There are different kinds of people for different kinds of business, but one business that seems to be the core of side jobs for many people, till it takes over, and that is Real Estate, but the question of whether or not is the best idea remains, is it the business for you? Is the question that today we would love to dive into, a ton of people will go into it thinking is going to work for them no matter what, and while it can be true that a passive income is the outcome most look for when it comes to an easy retirement, it’s not really all that easy! There’s first some research to be done, and besides it there’s work to be put on to it to make it work!
Real Estate is a very consuming work for anyone, whether you are a realtor, a flipper, or simply an investor, it requires a ton or work, and it requires a ton of energy to be successful, not only that, but it requires time. As a passive investor, your work would be less, for what you gain from it, it wouldn’t require daily tasks, or even weekly tasks, since if you are smart around them they will be as hands off as possible, however they can also be a bit of a gamble, if you invest blindly on a property you could be losing more money than you will be gaining!
As with every business, there are risks to be considered, and while we love promoting Real Estate as a solution for an early retirement (which it can be) we also have to keep it real for everyone who wants to jump into this business, it’s not as easy as they make it seem on the TV, because there’s a lot of behind the scenes things that if you don’t pay attention to, they could end up making a big mess of your credit score, and overall financial safety!
A lot of investors tend to share their brightest moments and hide away the failures, and quite honestly those are the ones that shaped their business models to the place they are now, they can spend the whole time telling you how good their business is doing, but the thing is that sugar coating the business won’t do you any good, you are almost guaranteed to fail at some point, as well as you are guaranteed success if you put business first and a priority on your model!
It’s an incredibly lucrative business, if you do it right, and with the right people around you, because it’s also a very dangerous one if you make a irreversible mistake, but quite honestly, aren’t there always risks in any business, no matter what area or exactly what you’re going to be putting your money into, if you’re not careful you will be going downhill!
But how do you know if it’s the right business for you? Quite honestly, no matter what you read, or who you listen to, if it calls for you, do it! This is a business filled with ups and downs at the beginning, it’s hard, we’re not going to pretend it isn’t, finding the will, motivation and power to get up everyday to get a deal, and sometimes facing rejection. If you want to do it full time, it’s going to be hard, it’s going to be fun! But if you’re going for a passive income, get your knowledge on, partner up with some people who know about the business and they will be the ones to guide you through this!
If you are looking for someone to help you find some amazing deals you can check up Biggerpockets and go around the ones in your area, however if you are in Florida, feel free to contact us right away!