4 Tips for St. Louis Real Estate Investing (While Keeping Your Day Job)
St. Louis real estate investing is a great way to build your investment portfolio and add an additional cash stream to your household. But investing is sometimes hard to do is you already have a day job. You may miss out on certain deals, and you might not be able to watch the market as closely as you’d like.
Here are four tips for St. Louis real estate investing while keeping your day job.
Keep the Dream Team on Your Side
No investor can do it all. That’s why he or she needs a good team to help with St. Louis real estate investing. Having a realtor, a lender, an attorney, a contractor and property manager will make all the difference as you balance your two jobs.
Your realtor and lender will know what you’re looking for in a property and will be able to advise you on good investments to make. Your realtor especially will keep an eye on the markets for you and be able to warn you if a good investment property is about to hit the market. If you like rehabbing fixer uppers, a contractor you trust will be vital. Your attorney and property manager will help you draft leases and manage your property so you can focus on your day job.
Have the Best Technology
Nowadays, property valuations and listings are all online. You no longer have to go to the building department in your area to check out recent sales and permits. Nearly everything is available on your smart phones and computers.
Use this technology to your advantage. Keep track of property valuation websites and do research on your market when you have time. Communicate often with your team and share documents and files so that everyone knows what’s going on.
Create a Schedule
The best real estate investors make time for their part-time job. If you’re always in an office with good interest access, then this shouldn’t be too difficult.
Look for ways to streamline your buying process by making a property evaluation checklist. This is something you’ll go through every time you look at a potential property. If the property doesn’t check every box, then it isn’t worth buying and you can move on. This is a great way to cut the time spent looking at a property in half, and it will keep you mindful of what you need from a St. Louis investment property.
You may not be able to leave your office while you’re working, but look for ways that you can easily communicate with your team. Make sure everyone knows how to get in touch with you. If possible, schedule calls during lunch with your time so you have a free moment to touch base.
Set Investing Goals
Investment goals keep you on the right track. When you have goals, then you can easily look through properties and see which ones will help you and which ones will not. Having goals in mind will help stop you from making bad investments.
Outline your goals before you start St. Louis real estate investing, and make sure everyone on your team knows what you want to accomplish. Keep these goals present as you move forward. When an enticing property comes your way, you won’t feel distracted if you consider how that property will help you achieve your goals.
Part-time St. Louis real estate investing can be stressful, but with the right team, you can make it work.