There are many reasons to get into real estate investing and many working parts to developing a respective education, but these 3 business challenges often go overlooked by individuals.
One of the reasons many choose to get into real estate investing is for the freedom to work from home. Accordingly, the U.S. Small Business Administration reports that more than half of American small businesses are home based. However, this does not mean that it doesn’t come with its own share of unique business challenges.
Working from home is a dream come true for many real estate investors. It’s freeing, relaxing and can often dramatically increase productivity and happiness. Yet, not everyone is cut out for it. Many may have home environments that are not conducive to real estate investing.
According to the SBA, three of the major business challenges for home-based investors are work-life balance, scheduling and the challenges of isolation.
Finding a reasonable work-life balance ratio is tough for anyone. Surprising to many, and contrary to popular belief, working from home can get even harder for real estate investors. The problem is that the lines blur. While investors may be at home physically, the tendency is to stay in work mode from waking to sleeping. So while they are there physically, mentally they are not.
Similarly, scheduling becomes a nightmare if not kept in check. Unless truly disciplined, real estate investors normally find that they fall on one extreme end of the spectrum. Either they have trouble getting up and getting to work, or have trouble shutting off. The money is there for those natural workaholics, but it can be a struggle for those that are easily distracted.
The isolation of working from home as a solo real estate investing professional doesn’t bother everyone. However, being too detached from the buzz and trends going on in the street can be taxing to some. So find ways to stay wired in with social media, getting out to regular live networking events and seminars and lunching with strategic partners.
