What does it take to be a full time Real estate investor

Question

Not sure if its in the right category, but I would like to ask what would it take to be a full time real estate investor? Besides all the hard work, and the marketing what other talents or responsibilities must one have to be a full time real estate investor?

Ned Carey · Answer

1) Basically a willingness to work much harder in the short run to be able to work less hard in the long run. Here I mean many years not many months. This is true in any new business. However if not done well you can wind up working harder both long and short run.

2) A willingness to take risk. It can be well though out calculated risks but running a business is a risk. Good luck - Ned

2) A willingness to take risk.  It can be well though out calculated risks but running a business is a risk.   Good luck - Ned

Bryan L. · Answer

I was there - before the market crashed.  I now have a 1/2-time j.o.b. along with my investing business.  Let me give you this one piece of advice.  Before you ever go "full-time", go ahead and get every stinking line-of-credit lined up that you possibly can while you have a j.o.b.  Cause it's much harder to borrow money when you are self-employed.

Aaron Mazzrillo · Answer

It takes the same ingredients to do this full time as it does anything else. If anything, it takes more. Working for oneself can be a risky venture, especially for the unmotivated, un-detail oriented, and lazy.

J. Johnson · Answer

Thanks Rachel  Leonard, I have read a Australian magazine on flipping in that country, it seemed like the markets there were no different than the U.S. I was thinking of owning there as well since I like to travel.

Rachel Leonard · Answer

J. Johnson It's worth owning properties in England (good cashflow and appreciation if you buy in right area). Australia is not such a great proposition as the $ is high and cashflow is not a top priority (investors buy more for appreciation). They didn't get hit by the GFC so not a lot of bargains to be had.

Steven J. · Answer

Helpful topic so far. I'm too considering the licensing. I think the comment about getting  credit would be very helpful. I'm on the verge of getting more credit lined up and at that point its do or die time.

Annette Hibbler · Answer

Being full-time investor means you should have enough capital in place not only for investment properties but also to live off of.  It's hard work but also extremely satisfying when you get it right.  The other side of the coin is that it can also be devastating to your financial health if you try to take short cuts.  There are loads of good investment opportunities in the US.  Starting small?  Good idea.  We specialize in helping newbies start small.

Skills required?  Organization to keep track of who you spoke with last and what was said or agreed upon, keep track of all the various investment opportunities and financial data.  Look for areas with good potential capital growth in the future.  I advise a 'buy and hold' strategy for my clients.

Considering managing your own properties.  Not experienced in management?  It's not for the faint at heart! That's a whole new ball game and there's tons of forum posts here just on that one topic. Best said to leave it to the pros.

Your main focus as an investor is to make money, not get bogged down with the hassles of rehab and property management, which will only distract you from seeking other money making opportunities.

J. Johnson · Answer

Thank you for your thoughts. Bryan L. I will see how many credit benefits im entitled to as a veteran. I want to start small and build my way up. Curt Smith I agree, It will be best to have a day job.

Rachel  Leonard, thats nice, properties in Australia, and England, along with the U.S. interesting. Is it worth it owning property over there?

Curt Smith · Answer

Given that the market has turned to being a sellers market, it has driven my marketing costs up through the roof!

I may sound flippant but I'm not meaning to be, but I feel that to be a full time RE investor, you need a day job.  :)

It has gotten hard enough in REI, like acting that most actors have waited tables and the statistics are that most still are.

Good luck, curt

PS I still have my day job.

Rachel Leonard · Answer

I have buy and hold properties in Australia and London and I'm currently living in Atlanta so I'd say that you can work from anywhere in the world and have properties in a different location. I'm looking to buy some more in the US but may not be here long-term.

You will need to have a good property manager in place but with the internet and e-mail I can do most of my business online (which consists mostly of communicating with the property manager and making sure bills are paid).

What does it take to be a full time Real estate investor

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