Investing in Multifamily Properties
While Working Full-Time
Do you want to invest in multifamily properties but you’re worried about losing that income from your full-time job? What if there was a way that you could invest in real estate AND keep your 9-5 income stream?
Fear of losing your income while investing in multifamily properties is the single most cited reason we’ve seen that holds back a new investor.
In response, we had a specialist in our firm compile a strategy to help you. Below is a brief outline of the major points of this strategy.
One Initial Possibility to Consider:
If you’re in the market for a new 9 to 5 job, consider looking for one in the real estate industry. That way as you collect
a steady paycheck, not only are you learning what you need to know but you’ll be on the front-line when properties go to
market. Here are some positions that might interest you:
- Working for a property management company
- Leasing agent
- Live-In manager at an apartment complex
- Banking
- Underwriting
- Appraiser
- Working for a private investor
- Construction/development
- Inspector
Once you start investing, 4 Key Components will determine your success:
1. Systems
Without a strong system any endeavor will collapse at some point. Every business is comprised of only two things; systems and people. Automate as much as you possibly can. Using a CRM will keep your list of contacts up-to-date as well as automate tasks for you, saving you time and money. For instance, you can schedule your CRM to:
- Auto email campaign to agents/brokers
- Auto email campaign to buyers and investors
- Automatic “thank you” email to seller leads when they opt-in to your site
2. Scheduling
Your time is precious! Being organized will not only keep you focused on your long and short term goals but also help you prioritize which tasks will bring you a higher return. Learning to spend your time wisely will reward you richly. Apply the “Pareto Principle” of 80/20 to your scheduling, where 20% of your input accounts for 80% of your output. Determine which tasks result in 80% of the traction towards your goals and put your focus there.
3. Your Team / Virtual Assistants
Start delegating your workload and you’ll achieve more. You can hire Virtual Assistants (VA’s), freelancers globally for less than $5/hr. If your time is worth $50/hr you shouldn’t be doing $5/hr tasks! Here are some examples of things you can affordably outsource to recoup your time:
- Steps of building your database
- Data entry
- Building a foreclosure list
- Posting Craigslist ads
- Website updates
- Updating your database
- Sending you leads
- So much more!
4. Delegating
“Don’t rush out in the middle of the night with a plunger in your hand!”
Hire a property manager and use your time where it matters most. Did I say your time is precious? You can do anything but not everything… and truthfully there are some things you’d probably rather not do.
Another way to create a steady income from real estate investment while still keeping your full-time job is: Wholesaling. Be on the lookout for more resources from us for wholesaling soon!. Wholesaling is finding real estate and putting it under contract for the purpose of assigning that contract to another investor for a quick and tidy profit. The many benefits of wholesaling include:
- It can be part time
- Get into multifamily real estate for little or no money
- Make quick cash in basically any market
- Accumulate cash to purchase “buy and hold” rentals
- Focus solely on money-making activities
- Gain experience with little risk
- Build a strong network
- Start now and not wait until you have money saved or a higher credit score
Set daily attainable goals for yourself and prioritize your tasks to get you closer to the realization of those goals. It might not be easy but it can be done. I hope that you have found the information I’ve provided to be valuable and that it helps you get closer to achieving your goals of investing in multifamily properties.
