Real estate investing expert Christopher Clothier provides helpful tips for professionals who are looking to build passive income.
Many aspiring investors have careers that they value and enjoy. But sometimes it’s easy to get caught up in the day to day routine, and then step back and wonder if there’s more you could be doing for your future. While a job can certainly engage you and bring personal fulfillment, you might feel like you’re not reaching your financial potential. It’s tough to weigh the benefits of exploring other opportunities to find more wealth vs. sacrificing the career you’ve worked hard to build. Is there a balance?
Maybe you’ve tried to dive into the stock market or you’ve done a few investments with little to no returns. With a full-time career, it can seem impossible to have the additional time and energy to focus on implementing successful investing strategies.
One thing is certain, for busy professionals, real estate investing is not out of reach. You can build supplemental income and create a diversified, successful portfolio without sacrificing your career.
Navigating Real Estate Investment for Career Professionals
At first, real estate investing can seem very intimidating. There are numerous ways to get started, and every option demands different levels of involvement or skill. For someone with a career, the best way to get involved is a passive investment strategy. That being said, you also want to find an option that allows you to have a healthy level of control while still receiving worthwhile returns. REITs (Real Estate Investment Trusts) might work for some people, but putting your money into a pool where you have little say may not be the best way to build your wealth.
There’s a balance between investing passively and still maintaining a sense of control in turnkey real estate. With this strategy, real estate investors partner with a turnkey real estate provider (like Memphis Invest), where you’ll have a sound real estate investment and receive advice from an experienced team. Their guidance throughout the entire process makes decision making easy, no matter your level of experience, and your risk will be mitigated as well.
When it comes to acquiring properties, doing renovations and managing the property, there’s peace of mind when you know your investing experience is in good hands with a solid turnkey company. A career professional can trust and know that a turnkey investing strategy will essentially take care of itself, but also provide the flexibility, freedom, and strong returns that you seek.
Find a Network of Support
Even though turnkey real estate investing is mostly passive, it can still be overwhelming and stressful. That’s why finding a network of support is extremely important. At times you may feel alone or confused, and every investor, no matter what strategy they use, should have a ‘team’ that they can rely on. Seeking out and befriending other investors creates a community in which you can share ideas and strategies that can assist you along your investing journey.
When it comes to successful investing, networking plays a key role in connecting investors to resources and opportunities, as well as creating beneficial friendships.
Besides other investors, your primary support system should be your turnkey provider. Keep in mind, they are your partner and your success is their success, and vice versa. If you need help with timing the purchase of your next property, or assistance acquiring financing, or help with navigating the real estate investing world as a whole, they’re there for you.
Set Up Efficient Systems
Because you are dedicating most of your time to your career, your highest priority from the beginning should be making the most of the time you have. When it comes to your real estate investments, figure out what works best for storing and organizing your information. Knowing exactly how and where everything is stored is critical for efficiency.
Oftentimes, investors set up separate business bank accounts for their investments, or even create an LLC to protect their assets. Depending on how you want to operate your business, find out what is the most convenient and streamlined way for you to stay organized and implement processes early.
In the end, your primary goal should be to create a system that makes everything easier and cleaner when it comes to doing your taxes.
Think Big Picture
When you’re busy planning your professional goals, you don’t need to be caught up in the minute details of investing. For your investing career to succeed, your focus should be on the bigger picture. Rather than focusing on the daily tasks of your financial investments, your time is best spent to look at strategy. Consider your goals, profit margins, and how to increase these while still acquiring more properties and expanding your portfolio. Think about how you can scale your investments, diversify into new markets, and strengthen your partnership with your turnkey provider.
The turnkey company you use should keep you abreast of anything you want to know, without overwhelming you with every small detail. Trust and experience are keys to investing success, so be sure that your expectations align with those of your turnkey team.
For busy professionals, there are options for building wealth in real estate investing. If you think its too time consuming, you may miss a profitable opportunity in turnkey real estate!
Chris Clothier, author of The Turnkey Revolution, manages the development and implementation of sales and marketing for Memphis Invest. He helps potential investors define their purpose for investing in real estate and educates peer companies on best practices in the emerging turnkey real estate industry. He is a contributing columnist for BiggerPockets and an experienced speaker who regularly addresses audiences of real estate investors and business professionals.