Real Estate Investor · Brunswick, GA · Member since 2013 · 45 posts · 0 votes
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?
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
13y
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
Lincoln, NE · Member since 2013 · 1 post · 0 votes
13y
Willing to take a risk to make a fair return on your money. Knowing that the market could crash or weather you believe in the properties to be a successful rehab. And buy and holds make even more residual income as ARV will increase growing your portfolio even faster giving you a greater profit as long as properties values climb.
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
13y
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
Real Estate Investor · Brunswick, GA · Member since 2013 · 45 posts · 0 votes
13y
James Hamre thanks for the insight, from what im reading that is a pretty good way to describe it. Im hearing that real estate is tough work, but its also divided into "categories" of what kind of real estate you want to excel in. I want to be a full time investor in the "buy and hold type", Is that the kind of investor you are?
Ned Carey I like how you put it. I think I'm going though that phase now, even though I'm planning to sell that house that I brought, I still feel I haven't learned much when it comes to doing deals though. You are right business is risk, so I want to start slow and get proficient at it.
Another question would be if you are a full time investor can you work from anywhere in the world?
Investor · Durango, CO · Member since 2008 · 163 posts · 59 votes
13y
You asked if you could work from anywhere in the world-If you are planning to buy and hold, it is best if you are within an hour of your properties. If you have to be a long-distance owner, then you need a very good property manager, which is NOT easy to find.
You can work from anywhere in the world, but in my opinion, it's best to LIVE near your properties.
Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
13y
Originally posted by J. Johnson:
Besides all the hard work, and the marketing what other talents or responsibilities must one have to be a full time real estate investor?
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.
Investor · Atlanta, GA · Member since 2013 · 112 posts · 15 votes
13y
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).
Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes
13y
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.
Real Estate Investor · Brunswick, GA · Member since 2013 · 45 posts · 0 votes
13y
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?
Real Estate Consultant · Brighton, MI · Member since 2013 · 607 posts · 251 votes
13y
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.
Urbana, IL · Member since 2012 · 1k+ posts · 425 votes
13y
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.
Investor · Atlanta, GA · Member since 2013 · 112 posts · 15 votes
13y
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.
Real Estate Investor · Brunswick, GA · Member since 2013 · 45 posts · 0 votes
13y
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.