A lot of us have that passion to do something of our own- To gain freedom from the shackles of a 9 to 5 job. But then, it is not an easy idea to execute. After all to make this happen one has to leave the comfort of a cushy job and enter the unsure realms of business & entrepreneurship.
So is it possible to be your own boss? The answer is, probably the burgeoning real estate sector holds the magic key.
Real Estate Investing
Real estate investing could be a powerful tool through which one can achieve his financial goals. And as you enter into this investment sector, you could soon chart an exit path from your job. It’s certainly not easy but it is achievable.
Real estate investing is not simple and you won’t grow rich overnight but you can make a lot of money if you have perseverance and you are willing to commit to it.
So let’s check some pointers and overview about how can real estate investing help you quit your job and make you your own boss.
Are you ready for it?
You want to quit your job because of the boss and the pressure. Isn’t it? Well, real estate investing is not an escape from the job, it is a job itself. It requires similar levels of energy and focus. Not to forget the financial bandwidth & risk appetite. When compared to other means of investment such as equity or gold, real estate is less risky & subject to market fluctuations. Having said this, it does not imply that real estate is completely risk free. So before taking the plunge, it is essential to understand the risk & pressure involved along with the financial bandwidth one has.
Get a real estate job
Before starting on your own, it is also advisable to get real estate job to obtain a bird’s eye view of the sector. This will help you brush up your skills & know the sector better.
Empower yourself with knowledge
Learn as much as you can about the market. Rather than restricting to one particular area or class of assets, the mantra is to diversify investment as much as possible to mitigate risk & enhance returns. The acumen could be gained only from gaining more knowledge regarding the market, price trends, growth drivers etc. This will help you make wise decisions and save you from making common mistakes.
Set up a contingency fund
As discussed above in Point 1, Real estate investments can give healthy returns but one needs to be patient. It is imperative i that you set aside some money for an emergency fund. Also one should understand that in order to maximize returns, real estate needs a moderately long horizon of 3-5 years. Generally flipping fast might not pay great results.
Make a definite plan
Just don’t rush into investing in realty at the sight of the first project you like. Make a plan. Draw out your list of priorities and prepare a financial roadmap. Be sure of your risk appetite and list out your short term and long term goals.
Networking – Get into the networking mode if you want to crack good deals for real estate investment. Networking is in an important tool to succeed in real estate investing.
Follow these steps with your heart and you would be all set to quit your job and be your own boss through prudent real estate investing.
