How I Benefit: Outside of my first deal (which I bought so cheap the bank said they could give me a mortgage that small),I have not have any issues getting loans from banks. I show them my W2 along with my credit score and am able to get financed. This has included multiple mortgages for real estate as well as a business loan to start my wine/liquor store.
5. Provides a Buffer
(Boo! We want to quit our jobsand get in the fast lane with real estate investing so we can make lots of money while sitting on a beach!)
Description: Most people understand that to get a loan from a bank, they want to see that you have enough income to be able to make the payments. When you are a real estate investor, banks are one of your potential sources of funds. Most banks will finance 80% of your investments, but only if you can show income and have a credit score that gives them confidence in your ability to repay the loan. Before the housing crash, it was much easier to get a loan without a 1099 or W2 job. Since it is now much more difficult, having that 1099/W2 to show the bank will make getting Nike Shorts Pro
8 Reasons Why Having A Day Job And Investing In Real Estate Is Awesome
many, one of the allures of becoming a real estate investor is the prospect of being able to leave your job. Most people work a job, not because they want to, but because they need to support themselves and their family. It is awesome to see people who get into real who are able to leave their job and become successful in real estate investing, but the grass is not always greener on the other side. While there are benefits to leaving your job, there are also a lot of benefits to have a job.
how to operate a computer, market effectively, fix a car or whatever other skills come with your job.
In my current job, I am using lean concepts to design processes and workflows for people to follow when working on projects. This helps me understand how to develop and design lean workflows for my real estate business so that I can step away and hire someone else to follow them. This could be things as small as how to use computer software all the way up to paying for college classes.
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How I Benefit:I haven really paid too much for a property, but I have spent too much on renovations. My basic strategy for buy and hold investing it to purchase run down properties with cash for a discount, renovate them to rent and refinance to pull my cash out. In some cases (especially early on), I spent too much on the renovations because I incorrectly calculated the ARV. So when I went to refinance to pull my cash out, the refi did not cover the purchase + renovation costs. It if did not have cash coming in from a job, I would have had to pay quite a bit of interest on the portion of cash that was not included in the refi.
skills that can be learned at a job. Some of these skills may be soft skills, such as listening, communication, teamwork, problem solving, creative thinking and confidence. Some will be hard skills, like Nike Sports Bra White
Benefits of a Job
loans much easier.
How I Benefit: I don have to worry about how I will buy groceries for my family each week from my real estate investing. I know that my job provides enough to support my family, as well as extra to save and invest. This also allows me to invest at my pace and explore different options (such as starting a retail non real estate business).
Description:When you have a job, you have a steady paycheck in addition to your real estate investments. This means that you can make investing decisions that make sense, instead of making them because you are dependent on the income. This could mean not jumping on every deal and instead picking the cream of the crop.
2. Money to Live On
Description:We all have the best intentions when getting into real estate investing, but as any experienced investor can tell you, we all make mistakes. We pay too much for a property, we over improve the property, we rent to the wrong tenant, we wait too long to evictand so on. Having another source of income outside of your real estate investing makes these mistakes less have impact.
I plan to eventually get to a point where I do not need to work a day job and can instead live the lifestyle that I want from my investments, but in the meantime I will enjoy the benefits of working a job while investing.
These topics are all important aspects of running a business. I was able to educate myself on various aspects of a business at no cost to me. In addition to the learning, having my Masters provides more credibility when talking to banks and lenders.
I then moved on to project leadership, where I learned how to work with a variety of people and manage multiple aspects of a project that included technology. I also learned a lot about how to handle different problems as they occur.
Outside of banks, I also do a fair amount of work with private investors. Being able to show them that I have a job to support myself in addition to my investments provides them more confidence investing with me.
I say that I work a full time job because I believe that it is important for people to understand that you can be a real estate investor and work a full time job.
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How I Benefit:Not only was I able to attend several technical trainings as a software developer, I was also able to get my entire Masters degree paid for by my employer. My Masters was in Management and I was able to take courses in the following topics:
How I Benefit:I learn a ton at my job! I started out developing software (coming out of college with a degree in computer science), so I learned new technologies and how they worked together. This helps me in the technological aspects of my business, such as developing my website and integrating data from various sources together.
1. Easier Access to Funds
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