Is property a good career?
While we never like to assume or presume, it is a safe bet that you are reading this today because you have an interest in property investing and you want to learn more about it. Perhaps you want to know how to quit your job and you want a change, perhaps you want the security of property investments. Or maybe you just need a little extra cash each month. Whatever your reasons, we are here to help by answering the question: is property a good career?
Is real estate investing a career?
For some it may take a change in mindset to view property investing as a career. It is not taught in schools or discussed at careers guidance sessions. In fact, most people will not consider investing in property until they have completed their ‘formal’ education. The unfortunate reality is that many people miss out.
They miss out because the opportunities that come from understanding property investments and being able to make astute financial decisions can be truly lifechanging. Instead people are taught to get a ‘proper job’ and leave the entrepreneurial skills to the… entrepreneurs. The fact is that anyone has the potential to be an entrepreneur.
Property investing is just one way to achieve this and in itself is a skill, a trade and indeed a career. Like any trade it requires you to gain knowledge that when applied, develops into trade skills. However, we are under no illusion that property investing is for everyone. For some it simply will not fit, much like being a plumber, accountant or engineer, not everyone will enjoy that work.
What does a property investor do?
On our path to answering is property a good career, it is necessary to discuss what is involved. After all, a great career for one person may seem like a terrible career for another. However, property investing is extremely varied and goes far beyond simply owning a buy to let house.
Property investing also includes buying and selling property, renovating property or developing property to make a profit, such as flipping houses. Along with residential property this can also include commercial property for sale such as shops, offices and warehouses. For people that want to become a landlord, the options are equally as varied and include family homes, student accommodation, holiday lets and commercial lets.
You can also be as hands-on or as hands-off as you like. Some people may like to be heavily involved in all aspects from sourcing property to tenant management. However most jobs can be contracted out, leaving you to focus only on simply finding property deals and raising the money to finance them. There are certain attributes that will be required though.
Can I invest in property?
All real estate investor skills can be learnt. Today all of the knowledge you need is available even without leaving your home. Confidence and self-belief can be developed, especially with the guidance of a good mentor. Personal circumstances can be overcome as there are ways to earn income from property even without owning one, such as starting a sourcing business or a Rent to Rent business which you can read all about here.
The only thing that you will need is willingness and desire. It will take a certain amount of commitment and dedication to get to where you want to be as a property investor. Some people will settle for the path of least resistance instead, focussing only on the mountain in front of them rather than the view from the top. If you feel that you will not have the motivation to climb that mountain, consider not the journey but the destination.
Some may feel that it will not be worth the effort and they would rather remain on their established trajectory. What they may not realise is that the majority of the effort will come from gaining the knowledge and building a property portfolio. Once the portfolio has been created, the work of managing and maintaining it can be relatively minimal.
The lightbulb moment of property investing
The lightbulb moment for many is that property investing sets itself apart from many other careers because of one single key concept. With most careers you put in the hours in return for either an hourly rate or a salary which you use to pay your living costs and lifestyle. Whereas with property investing, you put in the hours in return for something quite different… assets.
When investing in rental property the idea is to accumulate assets such as flats, houses and commercial properties. The majority of your time, effort and work will be spent finding, purchasing and doing-up these assets. Once the assets have been acquired and are within your portfolio, for the large part your hard work is done. Now here is the beauty with property investing.
The rental income that those assets will generate can help to pay your living costs and lifestyle. This is a big switch in thinking and means that your assets are working for you. It’s the distinct difference between working on your business and working in your business. So long as your assets are tenanted, they will continue to generate income by doing the hard work on your behalf.
Is property a good career?
In this respect investing in property is a great career because it involves building a portfolio of assets that will pay you income day in and day out. This can mean no nine to five, no commuting and no having to book time off for your holidays. All you need to do is have the desire to gain the knowledge and the motivation to implement it in the real world.
Property is simply a tool for generating wealth and therefore you do not even need to like property. If you are beginning to feel excited about your potential, why not register for our next FREE Discovery Training Webinar where we can go into more depth about property investing as a career. Good luck with your journey, you can contact us here when you need us.