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Tips For Becoming A Full Time Investor10/3/2017 The article Tips For Becoming A Full Time Investor Find more on: www.MPGDeals.com So why are we putting up posts about news and tips for "new" real estate investors? Simple, there are constantly the big "Guru's" hitting cities every weekend telling people to get into the real estate game. So if you are new, we want to arm with you with the best information to help make your adventures in Real Estate more rewarding and successful. If you are a pro, or have a few deals under your belt, in the future we will have more posts geared towards you. In our first post "Tips For The New Real Estate Investor", we touched on you making the commitment to become a full time real estate investor as well as making the choice to treat it as a business, even if you only have one rental property. In this post we will go a little farther indepth about how to make real estate investing your "full time job" and quit your 9 to 5. Right off the bat, let's set things straight. You aren't going to be able to quit your job next week. Building a successful real estate business will take time. No pipe dreams here. However, if you are a stay at home Mom or Dad, you should be able to devote more time to your new business, depending how many children you have and how old they are :) Make A Plan For Your Real Estate Investment BusinessIf you do have a 9 to 5 job, you will have to have a plan and not just wish that someday you will be able to quit and live the dream. This was covered pretty well by Mark Ferguson on InvestFourMore.com:
There is a lot of really good info in that post, as well as a video where he explains his path. The thing we like most about his post is that he reinforces that you have to have a plan! The next thing, which is really important especially if you are the bread winner in your home is - money. How much money do you need to quit your regular job? While Mark touched on a few things in his previous article, we also found some great advice on MashVisor.com:
That is good advice. However, we know it will depend on how large your family is as to how frugal you will be able to be as well as how much you will be able to save. Here is the good news. If you are wholesaling properties, you can quickly "stock pile" some cash. Our advice is to take those profits and reinvest that cash back into your business for more advertising such as digital marketing (our favorite), mailers and bandit signs. If you have the cash for fix and flips, you will be able to create more cash even faster, provided you don't drag your feet getting work completed and have high holding costs. In ConclusionIt really is pretty simple to get into real estate investing full time, but will take some time. The most important things to do is have a plan, and save some cash! Now get out there and make it happen! And if you are looking for a fix and flip or buy and hold, check us out at MPGDeals.com
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