Ditch Your 9 to 5 for a Career in Property Investment
Have you ever considered packing in your 9 to 5 job at the office and becoming a property investor? Well, it may not be such a bad idea. However, there are pros and cons to everything, so it’s important to weigh these up before taking the plunge. Find out more here:
Why Quit Your 9 to 5?
You’ve probably come up with some reasons to try and convince yourself that it’s more than acceptable for you to ditch your 9 to 5 and become a full-time investor. But, they haven’t been enough to encourage you to take the leap. Well, the following might:
- It’s no fun working for someone else – when you’re an employee, you’re potentially assisting the big boss with their success rather than your own. Where does that get you? Nowhere far, that’s for sure. When you work for someone else, you’re hired to help build their dreams, not yours.
- Property investment offers freedom – the beauty of working in real estate is that you can choose your own hours; you’re not tied down to working specific hours, day in, day out.
- Investment growth has no limit – as a property investor, you will have no limits to how much you can earn; whereas, as a 9 to 5 worker, you can only earn as much as your role offers.
Now you’re probably eager to hand in your notice so that you can join the world of property investment. However, what are the pros and cons of this career choice? It’s not for everyone so it’s important to see if it’s right for you.
- You’re self-employed and therefore have full control over your business;
- There is no limit to your income and what you do earn isn’t based on your skills or work ethic;
- You set your own schedule and decide on things such as holiday entitlement and going home early;
- You’re not stuck indoors all day, you work outdoors and in different locations; and
- You can gain client referrals and more business through providing a good service.
You can read more about the multiple attractions of property investment here.
- Being self-employed means you’re on your own in terms of learning the ropes of the business;
- When clients want you, you need to be available;
- The failure rate is high for new agents due to personal living costs not being covered in addition to real estate agent expenses; and
- Liability and risk come hand in hand with representing clients.
So, now you know of the pros and cons of becoming a property investor. If the pros outweigh the cons then how can you get started? Here’s what to do:
- Check your finances
This will give you an indication of how much money you have available to invest so be sure to list all your assets.
- Apply for a pre-approval
You can do this directly through your lender, your trusted mortgage broker or if you don’t have either of these then a company like Pure Commercial Finance might be able to help. It’s not a good idea to apply multiple times as the lender will check your credit record and if there are multiple applications, the lender could refuse.
- Create goals
Set yourself goals so that you can achieve them. If you don’t determine what your goals are, it will be more difficult for you to reach success.
- Gain an understanding of your attitude to risk
Your attitude to risk will dictate your strategy so it’s important to understand what you can tolerate in order for you to create a strategy.
- Start budgeting
This is the only way that you’ll be able to balance both your income and expenses. It’s worth doing this before you start looking for a property.
These are just a few tips to get your started. It’s worth doing plenty of research on property investment as it’s a huge business decision.