Just about everyone I know, has a “JOB” when they decide to invest in real estate. After giving it a try, most folks will decide before too long if real estate is for them or not. I have found that people either like it or they don’t. Let’s face it, succeeding in real estate takes a lot of hard work so you really need to like it to stick with it.
Do You Want To Escape or Keep Your Job?
After a while these same folks either decide to keep the security of their job and continue investing part-time, or they will transition at some point to full time investing. There is no right or wrong path to take. There is value in either choice. You just have to make the choice that is right for you.
If you are one of those folks that wants to escape their 9 to 5 job, how do you do it?
For people that wanted their freedom and now are full time real estate investors, this question inevitably comes up; “How did you get here”? How did you go from having a job, to where you are now? I have been asked that very same question more times than I can remember.
Recently I decided to do a series of video interviews for my blog on just how individuals did it; “how they escaped the 9 to 5”. And I can tell you that I am going to have some interesting stories for everyone to listen to. These folks are from all over the country and they are awesome!
One of the questions I have been asking is whether or not they had a formal plan for leaving their job, or was there some type of “event” that led them to being thrust into full time investing like a job loss.
What I found was that some people had a plan with a timeline and made a very orderly transition. Other folks had a plan, but suddenly and unexpectedly found themselves without a job and had to regroup and head down a much different path than was planned. There is one common thread among all of these investors, and that is they were focused and determined to succeed.
Almost all of them had hard times, but they kept on taking action even when they felt like pulling the covers up over their head. Not one person I have spoken with ever considered giving up. Here is the point that everyone needs to get especially folks just starting out.
It will be hard; there will be times you feel like quitting; but if this is something that you REALLY WANT you can do it! You just have to show up every day and take action. There is a definite correlation between taking small, consistent steps on a regular basis and ultimately achieving massive success.
Will it work out like you planned?
Never in a million years. What I can almost guarantee you is that it will be bigger and better than you could ever have imagined when you first wrote down your plan and committed to it. One thing that has been true for all of the half dozen people that I have interviewed to date is that each and every one of those businesses has branched out in ways they never imagined. Without exception, they all have multiple streams of income. Building passive streams of income has become one of the top goals of these very savvy real estate investors.
One person that grew his rental portfolio to well over 100 houses didn’t want the day to day hassle of managing those properties. He also didn’t want to pay a management company 10% of his gross receipts every month. So being a street smart business person, he set up his own property management company to manage his properties. He pays that 10% management fee to one of HIS companies now.
Another fellow decided to write a book about fixing up houses and flipping them. He then wrote a second book on how to get your book published that is chock full of information for anyone that wants to do that.
Other folks are busy with building passive streams of money on the internet. Some have created their own products, and others are promoting affiliate products. The thing that all of these folks have in common, is that their love of real estate investing allowed them to make these choices. And in the process, they have become bigger and better as individuals and have bigger businesses than they could have ever envisioned in the beginning.