Thinking like a real estate investor is similar to thinking like a business owner. It means you must shift your perspective from employee to business owner. You may find yourself with a completely different set of challenges than your friends who are employed.
Thinking like a real estate investor also involves considering properties from an investment perspective, looking at factors such as the potential return on investment (ROI), cash flow, current market conditions, how the property will generate income and costs associated with owning and maintaining the property.
A real estate investor should always have a long-term strategy in mind for the business. Before you make the leap from employee to full time real estate investment, here are several points to consider:
1. Have a clear plan for your business. This can help you feel more confident in your decision to leave your job. Your plan should include details such as your target market, competitive landscape, financial projections, and marketing strategy.
2. Network to meet people who can support you emotionally during the transition, and make sure you have a way to stay afloat financially.
3. Don’t have to quit your job right away to start you real estate business. Consider starting as a part-timer while you’re still working, so that you can work your way into real estate full time.
4. Make sure you have enough savings to cover your expenses for at least 6-12 months after quitting your job.
5. Starting a business requires a lot of hard work and determination, and there will be challenges along the way. However, there have been plenty of successful entrepreneurs who have been on the same path. Success leaves clues! You might feel like you’re alone but there are people who have done what you’ve set out to do.
Remember, starting a business is a big step. Your decision should be not taken lightly and without research and preparation.
A good real estate mentor can help you in your transition from employed to self-employed. Get started today with real estate mentor Brian Gormley’s masterclass!