I think the Romans would say to you “Tuum est” … which translates to it’s up to you. Do not get defensive, but rather take time to evaluate your options. RE investing can take many different forms, you need to find your niche, a niche that fits within your parameters for money requirements, time requirements, and skill requirements.
Let me expand on this for a moment: I am a teacher in my day job, I can barely put a hammer through drywall; but I do understand finances and I can communicate effectively to a variety of people. This is my skill set, so I buy, hold and rent properties for residual monthly income and long term capital gains; managing these properties myself.
A friend of mine is an immigrant from Croatia, english is a second language for him. He is a mason by trade, a bricklayer. He owns several properties in the city where we live. His niche is to find beaten up properties to fix up. He keeps some of these fixer uppers as rentals for on going monthly income, others he sells quickly for a profit.
You say you are a truck driver who spends only a few days each month at home. The “guaranteed” monthly income from driving truck is difficult to give up, and in fact you do not have to give it up until you are ready. You may find a rental property that requires little of your time other than collecting money on the first of each month, and the financing provides a positive cash flow. There are several other approaches to REI, just check out this site for more ideas.
Keep the faith William, those who persist will be rewarded for their efforts.
I am a licensed Real Estate Agent in California. Doing it part time while making my living driving trucks. I want to get out of trucking this year.
My sister is a Realtor in California also. The deal was I would get my Agents license and she would upgrade to a Broker license and we would open our own office. I got my license, she DIDNT upgrade hers! I keep running these ideas by her. At first she is real into it. But, when its time to put up or shut up. She shuts up. we even bought Carlton’s package. Have had it over a year. She hasnt even looked at it. I am only home 2 or 3 days a month. And that is spent doing my farming. So, I havent had a chance to look at it.
How do I get started in Real Estate Investing with limited time and finances?
How do I convince my sister its time to put up instead of shutting up?
William,
You are missing something here. I don’t know about you or your sister, But jumping from an agent to a broker and opening an office and succeeding is not easy and very expensive. You sound like if your sister did this you would work for her and money would roll in. How much have you made as commission selling RE? How long have you been an agent? What amount of business would you bring to the office? As the markets are cooling off, agents have to woke harder and smarter to make sales. In the future as markets change alot of agents will disappear as well.
All of this is an excuse to not get out of your comfort zone. You probably make a decent living as a driver, you want a change but are afraid to learn and step out on your own. It is much easier to blame it all on your sister.
Start by flipping (wholesaling). Get some successes under your belt and some cash coming in, then move on to other more profitable types of deals. You have to walk before you can run.
Sounds great. BUT, as I stated in my original post, I drive trucks. Relying on my income from real estate is not possible at this time. You got to have money to make money
Real estate can be a part time job. Doing flips might be harder but it can be done. Or buy a fixer and just manage the rehab, then sell it for a profit. You can do 1 a year, or 10 a year.