Should You Do Real Estate Full-Time?

Many self-acclaimed real estate gurus state that everyone should quit their jobs and immediately jump into full time real estate investing. They often claim incredible results from students with little experience. We would like to caution that life-changing decisions are not usually simple and that full time investing is not for everyone. Let’s discuss some pros and cons of full-time versus part-time investing.The Full-Time InvestorEntering into the real estate profession on a full-time basis offers several advantages over a part-time commitment. Being successful requires you to develop knowledge in many aspects of real estate, and more time focused on real estate leads to greater knowledge. The more your learn, the more you earn, since you do not need to rely on as many professional services or partners for help. You also learn to recognize a deal (or a dud) faster, which gives you more time to do more business or spend with your family.As a full-time investor, you work your own hours. When we say “full-time,” that may mean as little as twenty hours per week if you are good at finding deals. The rest of your time can be spent pursuing other vocations or hobbies. Or, if you are so inspired, you can work forty or more hours and use the extra cash flow to buy rental properties or diversify your holdings in the stock market. The point is that you need to satisfy your cash flow needs before you can start “investing” your money.One final point you should consider is whether you want to be “self-employed.” If you have always worked for someone else, being your own boss sounds very attractive. In some, respects, this isn’t quite the truth. Being your own boss means being an accountant, bookkeeper, stock clerk, receptionist and office manager all-in-one. You have to do deal with tax returns, payroll, office supplies, customer service, bills and all the other hassles that come with a business. You don’t have friends to chat with at the water cooler. You don’t have paid health insurance, a company car and a 401(k). You take your problems home with you every night. Sound like fun? It is, once you learn how to master your time and run your business. Being the master of your own life and career is well worth the other hassles of dealing with your own business.The Part-Time InvestorThe part-time investor holds a “regular job.” This may be by choice or for the time being until his real estate ventures are bringing in enough cash to quit his job. If it is the latter reason, don’t quit your job because the real estate “guru” told you so. Quit your job when it is not worth the income that it brings you. In other words, if you are making more money per hour flipping properties on the side, you are at the point that where your regular job is costing you money. Only then, is it time to quit!One of the advantages of starting out part-time is that you can maintain cash flow while learning the business. It may take weeks or possibly months to find your first deal. That same deal may take several months to turn around, especially if you decide to fix it and sell it retail. Think twice before telling your boss you’re leaving; you will have plenty of time to make the career switch once you have real estate experience. You may, on the other hand, like your occupation. If so, continue to work at it, and invest in real estate on the side.The best case scenario, if you are married, is to have one spouse work a regular job. The other spouse work the real estate business for creating wealth, retirement income and a nice college fund for the children. Of course, in today’s market, you could be laid off due to unforeseen circumstances. If you earn additional income flipping houses and invest the proceeds into rental properties, you will be covered if your main income is lost. This is especially the case for married women that often forego a career and raise a family, only to find themselves divorced with no means of making a living. We don’t want to sound cynical about marriage, but with a fifty-percent divorce rate in America, it never hurts to have a system for making money.Someone with a full time job tends to have little free time to focus on real estate. A part-timer should learn most of the same skills as a full timer. Thus, the key disadvantage to flipping properties on a part-time basis is that it takes sacrifice to learn the business. Something has to give; television, lazy weekends, meaningless hobbies and even some family activities must be compromised. As with any education, time spent learning about real estate will bring its own rewards, especially if the people in your life understand your goals and your plan to achieve those goals. If you are married, make sure your spouse reads this material with you and participates in the fun process of making money.Treat Real Estate as a BusinessPeople are lured to real estate because of the quick buck that it promises. Don’t hold your breath, you won’t get rich quick. An “overnight sensation” usually takes about five years. More than ninety percent of the people who take a real estate seminar quit after three months. Real estate investing should be treated with the seriousness of a career. It takes months, even years for a business to cultivate customers and have a life of its own. You need to treat it like any other business.

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Web Tonic to Boost the Real Estate Business

Buying or selling property is the most difficult decision that a customer takes. In fact it is one of the biggest decision that a person ever takes and thinks for months and sometimes years before taking it. Realtors need to do something that makes them stand apart.Buying and selling property are lifetime decisions and a normal person passes through this phase just couple of times in his life. And, more importantly he is too cautious before making a go at it. It is very normal for a person to consult many friends, teachers and mentors before making such a move. As the world has changed in its ways, the traditional way of looking in the news paper ads and yellow pages has become old. The new generation is all about new ways. What is it, that, the real estate business can get, is the main point of focus for the people in this business.Approach to Unlimited Customers: ‘More people know you, more people talk about you, more you are heard,finally more trusted you become’ is the age old marketing fundamental and it works. With website presence, while people are all the time on the internet, for buying, selling or renting, your presence will be noticed and felt. As a general trend when people wish to move from one area to another area, they first look at the internet, and check the listings. While looking at the listings, they look and read your content. Your content becomes your face, it speaks on your behalf. If the customer likes your web presence, they call you immediately. What if there is no web presence at all. Yes, it matters and it matters greatly.Multiple Listings: It is not possible for any real estate business to show hundred listings to thousand people at the same time and all the time. With web presence a Real Estate brokers can add many listing with multiple photos for each listing. Now, that will make the customer choose one of the many. He will be sure of which property he likes and the broker will be able to get only the potential and willing customer to deal with. This will save lot of time and effort on the broker’s end. This is by many times very economical. If one wishes to put the content in a brochure, then he can write very generic information which normally does not change. However, if the broker has a website, then he can change hundreds of listings in few minutes. That will keep his information updated all the time. He can simply add a map also for easy direction.Coordination with Other Brokers: Brokers can coordinate with other buyers very easily. A broker in Ohio can help a clients look and locate a property in New York or any other state. If a customer meets another broker through his trusted broker, then it is plain that the new broker will get the same kind of the trust from the customer. So when the entire network of brokers will work in this fashion, the revenues will grow in leaps and bounds.There are some other benefits of having a website portal presence also, like e mailing, lead generation, information download to the customer instead of printed brochure etc. However the best is that your hands become much longer and your reach is widened. But how can a broker get all this to work for him. He should check for the portals which work for real estate websites.