Question: Can I Invest In Real Estate Part Time?
Hi Joe, I’m a realtor and although my business is not the best it’s ever been, I am still making a decent living. I want to continue being a realtor, but it takes me about 50 hours a week. How much time would I need to devote to investing in real estate to be sucessful with your methods?
Phil from South Carolina
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Read Transcript for “Can I Invest In Real Estate Part Time?”
Time is one of the most valuable resources we have. With just 8 to 10 hours a week to devote to learning the techniques that I teach, you can revolutionize your real estate investing business. I’ll explain here.
“I’m a realtor and although my business is not the best it’s ever been, I’m still making a decent living. I want to continue being a realtor, but it takes me about 50 hours a week. How much time would I need to devote to investing in real estate to be successful with your methods?” – Phil in South Carolina.
Joe: Let’s talk about how much time you need to devote to this to make it happen. If you have 8 to 10 hours a week to devote to real estate investing specifically, that’s enough. You can do this part time. Almost everyone who’s in my program starts this part time. I tell them, ‘Don’t leave your day job. Keep that and keep moving forward with that. Keep your income stable and learn how to do this. It may take you a month or it may take you three months.’ I’ve got people that do it in a week, but I tell people, ‘Give yourself 3 to 4 months before you can expect to make money doing this.’
Joe: Last year, I sold close to 150 homes, personally, not as a realtor but as an investor and I spent no more than five hours a week doing that. I outsourced, I automated, had marketing in place and had people finding me the properties, and all I had to do was market for the properties from my list, and we sold them.
Joe: What I’m doing is also what I’m teaching to my mentor students, but, I’m doing it on steroids – I’m using all of the different techniques I’m teaching. My goal for everybody who starts out is that they just use one technique and learn how to use that technique. I try to prioritize them and show them, ‘Do this first. This is what’s going to make you the most money fastest. Start focusing on that thing first, then move to the second and then to the third.’
Joe: It’s like the plate spinner at the circus: you get that first plate going and spinning and you get it balanced and ready to go before you put the second one. Then, you put the second one and you get that one on there and going and moving fast, then you can get the third, fourth, fifth and sixth, etc. You build all of these different pillars to your business so that if one of them goes bad, for example, for us, selling new construction properties, selling subdivisions out to investors – that went bad for us this year. We’re selling them; we sell 7 or 8 or 9 a month, but we were selling 40 a month before last July when everything sort of crashed for us.
Joe: It didn’t exactly crash for us – what happened is the lending market got tighter so we weren’t able to do stated income loans as easily on non-occupied properties like we were before, so it made it more difficult for our buyers to buy and about 70% of the people that we had buying our properties were no longer able to qualify. That’s what changed with that market.
Joe: But there’s still lots of other ways to do it, and now we’re selling properties that are “Subject-To”. You just change the dynamic of what you’re doing, depending on what the market needs for you to do.
Joe: With realtors, I find it’s a much quicker for them because they already have a basis, a business structure, already in place and they’ve got things happening, and so they can use the leads that they’re getting through the marketing techniques that I’m teaching in multiple ways. When you go to try to buy properties that are for sale by owner or for rent properties or expired’s, these are all leads that you’d go after as a realtor anyway to try to find listings.
Joe: So, not only are you going to find them as good investments, you’re also going to find listings through this process. The time that you spend in your real estate business as an agent is going to be benefitted by the work that you do as an investor. And from what I’ve seen and the agents that I’ve worked with, it’s not only been a small improvement but it’s completely revolutionized their entire business.
Joe: So, you don’t need a lot of time to add this to your business, but you do need to devote a little bit of time to it. This is not a get rich quick scheme; if you don’t do anything, you don’t make any money. It’s a business building program, and if you treat it like a business, it’ll serve you very well.
Joe: So I hope that helps. Thanks.