By Mike Baird
For most of the people I talk to at our seminars and workshops, the end goal of real estate investing is to quit their job and live a freer lifestyle where they get to be their own boss. But most people can’t afford to quit their day jobs before they’ve grown their real estate businesses. And while some people might be able to afford it, most people aren’t comfortable leaving behind a regular paycheck when they don’t have a guaranteed source of income or a lot of savings.
I completely get it, which is why I encourage our students to start growing their businesses before they quit their jobs. Of course, that comes with its own challenges. When are you going to find the time to flip houses when you have to be at the office from 8:00 in the morning until 5:00 in the evening? Fortunately, I have a few cool tips that almost anyone can use to grow a real estate investing business without leaving their day job quite yet.
Use Your Lunch Hour
If you work a typical 40-hour-a-week job, then you’re going to have an hour (or at least 30 minutes) of free time at lunch. Don’t sit at your desk and continue to work on tasks for your job, and don’t go out to the buffet with your coworkers. Instead, grab your laptop or tablet and head to the park, a café, or anywhere else where you can do research on investing, peruse the MLA, look for a contractor, or whatever else you’re working on right now.
Your lunch hour is untapped time that doesn’t require you to lose sleep or take away any time from your family and loved ones. Your boss can’t demand that you work through lunch, and you don’t have to go to lunch with your coworkers every day. This is valuable time that really adds up.
Get Up 30 Minutes Early
Now, this one will require you to lose a little bit of sleep, but it really doesn’t take away much. Set your alarm clock just 30 minutes early every morning, and you can get a lot done. You could take a drive to find some distressed properties and other potential flips on your way to work. Or you could take this time to meet with your contractor at a job site before you both get to work for the day.
Hire an Intern to Go to Auctions for You
Unless you’re in a meeting, you probably have access to your cell phone throughout the day. You may not be able to get to auctions for properties you want to bid on in person, but you can send a proxy. Hire an intern to do the legwork for you during the week, including going to auctions and bidding on properties that can’t wait, and you’ll be able to grow your business much faster. And you can keep in touch with them via text so that they know how high to bid and when to walk away.
These are just a few of the best tips I have for starting and growing your real estate investing business before you quit your day job. They’ll get you started, and then you can decide whether you want to continue flipping houses part-time for extra income or whether you want to take the leap and make it your full-time business.