Who says you can’t work your 9-to-5 and still dabble with real estate on the side? In fact, research shows that a whopping 44 million people have side hustles in an effort to boost their household incomes and, thus, more easily make ends meet. So, you can do the same by working on your real estate business part-time.
The question is, how exactly do you balance your day job and your real estate side hustle? Here’s a look at how to start investing in real estate on the side.
Create a Routine That Works for You
If you’re wondering how to start investing in real estate while still working a full-time job, note that the secret to your success will be in your routine. It’s human nature for people to look for patterns in their days and then stick with them. So, capitalize on this as you seek to develop your real estate side hustle.
To enjoy a nice balance between your day job and your real estate gig, develop a schedule that will work best for you. For instance, after you finish your 9-to-5 each day, build in some moments to scout for properties to invest in before the sun goes down. Also, be sure to carve out dedicated time for addressing any real estate–related emergencies that may crop up each day. When you learn how to expect the unexpected and plan accordingly, you’ll start saving yourself a whole lot of stress.
Starting Practicing the Pomodoro Technique
The Pomodoro technique is a well-known tool used to enhance a person’s time management skills. It is based on the idea that you can fully devote no more than 25 minutes of your time to a certain task.
In light of this, you should spend 25 minutes on real estate investing research, for example, then take a five-minute break. If this process goes on for a couple of hours, you should then take a 15- to 30-minute break before resuming your work. Using this technique will help you to stay focused on your real estate side hustle during the time of day you’ve allotted for your part-time gig.
Do Plenty of Research Before You Invest
When it comes to investing in any asset, conducting in-depth research early on is the key to financial success. So, if you’re curious about how to start investing in real estate, be sure to investigate the various factors that might impact your real estate investment before you dive in. The more informed you are, the more likely you are to make smart decisions regarding where to put your money.
For instance, when you’re working on your real estate side hustle, be sure to pull up-to-date property comps. These comps will tell you what homes are selling for in a certain neighborhood. This will give you a good idea about how much you should offer for an investment property that is for sale in that area, or how much you can expect to sell an investment property for there.
Delegate Your Responsibilities When Handling Your Side Hustle
As you work on your real estate side hustle, you may come across situations where you could use some extra help. And that’s okay. In fact, in certain situations, it’s best to simply hire a professional or start building a team of professionals, rather than attempting to solve the problem yourself. Or, you can glean invaluable advice from a reliable mentor in the real estate industry.
Reaching out to experienced individuals, such as underwriters, property managers, and for help with your real estate side hustle has a twofold benefit: One, you give yourself some room to breathe while running your side business, and two, you get to build your professional investing network.
Motivate Yourself to Keep Going in the Real Estate Field
Once you’ve established a routine for doing your real estate side hustle, try to set some mini-milestones and goals for yourself. Then, when you reach these milestones, give yourself an enticing reward.
For instance, once you finally make it to a local real estate networking event you’ve been putting off, be sure to reward yourself with a pack or two of nice business cards to handout there. Or, treat yourself to some new investment books once you’ve secured adequate funding from passive investors to purchase your first apartment property. Rewards are great incentives for you to keep working hard on your side hustle until you see it generate the results you’re dreaming of. And if you don’t reward yourself, who will?
Start Taking Your Real Estate Side Hustle to the Next Level!
Balancing your day job and your real estate side hustle can feel like a major chore in and of itself. However, many investors who have mastered the art and science of this eventually leaped into real estate investing full time. The same can happen for you as long as you remain persistent, diligent, and disciplined.
The great news is that you don’t have to figure out real estate investing all by yourself. I can guide you through the investing process from the beginning. For instance, you can take advantage of my book Best Real Estate Investing Advice Ever Volume II to kick start your real estate investing career. I’ve also written about 22 tactics for going from your corporate job to multifamily real estate investing, based on my personal experience.
With my help, you can experience excellent returns relatively quickly and avoid making the mistakes that so many novice real estate investors make.
Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.