Are you planning on quitting your nine to five and start working remotely? If you’ve found your niche and are ready to take off, then you’re in luck but if you’re struggling to see what you could do to make ends meet, then you need to come up with a plan and fast.
If the day job is getting you down and you’re looking for a better work/life balance then you need to find a remote-working job that can support your family, while giving you that balance you’re after.
In this blog, we take a look at one such job that, with a little bit of experience, could be the best career move of your life. We’re talking about real estate investment.
Why Real Estate?
Simply because it’s not as hard to get into as you might think and because it gives you the potential to be very successful at what you do, providing you get it right and make smart business decisions.
That First Property
Every business starts somewhere and for you, that’s that with your first property. Yes, you are going to need some money to start your investments off with but whether you opt for a bank loan or dip into your savings, you’ll be putting it to work right away.
Do not lay a huge deposit down for your first property, just enough to make the mortgage repayments manageable. You might be tempted to flip your first property, that is buying it a low price, make some improvements and then sell it on quickly but we recommend the lease market as the best way to generate a steady, passive income.
Sell Versus Lease
While there certainly is the potential to earn good money selling on houses quickly, the issue is the work. One wrong buy and you find yourself having to dig deep for more money than you bargained for. You also have to be actively involved in the whole process, which can be stressful and time-consuming.
If you’re looking at maximizing your income over a long period of time, consider instead leasing the property. You will generate a passive monthly income that will more than cover your mortgage and leave you still owning a property. Use that income to leverage another mortgage and you’ll be able to buy more than one property to rent out, each generating money without having to do too much work.
Once you’ve done this a couple of times, you will soon develop a gut instinct as to which types of commercial real estate are going to work for you and which won’t. Trust your own process and you’ll find yourself in the enviable position of being able to work from home, at your own pace and attracting an income that supports you and your family.
When you’re struggling to see what you can do to escape the daily grind of your desk job, think about getting into real estate and see how you can live out your dream of working for yourself.