Getting Rich in Real Estate – Full Time Job or Fast Track to Wealth?
Getting rich in real estate is a lot of work and a full-time job. As a full-time professional real estate investor, I get a little upset when I see late-night television show commercials touting just how easy it is to make a huge amount of cash, part-time, as a new real estate investor.
It’s just not true.
While you can make large amounts of money as a real estate investor, it does take an investment of time to learn the business and your local market. Additionally, having some cash to spend on marketing or holding costs sure helps.
While there are methods for generating large amounts of cash quickly in real estate (like wholesaling and flipping), I generally recommend that people plan to get rich slowly with real estate investing by becoming a long-term buy, rent and hold investor.
In fact, you can become very, very rich in real estate working only part-time. You do this by investing a little time, looking at potential long-term rental properties each weekend, making smart offers on them and building a portfolio of passive income.
“But I can’t stand my job! How long before I can quit?”
Well that depends on how aggressively you start building your portfolio and just how much income you need to generate from your real estate investments.
If you combine building a long-term real estate investment portfolio with the occasional “buy, fix and flip” house, you can probably quit your job relatively quickly.
While I have done my share of “buy, fix and flips,” at this stage in my investment career, I tend to buy and hold. I do work with thousands of investors that are interested in wholesaling and even teach wholesaling via our Real Estate Investor Bronze Membership.
Unless you’re familiar with irregular income (like with a sales job), the stress of relying on “buy, fix and flip” income is often too much for most people to bear.
If you have a good job now with good income, it is my opinion, that you might be better served keeping the job and doing your real estate investing part time. That way, you’ll still have money coming in to put food on the table, gas in the car, and clothes on your children’s backs while you build your long-term fortune in real estate.
Until my next post,
James
P.S. Sign up for our Real Estate Investor Bronze Membership today and get instant access to over 100 real estate courses plus on-going training and free consulting.
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