Getting rich in real estate is a lot of work and a full-time job. As a full-time professional real estate investor, I get a little upset when I see late-night television show commercials touting just how easy it is to make a huge amount of cash, part-time as a new real estate investor.
It’s just not true.
While you can make large amounts of cash as a real estate investor, it does take an investment of time to learn the business and your market and having some cash to spend on marketing or holding cause sure helps.
While there are methods for generating large amounts of cash quickly in real estate (like wholesaling and flipping), I generally recommend people get rich slowly with real estate investing by becoming a long-term buy rants and hold investor.
In fact, you can become very, very rich in real estate working part-time. By investing a little time, each weekend looking at potential long-term rental properties, making smart offers on them and building a portfolio for passive income.
“But I can’t stand my job! How long before I can quit?”
Well that depends on how aggressively you start building your portfolio and just how much income you need to generate from your real estate investments.
If you combine building a long-term real estate investment portfolio with the occasional “buy, fix and flip” house, you can probably quit your job relatively quickly.
While I have done my share of “buy, fix and flips”, at this stage in my investment career, I tend to buy and hold.
Unless you’re familiar with irregular income like a sales job, the stress is of relying on “buy, fix and flip” income is often too much for most people to bear.
If you have a good job now with the good income, it is my opinion, that you might be better served keeping the job and doing your investing part time. That way, you’ll still have money coming in to put food on the table, gas in the car, and clothes on your children’s backs while you build your fortune in real estate.