Based on a 2013 report published by Zillow, the real estate market in the United States has already surpassed a cumulative value of $25 trillion – that’s larger than the nominal gross domestic product of most countries. Real estate in the U.S. has steadily recovered and well on its way to new peaks and heights. That’s why more and more people are entering the field of real estate investing.
But still a great majority of aspiring real estate investors are still left out in the dark and unable to take the plunge into the world of investing. The primary reason why such “paralysis” occurs is that those very same aspiring investors also attend to full time jobs.
If you’re thinking of starting a real estate business but unable to commit because of a full time employment, I cannot really blame you. The silver lining, however, is that it is possible to start a real estate business while still holding a full time job.
Set Realistic Commitments, Goals and Expectations
It’s difficult to venture the world of real estate investing but it’s a lot more difficult to venture it with limited time and unrealistic expectations. When you’re just starting out, you need to first allocate a certain amount of time to your real estate business. You don’t need to spend a great deal of time, an hour or two a day is sufficient if you know exactly what to do and the things that should be prioritized.
Commitment on your part is extremely necessary especially when you’re investing on the side. Put in mind that real estate investing is a long term program. If you plan to flip homes, it will take a couple of months to purchase a property, repair and renovate and put it out on the market. If you’re into real estate investing trust, you need to remember that it’s equity based and works similar to the stock market. Each type real estate investing vehicle as its pros and cons. It is imperative to consider what type of vehicle you’re going to pursue when goal setting.
Delegate Tasks and Leverage Your Efforts
Building a real estate portfolio while working a full time job is already straining. It’s going to be a lot more straining if you don’t appreciate delegating tasks and don’t know how to leverage. You don’t need to break the bank to delegate. You can partner up with your wife or you can outsource some of your research and marketing tasks to freelancers. With the help of freelance marketplaces, you can hire professional marketers for as low as $3 to 5 an hour.
With your current predicament, you are left with a very limited time to work on your real estate business. For that matter, leveraging your efforts and taking advantage of all the productivity tools and marketing platforms around will definitely work wonders.
The Internet is your biggest ally. Social networking sites including Facebook and Twitter can go a long way in terms of exposure for your home listings.
It’s not impossible to start a real estate business on the side, you just need a good amount of discipline and laser-like focus.