Many people want to invest in real estate but have one small problem – they have a full-time job. While they may prefer to be a full-time real estate investor, they need the income from a job to survive. While real estate investing may provide a great income, it is difficult to make enough to live on right away. The obvious solution is to start part-time while continuing to work.
It should be noted that part-time does not mean spare time. Who among us has any spare time? Our free time always seems to be consumed by this, that and the other thing. Investing part-time requires that we set aside specific hours to pursue our real estate ambitions. If you took a second job working somewhere a few hours a week you would be expected to be there at specified times. Part-time investing is no different. Set specific hours that will be devoted to your investment business.
Determine what form of real estate investing you want to do. After you have made your selection be sure to set specific goals. Set a time by which you intend to achieve those goals. In his book, The One-Minute Manager, Ken Blanchard laid out a method for goal setting that he called the SMART system.
Specific in that they are detailed. Meaningful in that they are important to you. Attainable means that they can be achieved with effort. Realistic in the sense that your life situation will allow you to work towards them. Trackable in that you can measure or track your progress. There are several versions of this system but they are all basically the same.
Many people have a need for instant gratification. They start something new and expect to see immediate results. Real estate, like most things, does not work that way. You need to take the time to educate yourself and learn the various aspects of the business. You need to get your own financial house in order (article) before taking on additional obligations. Very few real estate investors become wealthy overnight, it takes years of consistent effort.
Make a Commitment
Not only is it important that you make a commitment to your real estate goals, but you need to make a commitment to yourself. Outside of those close to you, who really cares if you succeed or fail? It is up to you to make things happen, others will not do it for you. While the hours may only be part-time, the effort needs to be full-time and consistent. If you are truly commited, you can make it happen.
Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don’t quit. – Conrad Hilton, Hotel Executive