There are plenty of property investors who hold a full-time job outside of investing. Perhaps you’re one of them, keeping that full-time job for the time being. Or maybe you simply love to invest in on your spare time. Either way, you may wonder at times how to juggle your real estate investments and a full-time job in a balanced way.
If this sounds like you, here are some great tips that will help you become more balanced, so you can continue to live a balanced and abundant life:
- Get organized
If you’re not organized, you’ll most likely feel scattered and overwhelmed at times. Having investment properties means you are a small-business owner, so be sure you’re getting used to having a small-business mindset and get organized.
You can organize your investment business in key departments, like:
- Tenant screening
- Marketing
- Legalities (leases, etc.)
- Taxes
- Property Maintenance
- Finances
When you’ve made a list of departments, it’s easier to keep things in line and running smoothly.
- Utilize Automation
You may not be able to automate every aspect of your business, but there are many things you can automate. For example, you can automate some aspects of marketing, utility payments that stay in your name, payment for property manager, and so on. Feel free to research online tools that can either partially or fully automate part of your business.
- Outsource
Outsourcing can save you a lot of time and money in the long run. In fact, many landlords outsource things like accounting, marketing, property management, maintenance, online website, and more. If you’re not sure where to find reputable people to hire, ask your friends or colleagues for references or do some research online. You may be able to resource locally or from a different location, depending on your needs.
- Practice
Chances are you’ll learn a lot about juggling your two careers over time. Make changes as you go along and take it easy on yourself. It’s not always easy to know how to manage everything at first, but you will over time. Also, if you find yourself really struggling, reach out to a mentor who can guide you to a more balanced life. Mentors tend to be excellent at helping people reach their professional goals in a way that is wise and balanced.
Essentially, proper planning can help you stay balanced when it comes to your real estate investments and your full-time job. Sit down and make lists, such as your maintenance “go-to” people or suppliers. And, the more you learn about property investing and real estate in general, the better you’ll do on all levels. As you go along, you can add to or change your plan as you desire.
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