I have been reading a lot and trying to get in some action, but realize time is not on my side. Can anyone tell me is it possible for a guy that works 40 hr / wk on a job and do RE investing on the side??? from what I read, all strategies require some time… I am very lost right now, do I need to quit my job first?
It is certainly possible to get started part time. You’d be a fool to quit your full time job to start your first deal unless you have a lot of cash saved up. Find a niche in RE investing that you’d like to explore further and start from there. Ofcourse things require time, but not full time. There’s no reason why you couldn’t build a freakin skyscraper part time. Although it may require giving up sleeping.
Edward,
I am self imployed and work about a 70 hr week. I have developed rei in the evenings other spare time. But then I don’t have a TV. I have never worked a 40 hr week and wouldn’t know what to do with myself if I did. If you have the drive, you can work much more than you think. It is all about chosing how to spend your time. That said, I am very passive in my investments so far.
Besides working hard, I save a lot of the money I make and then have cash to invest. This has allowed me to invest my money with others time and knowledge. This does require homework and some level of trust and/or reputation.
To sum it up. Yes, it requires time, a lot or a little. and a 40 hr week leaves you 128 hrs of time to sleep, eat, be with family, and invest.
Regards,
DB
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Don’t quit your job. - If anything, figure out how you can work more efficiently - perhaps 4 ten-hour days etc. go in earlier, leave earlier - so that you can devote some of that time to REI.
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Make a list of your favorite TV shows. REI-alize (ok couldn’t resist) that most ppl get settled in for their shows 20-30 minutes before, then linger around thereafter at least another 30 - 60 minutes.
There are VCRs, but also DVDs… and movies by mail if it’s just that important.
1 one-hour show 7 nights a week amounts to 1 1/2 work days with the before and after theory. Transfer that time to REI, then watch TV when you retire on Maui.
i tried to find a property last summer, while working full time at a retail job. i would put up signs at night time or days off. i would sign/stamp my foreclosure letters on sunday nights. it consumed every minute of my spare time. i would constantly be getting calls at horribly inopportune times. i realized i needed to learn a little bit more to determine which properties were good and which weren’t. unfortunately once i realized that, i found there was not enough time to keep the marketing going, working, and add in more studies, so i put it aside and went back to just studying.
i’m sure it can be and is being done, but it sure as hell isn’t easy. of course we’re talking about investment in extremely expensive vehicles - expecting it to be easy is kind of foolish i think (or very foolish hahaha). i didn’t feel comfortable enough putting myself on the line on a property i was unsure of, and don’t like strategies that screw someone else if i default (like seller financing if i really dont’ know what i’m doing), so i just went back to studying and saving, and will be looking for a property in january once i’m fully comfortable and my capital is up a little more.
i work 60 hours a week and own rentals. its definately possible. sometimes i have to leave work a little early to go to a closing, but other than that i dont have trouble finding time.
I’ve been in REI for 8 years and worked for “da Man” most of the time (including several years of a job where I tarveled 80% of time). Currently I have about 2 dozen rental units. Yes, doing deals takes time and sometime means getting up early or working late. Unplug your TV, set aside time for REI and other priority activities and last but not least focus on a stragetry that you can execute. IMHO, many people trying to do very complicated deals on the first one and thus never get off the ground.
REI is a marathon, not a sprint.
Thank you for all your inputs, I will do my best to follow your advice. I forgot to add that I work 40 hrs a week… but 20 hrs additional on commuting to work, I know! it’s another excuse for myself!!! I was a self employee for the last 12 years til this year. I know what it takes to make it on your own. SACRIFICE!!!.. really appreciate all your support
You were self-employeed for 12 years and went back to work for someone else? I think that I’d die before having to call someone else “boss” again.
Being a successful business person takes alot of sacrifice. I don’t know how many times I’ve heard from someone “that sounds good, but I don’t have the time.” If you have enough drive and determination, then you make the time. I usually call up these same people on any given day and ask what they’re doing: “Watching TV.” There’s some time!
Starting out will take alot of time. As you get more experience, you will determine how much time you want to spend in the business, ie, do you want to grow or settle for what you’ve got?
Raj