The benefits of real estate are undeniable. The investing field offers so many different ways to work and earn a living that there is something for everyone. So what is the best way to get started?
For many, real estate isn’t just the best way to get ahead, or the only way to make money – it is their only option. Yet, with the incredibly busy lives we lead today, and the tight financial situations many are in, becoming a full-time investor is not always an option. Conversely, those new to the field may need to approach the real estate industry as a part-time entrepreneur. That said, there is nothing wrong with working as a part-time real estate investor. There is plenty of money to be made, without going full-time. There are a variety of options available for different real estate strategies, personalities, and skill sets. The following represents some of the best options for part-time real estate investors:
Become a Real Estate Agent
Becoming a Realtor is one of the first things real estate investors should consider. For many, becoming a real estate agent is the best way to get their feet wet. It can be an avenue for learning more about the inside workings of the industry, getting to know how transactions work, making connections, finding leads, and gaining experience with other people’s deals. The downside of becoming a Realtor is that it is neither cheap, nor a path to any guaranteed paydays. It can cost thousands to get set up as a Realtor, not to mention weeks or months of training. Then you realize that this isn’t a ‘job.’ There is no salary. It is all commission work, and essentially like starting your own business. It also doesn’t offer the paydays that investing does. It can even take months to make your first check. However, the commissions can be sizable and frequent if you catch on quick.
Become a Real Estate Assistant
Many that want to get into real estate might consider becoming an assistant to a real estate agent. This type of part-time gig could provide a regular paycheck while learning what you need to on your path to investing.
Turnkey Real Estate Investing
For those with cash to invest in real estate, but little time, turnkey property investing could be just the ticket. Turnkey real estate investing offers hands free passive income and passive wealth building. Simply invest in your choice of rental properties and let someone else handle all the management and maintenance.
Become a Landlord
For those that like the concept of passive income, and want an alternative income stream, becoming a landlord may be the right move. Becoming a landlord can yield many rewards, monetary and otherwise. It is smart to invest in some real estate investing education before jumping in, but it doesn’t require a degree, license, or too much extended time on the sidelines.
Weekend Warriors
Reality TV has highlighted how fun, exciting, and profitable fixing and flipping houses can be. Buying discounted homes, improving them, and keeping them as rentals or reselling them can easily be done on weekends when you are off from your 9 to 5. It might take a little longer, but it can work. After you have a couple deals and big paydays under your belt, you should be able to pick up the pace and ditch the job.
Wholesaling Houses
Wholesaling real estate is less intensive than becoming a landlord or rehabbing houses. It is a matter of buying low and selling low. This might be the right choice for those needing money quickly and. It can be especially attractive for those without DIY experience and who don’t have any interest in rolling up their sleeves to replace flooring, tear out kitchens or paint walls.
Buy and Hold Land and Lots
Small, “buildable” lots and rural acreage can be very inexpensive. They need very little maintenance and the holding costs are minimal. While they may not be a high profit or income choice in the short term, they can offer easy entry into the field of real estate investing.
Ultimately, no matter what you are starting with and where you hope to go, there is an option for getting into real estate as a part-time entrepreneur.
