Hello Bigger Pocketeers!
My partner (boyfriend) and I are planning for 2018 and wanting to up our real estate investing game! We currently have 2 flips under our belt and are actively searching for a multi family to house hack.
One thing that has come up a lot regarding our goals is to find more time to spend in investing. With that in mind I am currently at a 40 hr a week job that doesn't relate to real estate. I am considering job alternatives that will allow for more flexible time than my 8-5.
Also I would still like to keep my ability to get an fha loan so will likely need a W2 job to prove income for a loan.
Do you have any suggestions to what type of jobs actually allow flexibility and relate to real estate? If you have experience please share the pros/cons or unexpected benefits/disadvantages.
@Stacy Manson There are a lot that are real estate related. Go get your appraisers license. Go work as a leasing agent as an apartment complex. Find a large construction company or home builder to work at. They might not give you the most flexibility. For flexibility look for outside sales jobs or jobs that you can telecommute.
Hi @Stacy Manson ,
Congrats on the 2 flips! I too have my sights set on 2018, however I'm seeking my first investment.
I too faced the same question you and your boyfriend are facing. Working a full time W2 job leaves little time to dedicate for real estate investing and education. Currently reading Set for Life and @Scott Trench talks a lot about finding job opportunities that complement your investing goals.
Perfect example is the real estate agent who is also an investor. I personally am not interested in a career change as it pertains to my W2 job, but I have given thought to becoming a part time real estate agent. The only thing that has kept me from investigating this path further has been feedback from other real estate agents discussing the upfront costs. This goes against my current plan to save for a down payment on my first purchase. Nonetheless, still a viable option.
Another example which I have acted on is website development. I've offered my available time to a real estate mentor by building them a website for their real estate business. This in turn has taught me a ton about the systems needed to scale an investment portfolio while learning more about tenant management. Also presents me with a opportunity to earn extra income on the side to further enable my investment savings. Only thing I've had to be cautious of is spending too much time troubleshooting website development type issues. Need to remain focused on the main goal - Become a real estate investor, not a website developer.
Hope this helps!
I am in a similar situation. I live about 45 minutes from my day job and between the commute time and the hours I actually spend at work I am averaging between 55-60 hours a week. My job is unrelated to real estate but and I would also like to move towards something that gives me a little more free time to focus on building my own business but also gives me the W2 income. The biggest hindrance for me is that my current job pays well and anything I am finding that is closer to me and in the real estate industry is paying 30% less than I am making now. It really comes down to will the extra time I have allow me to make more than the 30% less W2 income and I will come overall making more.
Thank you for the suggestions! It has definitely helped in my search! I had purchased the licensing classes for becoming a real estate agent but am now actively studying :) I am also considering the additional alternatives you all offered. Just knowing that being a real estate agent seems a little more time consuming then my 40 hrs a week plus investing.
I am looking into inspections again, I had done them in the past for insurance companies. It is a lot of driving and idk if my bonneville is up for the challenge yet. It is a great way to get coverage in my area and find distressed properties!
I appreciate all of the input and hope we can all have a successful and profitable 2018!
Thank you again!!!
Contract administrator/ purchasing/procurement.... etc all help w/ skill set useful to investing. Bonus points for constructing management or similar as it'll help even more.
But let's be real, any job in front of a computer and w2 would work. You'd be able to hunt deals and have the income to documentation to chase them.
Good question Stacy! In some ways the answer to this question is limitless with real estate and new construction making up such a sizeable part of the economy.
But just to rattle off some others that I didn't see mentioned, you could find jobs at:
- Architectural firms
- Staging companies (i.e. stage sample houses with furniture for builders or houses for sale).
- Government administration especially related to zoning and land development
- Mortgage companies or working as a loan officer
- Title insurance companies
You may also get some ideas from looking at the vendors who frequent your local REIA.
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