Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
For those of you guys that still have day jobs... Does your employer know about your REI. I would like to hear the pros and cons of both sides. I will go first. My employer is fully aware that I am investor and close deals. I try to be honest in everything I do so when I needed off of work for closings/etc I was honest. I do not have a problem with this approach as my manager owns his own store outside of the company. The owners also own several companies. It has opened up good dialogue and if anything has only seemed to have a positive impact. When I need off early or to work a half day they have no problem with it. I also am a top sales rep for them so that could have something to do with it. I don't share specifics or details however. I won't tell them how much I am making/have made. They do not know that I run a direct mail campaign.
I am a buy and hold investor with a full time unrelated job. My boss doesn't know and most of my co-workers don't know either. If I need time, I take the time I have coming to me and rarely share its purpose for RE or otherwise. My business is my own business. Its not so much a secret as that I am in general private and keep some parts of my life separate from others. I will say that if someone asked I would be truthful but it's an unrelated field and I am not in the office much so it would rarely come up. Now I know the more typical real estate person is networking but it isn't one of my strong points.
I work for the government, so it really doesn't matter as long as I disclose everything during the background investigation process. I tell everyone what I am doing because I have found that coworkers can often be good sources for leads on potential deals.
EDIT: I'm just relaying a story I heard from a friend of a friend's dog's owner's barber:
Oh hell no.
No one needs to look into why I seem to enjoy my 9 hours in the office more than most of the other people around here (hint: it has something to do with reading this website). Sure, Big Brother may be watching me, but I have spent a LOT of time on BP at work and no one has ever said a word about my activities.
I also feel no need to provide anyone with a potential source of rationale should a little cordial "downsizing" take place.
I just started a new job and it was asked what I did in my free time. "Well I'm starting to buy investment properties and within 10 years I hope to be at the point where I dont need to work but I want to work"- Was hired on the spot (probably because I was over qualified but meh) and spent the next 20 minutes talking with the boss lady about how I got started and my plans... She now asks me every few weeks if i've bought a new property. I'd like to be able to buy a property every few weeks but I'm looking at 1-2 a year if that at the current time.
While I was building my system, properties and business outside of the day job I felt even more energized to be a better employee. Down shifting at your day job while your creating something on the other side of the fence will derail your success on the other side.
When you can master your day job, moving effortlessly around your co workers, becoming an expert at work all while you build your new income, this is one you take off like a rocket ship.
My boss knows that I am a REI, but I rarely bring it up in detail to her. I did not want her to think that it is my priority over my day job and want her to be affirmed that I give my full focus towards my job. I don't want her to ever get the impression that I will through aside my job responsibilities whenever I need to do something business related.
I also work remotely from home so I have an easy time balancing work/REI.
I had no intention of telling my full time employer about my real estate endeavors. Then I downloaded an app that hijacked all of my contacts and sent them unsolicited spam email about how I was a licensed Realtor and to contact me for all of their needs. I spent the next three days explaining to my boss, my team and colleagues, and all of our customers that yes, I was newly licensed but no, I had no intention of leaving my current position to pursue a new career and that while I was open to helping them if they wanted to buy or sell a house, the email was unintentional. A lot of my colleagues thought it was deliberate and had no qualms about telling me how inappropriate and unprofessional they thought I was for me to "market" my new "business" to them. It was a NIGHTMARE.
People can be really nasty, huh? It's no wonder everyone's afraid of making mistakes. So many people judge and condemn immediately and once they've done so, it's the final verdict.
My company requires ALL employees to get approval from Human Resources prior to accepting ANY outside employment. The company makes a determination whether a conflict of interest exists before giving approval. Also, they want to make sure NO company resources are used to conduct outside business.
My employer (IT related) and colleagues know that I am a RE investor. They are very supportive of my pursuit. I must make sure there is a separation of my work. If I have to deal with issues as a property manager, I am required to take vacation time. It is a very hard line that I maintain so that there is never a conflict of interest.
In addition, I have become the defacto go to person when it comes to RE and RE related issues. In many cases my team has assisted with their issues (little extra $ for the team).
My best advice is to keep it in the open and create a hard line separation between the day job and the RE investing careers.
Yes, they know but they do not know the specifics and to what extent. I do not feel they need to. I never had to ask to have an extra day off or leave early. I have had to tell previous manager that I leave on time when my shift ends though. They were trying to get me to work overtime instead of enforcing that other coworkers come in on time.
I work for a company that owns several large apartment complexes.. I feel they would see me as a threat if they knew I was looking to buy a small apartment building with partners in 2015, so I keep my mouth shut. However, if they asked I wouldnt lie to them. Funny how it all works!
If someone were to ask, I'd tell them I have a few rental properties. I don't go into it in great detail anymore because it just ends up creating animosity. People become jealous and it creates problems. I don't work in real estate and the people I work with aren't really interested.
Coworkers would much rather hear about a toilet overflowing and doing thousands in damage than they would about your sweet flip deal. I know most of you understand that he who works harder and smarter makes more, but the unfortunate fact of the matter is that people don't want to know you're doing better than them in any way. What motivates the average BP reader just pisses others off. I just play my work role, do my job to the best of my ability, and then go home. I've been accused of being "arrogant" before when I opened up about my business to people who asked. I no longer feel any need to disclose this information.
@Ben Stout I could definitely see how that could be a problem. I think in my line of work it is widely more accepted. I work in a call center. Most people didn't dream of this line of work growing up. ;) My manager owns a "vapor shop". My boss owns multiple massage parlors and numerous other companies. There are guys I work with who have owned food trucks, flip cars, etc. If I was in a more career oriented position I would definitely do exactly as you do. Keep my mouth shut! I also don't give specifics.
My 'boss' knows I'm an investor...she's reminded every morning when I wake here up with a kiss and a cup of coffee! Her only question is, "which house are you working on TODAY?"
My boss owns multiple massage parlors and numerous other companies.
There's a term, you do not hear a lot these days ... at least around here. In my younger days in MTL one would go to a masseuse or a massage therapist for your running and soccer injuries. A trip to a massage parlour would have been for a rather different experience.