of knowledge on your part, which can make it a challenging endeavor—particularly for those starting out.
You reap what you sow
Real estate investing isn’t like a salaried job where you get paid no matter how much work you do. With this profession, you have to put in the hard work to reap the benefits. If you only do one transaction every six months you’ll earn less than if you closed several in that same time frame. But, to do that, you need a solid way to get leads on deals.
Time management is critical
Timing is everything in real estate from bidding on a property to renovating it and putting it back up for sale. You have to be able to manage your time or you’ll end up wasting money. The last thing you want is delays when engaged in a real estate investment. At least initially, you’ll want a mentor to help you keep everything on track until it becomes second nature.
Overcome the Cons of Real Estate Investing by Seeking Support
When I first started out, I made mistakes. Lots of them. I overpaid for some properties and had a hard time selling others. I almost threw in the towel because I didn’t have the training, qualified leads, or support I needed to make a professional real estate investing career.
That’s why I became an independently owned and operated HomeVestors® franchisee. With HomeVestors®, some of those cons of real estate investing go away. You will receive HomeVestors®’ comprehensive one-week training, ongoing mentoring and support from a seasoned Development Agent, and high-caliber marketing and advertising support to bring you qualified leads. HomeVestors® helped me take my real estate investment business to the next level—and it could help you too.
Are you as intrigued as I was when I bumped into Dustin at that bar? Then, contact HomeVestors® to discuss how you can get started on your new career today.
Each franchise office is independently owned and operated.