Should You Do Real Estate Full-Time?

Many self-acclaimed real estate gurus state that everyone should quit their jobs and immediately jump into full time real estate investing. They often claim incredible results from students with little experience. We would like to caution that life-changing decisions are not usually simple and that full time investing is not for everyone. Let’s discuss some pros and cons of full-time versus part-time investing.The Full-Time InvestorEntering into the real estate profession on a full-time basis offers several advantages over a part-time commitment. Being successful requires you to develop knowledge in many aspects of real estate, and more time focused on real estate leads to greater knowledge. The more your learn, the more you earn, since you do not need to rely on as many professional services or partners for help. You also learn to recognize a deal (or a dud) faster, which gives you more time to do more business or spend with your family.As a full-time investor, you work your own hours. When we say “full-time,” that may mean as little as twenty hours per week if you are good at finding deals. The rest of your time can be spent pursuing other vocations or hobbies. Or, if you are so inspired, you can work forty or more hours and use the extra cash flow to buy rental properties or diversify your holdings in the stock market. The point is that you need to satisfy your cash flow needs before you can start “investing” your money.One final point you should consider is whether you want to be “self-employed.” If you have always worked for someone else, being your own boss sounds very attractive. In some, respects, this isn’t quite the truth. Being your own boss means being an accountant, bookkeeper, stock clerk, receptionist and office manager all-in-one. You have to do deal with tax returns, payroll, office supplies, customer service, bills and all the other hassles that come with a business. You don’t have friends to chat with at the water cooler. You don’t have paid health insurance, a company car and a 401(k). You take your problems home with you every night. Sound like fun? It is, once you learn how to master your time and run your business. Being the master of your own life and career is well worth the other hassles of dealing with your own business.The Part-Time InvestorThe part-time investor holds a “regular job.” This may be by choice or for the time being until his real estate ventures are bringing in enough cash to quit his job. If it is the latter reason, don’t quit your job because the real estate “guru” told you so. Quit your job when it is not worth the income that it brings you. In other words, if you are making more money per hour flipping properties on the side, you are at the point that where your regular job is costing you money. Only then, is it time to quit!One of the advantages of starting out part-time is that you can maintain cash flow while learning the business. It may take weeks or possibly months to find your first deal. That same deal may take several months to turn around, especially if you decide to fix it and sell it retail. Think twice before telling your boss you’re leaving; you will have plenty of time to make the career switch once you have real estate experience. You may, on the other hand, like your occupation. If so, continue to work at it, and invest in real estate on the side.The best case scenario, if you are married, is to have one spouse work a regular job. The other spouse work the real estate business for creating wealth, retirement income and a nice college fund for the children. Of course, in today’s market, you could be laid off due to unforeseen circumstances. If you earn additional income flipping houses and invest the proceeds into rental properties, you will be covered if your main income is lost. This is especially the case for married women that often forego a career and raise a family, only to find themselves divorced with no means of making a living. We don’t want to sound cynical about marriage, but with a fifty-percent divorce rate in America, it never hurts to have a system for making money.Someone with a full time job tends to have little free time to focus on real estate. A part-timer should learn most of the same skills as a full timer. Thus, the key disadvantage to flipping properties on a part-time basis is that it takes sacrifice to learn the business. Something has to give; television, lazy weekends, meaningless hobbies and even some family activities must be compromised. As with any education, time spent learning about real estate will bring its own rewards, especially if the people in your life understand your goals and your plan to achieve those goals. If you are married, make sure your spouse reads this material with you and participates in the fun process of making money.Treat Real Estate as a BusinessPeople are lured to real estate because of the quick buck that it promises. Don’t hold your breath, you won’t get rich quick. An “overnight sensation” usually takes about five years. More than ninety percent of the people who take a real estate seminar quit after three months. Real estate investing should be treated with the seriousness of a career. It takes months, even years for a business to cultivate customers and have a life of its own. You need to treat it like any other business.

Investment For Real Estate in New York

Business, Family and Investments could be the three main orientations, when the question comes to investing into real estate in New York. You have to take wise and intelligent decisions, when you invest in to real estate with an investment perspective, keeping aside the Business and family investments apart, which depends on your convenience – as an important factor.New York is considered as the world’s main financial and international business hub, so any investment in this sector, won’t ever prove to be a wrong investment, as the realty graph has watched an uptrend for all times during the past decade. Retail rentals in prime locations have, historically, been always into high demands.Keeping aside the other parts of the state, the city of Hudson, Geneva, Buffalo, Beacon and New York City itself, has much higher investment-returns comparing others. Numerous major corporations are headquartered in New York City, including Fortune 500 companies. New York is also unique among American cities for its large number of foreign collaborations. One out of every ten private sector tie-ups in the city is with a foreign company that makes real estate in New York an altogether profitable issue.New York is called out to be the home to some of the Nation’s and the world’s most valuable properties. Be it the Food, Hospitality, Employments, Garments, chemicals, Furniture whatever, – the state has its units confined within itself, lubricating the real estate business owners ultimately.Another main reason considered to be the property business, booming up here is its Weather conditions, which are sunny and pleasant throughout the year. For many this makes a reason to reside and live here even though the cost of living is high and the place remains crowded.Even if you are a first time home-buyer or an experienced property investor, while buying a property in New York, you should be well versed with the laws and regulations governing property transactions in the New York State, and can get advice and help from concerns associated with real estate law in New York. Additionally, you must be aware of the facts in regard to the authenticity of the Legal papers associated with the property buying, before you leap into any property investments.One of main reasons to buy real estate in New York could be the availability of jobs. High number of available jobs becomes a big reason for people to relocate, and this is a strong act upon in the creation of real estate riches.New York has a booming economic system based on technology and services. Although some older regions are yet losing a down life in manufacturing jobs, still many areas of New York have an economy based on technology.New York is the place to telecommunication companies in the state, a region that is going through a rebirth after many a years of troubles. Pharmaceutical corporations also form a major part of the technological advantages in New York.Other sound reason to purchase real estate in New York is its premier location, among USA. With the all required facilitating environments focused on, a large number of people will be looking for affordable housing in the suburban cities of New York, which will make it a great chance for investments.