1. Getting a Business Loan
If you’re just starting and don’t have any properties yet, you probably need someone to front you the money to begin your business. Even if you start out with a fixer-upper or small property, you’ll still need quite a bit of cash. By having a steady job, banks are more likely to approve you for a business loan. Having two sources of income means that you’re more likely to be able to afford a loan than someone who doesn’t have a day job.
2. Finding a Property
While you should be scouring the internet and newspapers to find your first property, don’t forget to let everyone at the office know that you’re looking to buy. People that know you are more likely to offer you a good deal on a home or apartment building, and even if they aren’t currently selling real estate, they might know someone that may have some real estate leads. Make no mistake about it, co-workers can serve as a valuable resource in acquiring your first property.
3. Staying Afloat
It really depends on the economy of the area that you’re in, but sometimes it can take some time to find a renter for your apartment or a buyer for your house, and if you invest in a fixer-upper, it can take even longer. Having a steady source of income will allow you to make a living while waiting for a return on your investments.
4. Finding Clients
Whether you’re renting or selling, you need clients. No matter what you do for a day job, your coworkers all need a place to live. Having a personal connection to your clients can really jump-start your business, especially if you’re into rental properties. By choosing to advertise to people you know and consider responsible, you’re less likely to have problems with your tenants.
When you’re trying to start a business and get into real estate investing, it can seem like your job is just going to get in the way of your dreams, but as outlined above it can greatly aid your efforts. You just simply have to know how to leverage your job. By using the advantages of your day job wisely and incorporating the four strategies above, you can jump-start your business and reap the rewards of your hard work and effort.