How to Invest in Denver Real Estate While Keeping Your Day Job
In the past two decades, Denver real estate investing has undergone many changes and one of the biggest is the number of part-time investors active in the business. For years, investors were in the business full-time, but there has been a shift in how business is done and part-time investors are more prevalent than ever. With the right planning and approach, it is possible to be both a successful investor and to keep your day job. Check out the five tips below to help you invest without quitting your full-time job.
Build a Strong Team
While it is possible to have both a day job and be a part-time Denver real estate investor, it isn’t possible for you to be everywhere at once. To be a successful part-time investor, you need to build a strong team around you. You should spend time building a team before closing your first deal because your real estate agent, mortgage broker, attorney, contractor and property manager are absolutely essential to your success. It’s important that you explain your situation to these professionals, because not everyone wants to work with a part-time investor. However, those that do will help you grow an immensely successful business.
Take Advantage of Technology
Technology is largely responsible for part-time investing being a possibility. If you wanted to see a house 10 years ago, you would have to go to the home and visit but with technology today, you can head to a website and view pictures and videos of homes. It’s also significantly easier to share documents, find information and connect with people now than it was before. You still will need to spend time doing research and visiting homes, but going online first can be a great starting place for which properties you want to pass on and which properties you want to pursue.
Manage Your Time
While some day jobs make Denver real estate investing easier than others, it’s important that you budget your time wisely. You can start managing your time by coming up with a good system in place for evaluating new deals; have a checklist and for what you want to do and when you want to do it. You also want to know which members of your team you will utilize at each stage of the process and have an idea of how technology will play a role in your business. If you find you have down time during your day job, you may want to work on implementing or improving systems that will improve your efficiency.
Have Clear Goals and Plans
The most successful investors, full or part-time, set goals and accompanying plans for everything that they do. No matter how much or how little time you have to devote to your real estate business, it’s important that you have a clear idea of what your goals are and how you will achieve them. Make a to-do list and place the most important things at the top of the list. Get into the habit of writing goals down at night so that you can look at them and work on them first thing in the morning.
Make Sacrifices
To be successful as a part-time Denver real estate investor, you are going to have to be prepared to make some sacrifices. Because your time is limited, you will most likely have to spend your nights and weekends working on your real estate business. You may find yourself having to skip full days of football or nights zoning out to your favorite TV show, but the sacrifices you make will be worth it when your business brings you major success.
You don’t have to be a full-time investor to be successful in Denver real estate. No matter how many hours you have, if you are willing to be smart about your time and work hard, you can set up a successful part-time real estate business. Use the above tips to start an investing business without having to quit your day job.