If you’re reading this article that must mean you’re ready, or at least think you’re ready, to be a full-time real estate investor. We’ve talked a lot about your “why” and the reasons behind wanting to become an investor. Many times, people think, “In order to become a full-time real estate investor, first, you must love real estate.” We disagree with this statement. We don’t love real estate; we love the freedom and flexibility it provides.
Most don’t grow up wanting to be a real estate investor. We wanted “cool” jobs, right? Or if we were smart enough, we never wanted any job. We wanted to have money coming in every month without having to work a 9-5 and collect a paycheck. We didn’t want to be told when we could take time off, what holidays we had to work, or even worse, that there wasn’t enough work. In the past few years, we learned that the only thing worse than being told we had to go to work, was being told that we couldn’t go to work. Not to go down that rabbit hole, all you need to understand is that yea, becoming a real estate investor means you’ve learned the rules, know how to apply them, and are successful in terms of cash flow.
So how do we achieve this dream? First, you need to take a good hard look at your current financial situation. What kind of debt are you carrying? What’s your credit score? Do you have any savings or an emergency fund? After you’ve looked over these numbers, you then need to ask yourself, “Should I quit my job to pursue real estate investing?” Remember, we’re talking about becoming full-time investors. Can you afford to walk away from your weekly/monthly paycheck to devote all your time to something else?
Now, you’re probably thinking, “Why can’t I do both. Keep my job and invest on the side?” In short, you can. But again, we’re talking about becoming full-time real estate investors and not supplementing your income but replacing it. Especially in the beginning, there is some time involved in creating your power teams and networks, getting structured correctly, marketing, etc.
The very first step is always going to be education. You need to educate yourself. You will quickly learn that real estate is a BIG world! There’s no one size fits all. There’s strategies with little to no money down, strategies to help eliminate your risk, strategies that don’t require dealing with tenants, you name the deal and there’s a strategy for it. Real estate is everything below, on, and above the ground! If you are going to be successful, you will need a proper education.
In any situation, you need to make a plan, financially and fiscally. Look at your finances and current situation. Then decide where you want to be and how quickly you want to get there. Do you want to be a full-time investor by next year, next month? Then you need to make a plan, and I don’t just mean, write in your journal that you want to become an investor. I mean, a smart, educated, financially responsible business plan. This plan will include creating a power team, deciding how you’re doing to market yourself, where you’re going to find deals, and what a good deal is to you.
The good news is, at Legacy, we can help you create this plan. That’s what we’re here for. We’re a company of investors that have all made the decision to be full-time real estate investors and we know what it takes. We’ve learned that with proper education, you can help eliminate the risk associated with investing in order to be successful. So, join us and begin your journey towards financial freedom.
Big picture takeaway points
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Legacy’s Building Wealth Club offers you the financial education needed to pursue your goals. Let our education and experience lead the way!