Investing in real estate while holding a job. What kind of job though?

Question

Hello BP community,
My name is Eddie, a recent college grad. Currently I have partnered up with a family friend who owns a construction company for the purpose of flipping homes. We currently have two homes under contract one is on schedule to close this week and the other in two weeks here in Florida. Since I am a recent college graduate I have no income. There have been posts on holding jobs while flipping homes and investing but never about what kind of jobs. Florida is expensive to live in especially at 23. Are there certain jobs that would be more flexible or useful then others when it comes to investing in real estate? Any help would be appreciated thanks again BP

James Vermillion · Answer

Welcome to BP Edwin.  The type of job doesn't matter, so long as you are able to manage your time wisely.  I work a full-time job which also requires some travel and some weekend and evening work for events.   It is also very important to me that I do not rip the company that is paying me off by not meeting (and exceeding) expectations.

To do both well I spend a lot of my "free-time" on real estate.  I spend hours after work almost every day doing many real estate tasks:

- bookkeeping
- viewing properties
- checking on projects
- analzing potential deals
- scheduling contractors
- meeting contractors at job sites
- posting on BP
- etc.

Having said that, I also make sure I keep a balance in my life.  I make sure I spend time with my family/friends, relax, etc.  Sometimes this gets difficult, but I have managed to make it work.

There are jobs that make it easier and jobs that will make it even more difficult, but I have come across investors that hold jobs in a range of fields.

I discuessed this a bit in podcast  show 23, and it was discussed in  show 6 with Arthur Garcia.

Account Closed · Answer

I am in a similar boat as Mike M. is.  I work a full time job doing corporate security management, which is often 60-70 hours a week.  For this reason, I am in the buy and hold investment game.  I too agree with the others, get a job that pays your rent, and use the flipping strictly as a nest egg builder.  Make sure you put away enough in your savings to cover your personal emergencies, then the rest can go towards your side gig with flipping houses.  Good luck Edwin!

Jonathan

David Krulac · Answer

Edwin Palacio

AS all the other posters have said, just about any job works for some people.  There are posters here at BP who are in the military and stationed outside the country and still invest in real estate.

The best job would be one that you like doing.  Real estate agent or mortgage broker would be jobs that have flexibilty and are reale state related.

Reginald Vickers · Answer

Edwin Palacio Welcome to BP. As you will learn, everyone here is very helpful. I am a social worker- I work on call and am able to bunch my time up- I work 20 days out of the month which gives me 10 days off in a row. I am older and am happy that I have a steady income. If I was your age and was serious about getting into the flipping business, then you might see if you can get into a construction management company. If you are thinking commercial, get into a commercial management company. If you are thinking of buy and hold, get a position into property management. All this can be on the job training and will increase your knowledge 10 fold. Good luck with it.

Keith Buckner · Answer

Hi,  Edwin welcome to  bp. I live here in maryville tn. And I have a lawn care business.   It's busy in the summer but I get a lot done in the winter time.   Last year I bought my first rental,  going pretty good do far.

Mike M. · Answer

It would seem your college degree would point you in the direction of what type of FT job to look for.  In this economy, the recent college grad who can pick what job he wants irrespective of field of knowledge has done very well for him/herself.

It takes money to make money.  I would focus on using your college education to land a job and start building cash reserves.  I don't know the arragement you have with your family friend, but if you don't bring cash to the table, it is going to take A LOT of successful flips to keep you housed, fed, and clothed, unless your friend wants to run a charity.

I have a full-time mechanical engineering job in a chemical plant.  My wife has a mangement job in the same plant.  We have a 5 year old and 1 year old.  My schedule is often dictated by how well (or unwell) the plant is running.  For me, investing is a buy-and-hold strategy, one that requires alot of cash but a smaller time comittment relative to flipping or wholesaling.  Time is my biggest constraint.

I would focus on the career first and get that in order.  After that is secure, build up some cash and use that free time to put it to work.

Best of luck -

Mike

Edwin Palacio · Answer

Thank you James it is great to know it can be done at an efficient and high level of operation. Enough to invest in homes while advancing in a career field. It would just become a mater of structuring time and organizing properly.
Thanks again.

Keith Lutz · Answer

Welcome!

I am thinking UPS or Fed-ex at night, loading trucks.  I know UPS will give you health insurance too.

Investing in real estate while holding a job. What kind of job though?

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