Many of you want to get started in real estate investing but are still working a normal 9-5 job and aren’t in a financial position to switch to investing full-time.
Your full-time job doesn’t have to stop you from gradually starting to invest. You have to be more adaptable to work with the free time you have, but it’s doable.
Obviously, if you have a job with flexible hours or can take long lunch hours, it’s going to be a little bit easier to get started.
For those with the standard one-hour lunch break and a full work day, your lunch break, nights, and weekends are going to be when you have to dedicate to your investing business.
These won’t be optimal times always to meet with sellers but you can work on other aspects of your business during off times.
Make the most out of your free time.
Set Up a Website
Society today searches for everything online.
Having a website that is SEO optimized can help your site come up when someone searches for real estate investors in your area. (Trevor Mauch with InvestorCarrot is the go-to expert on SEO for real estate investing websites)
Your website will be working for you 24/7, especially if you’re sending traffic there. While you’re business at your normal job, you could have people contacting you (we’ll discuss who can answer the phone while you’re unavailable next).
Hire a Virtual Assistant
If you’re able to, hire a virtual assistant to take calls during hours that you’re unavailable. The hourly price range varies from VA to VA but they’re worth it!
You can train them on what information they need to gather on the phone and you can give them a script to use as well.
Find a VA that understands your goals and train them well from the start. This will help them answer calls competently and can help put the leads at ease that they’re talking to someone who knows what they’re talking about.
There are sites out there that specialize in setting you up with virtual assistants that are knowledgeable in real estate investing so that they’re able to easily talk with leads about the property.
VirtualStaffNow.com is a great source for finding reliable virtual assistants.
Consider What Exit Strategy Is Best
You need deals that work with your schedule.
For example, doing a full rehab might be hard to manage unless you have a general contractor to oversee the project.
Turn-key rentals can be a great way to passively invest without having to be hands-on. They’re best for long-term investments that will bring in cash-flow each month.
You don’t have to search high and low for these properties as turn-key providers have a list of properties for you to choose from.
To learn more about turn-key properties, visit PassiveRental.com.
A wholesale or assignment can work if you have the time to find a deal and sell it. Completing wholesale deals are a great way to build your capital reserves and don’t require as much time and stress as a rehab.
Build a Work Relationship with a Realtor
Realtors can be your friends!
For a working relationship to work for them, it’s important for equal give-and-take.
Make sure they know you can close quickly and what your intentions are. They can be helpful with finding deals and buyers, depending on your needs. This comes in handy when you don’t have the time to do the legwork.
When you have deals you’re going to put on the retail market, let them be your selling agent. They’ll put your property on the MLS and will most likely have professional photos taken so it shows well online and on flyers. They’ll also handle all of the potential buyer calls and will show the property to prospects.
Once you have a buyer, they can also be the one who lets anyone into the house that needs to walk through it (inspectors, for example).
Your time available to spend on your investing business is limited so it’s important not to waste it by being unorganized.
Consider signing up for a CRM system that tracks your leads, such as Podio. This will help you store all the information you need to know in one place. From contact information to appointments to contract files, you can add it all in one place.
Have a system for when your direct mail goes out. Are you sending to your entire list on a certain day or breaking it up into multiple batches?
Podio can also help you manage your follow-up schedule. Some of our best deals came years after our first contact with a seller.
It’s good to know how often you plan on following up also.
Keep tracking of the accounting side of the business or hire someone to do your books if this isn’t your specialty.
Be Efficient and Don’t Be Afraid to Delegate
This is a tough business to do everything on your own, even if you don’t have a full-time job.
For those that do have another full-time job, become an expert in efficiency!
Know what needs to be done and do it. If you aren’t able to, find someone who can help out. Don’t feel like you have to do it all on your own!
Have a plan for getting your next deal and avoid distractions. Once you’ve done enough deals to be able to leave your full-time job, that’s when it will be easier to branch out.
It’s possible to get started in real estate investing while you still have a full-time job, you just have to be smart with your time and dedicated to taking action!