Investors are always on-the-go. Real estate investing, it seems, is an industry that proves to be an engine of wealth, but a time-consuming challenge that is always a hustle.
So what if you are a part-time real estate investor on the side and still have to balance your full-time job? Is it possible to have a healthy balance between the world of real estate investment and a 9 – 5 career? Are there even enough hours in a day?
While you might have your work cut out for you (no pun intended), here are our best tips for part-time real estate investors who still have full-time jobs.
Tips for investing in real estate with a full-time job.
Develop a routine.
It’s true that some people don’t respond well to the “daily grind,” but humans are predisposed to be creatures of habit. We seek out patterns and tend to stick to them. To have a healthy balance of a full-time work life along with a part-time investment gig, work out a routine and stick to it. Create a schedule for yourself and designate your time responsibly and with diligence.
Here’s the tricky part, though. There are many rehab costs that you probably didn’t think about. Among them: your mental health. To help lessen the burden of surprises, leave an open time-slot specifically for addressing emergencies, and remain flexible toward chaos. By expecting the unexpected, you can save yourself added stress by allotting time to appropriately deal with last-minute upheavals. Even better, if there are no surprises and everything runs smoothly, you can use that time to reward yourself with some much-needed R&R.
When it comes down to it, you can’t have a proper routine without self-discipline, and this could be the most challenging part of this list. If discipline were a simple conquest, weight loss, healthy habits, and personal relationships would be a breeze. But, as the saying goes, you reap what you sow; we earn results equivalent to how hard we are willing to work.
According to a 2013 study by Wilhelm Hoffman, those who have high self-control consider themselves happier than people without. Those with self-discipline are not impulsive. Instead, they approach decisions with logic and make rational informed decisions.
Self-discipline is a learned behavior, and such things take time. Start by removing temptations or distractions, and remove clutter from your life. Later on, this blog discusses ways to train your brain to be productive and get into a goal-achieving mindset.
After setting a routine and removing distractions, try setting daily goals and mini-milestones for yourself, and make a point to reward yourself when you achieve them. For example, aim to wake up for work without hitting the snooze. Once you’ve got that down, reward your effort with a treat such as an extra-fancy coffee during your commute or a weekend movie. It doesn’t take much.
Launching yourself into a disciplined lifestyle that’s akin to boot camp could set you up for disappointment that teeters on the edge of abandoning the idea altogether. Instead, encourage yourself to do well, don’t punish yourself by executing discipline in a cold turkey manner. Allow a few breaks here and there, and be sure to acknowledge your successes whether large and small. This reward system helps you practice your self-control in a healthy way, and you’ll be less likely to resort to your old ways.
Don’t forget to live.
Years ago, when I left college and entered the big-girl professional world, a dear friend gave me some advice that has stuck with me ever since. “Don’t overwork yourself,” he said. “Know when it’s time to stop working, and just stop. ”
As a classic perfectionist and chronic over-worker, these words were probably the best advice I’ve ever received. Overworking is a common problem, though, and I’m not alone. Even career coaches advise against workaholic tendencies. Over 10-million Americans work more than sixty hours a week, and a huge portion of these people take their job home with them, on vacation, or to social events. While, yes, it is beneficial to work hard whenever possible, this comes at a hefty price for some Americans. Overworking can lead to an unhealthy lack of sleep, increase your chances of heart disease and stress-related disabilities, and you could lose valuable and irreplaceable time with your family.
The irony in all this is that overworking results in underperformance. So, just keep that in mind when you are considering whether you should burn the late-night oil for the fifth time this week.
It may be tough, but sometimes you just need to ask for help. If there is a situation that is best handled by professionals, then find a professional to do it. Don’t make yourself crazy trying to solve an impossible problem, just ask for a hand every once in awhile. If you aren’t the type of person to leave your responsibilities in the hands of others, start with baby steps.
Think of it this way: you’ll be giving yourself a little breathing room while actively increasing your professional network. Which, as any real estate investor knows, is well worth any level of effort.
It’s no easy task to make well-informed investment decisions, and sometimes, you just have to accept the risk. To help ease the situation, properly investigate factors that could affect your investment, and you’ll gain provide insight into your potential outcomes, which, therefore, could provide stability and a little reassurance.
Before you purchase your investment property, pull some property comps. Thoroughly understanding such things as your property’s comparative market analysis (CMA) reports can lead to overall higher profitability, and that’s the whole point, right?
We hope to educate investors of all levels so they succeed in their investments and gain the financial flexibility to make real estate investing their full-time gig. There are plenty of investors who have successfully balanced their careers alongside part-time investments, and some even make the leap into full-time investing as their sole means of income. While it is feasible to become your own boss, this warrants thoughtful consideration, and often whole new mindset along with it.
Find a healthy balance of work-life and investments. We will help you get there, and will stay by your side so you can move forward with confidence.
Increase your profit and your efficiency with New Western.
There’s only 24 hours in a day? Says who? While available time can become quite a formidable foe, it helps to start off your investment with confidence. Our investment properties have been pre-screened to provide a high ARV, and since our properties aren’t even made public on the MLS, you’ll have exclusive access to deep discounts before anyone else! The clock is ticking, today is your day!
Want even more market information?
The real estate market seems to be an ever-changing, living, breathing thing. It can be hard to keep up with all the information necessary for real estate investment, and our blogs are made to keep you up-to-date with the best tips, tricks, and latest trends for all things REI.
If you’re looking to invest, or if you’re curious about the benefits of real estate, subscribe to the blog, and receive everything you need to know right in your inbox as often as you’d like!