What Real Estate Bird Dogs Should NOT Do – Lesson 13

Wednesday, May 11th, 2011 at 9:38 am

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Really, it’s how you spend your time as a “Real Estate Bird Dog” that counts. It’s about being in the right place at the right time, being able to recognize the bargains out there and take advantage of them. A popular misconception among new investors is that if they can earn $20,000 a year as a part-time investor, then they can surely make double that by becoming a full-time investor. Unfortunately, it really isn’t that easy. It’s just a sure-fire way to end up broke and unemployed.

To be a full-time investor you need a viable game plan, or at least a financial safety net of cash reserves and credit lines to keep you afloat for at least six months. When “wannabe” investors blindly jump into the business and falsely assume that all they have to do is stick a few “I buy houses” signs around, they quickly learn that things don’t always go according to plan. Killer deals don’t just start rolling in overnight when you placed a “property wanted” ad in the newspaper.

It takes hard work. So unless you don’t mind watching your bills pile up and your checking account balance dwindle down, start off slowly. The smartest thing to do is to keep your current source of income, and start off doing real estate part-time until you’re in a position to live off your real estate income.