If you are struggling to find employment, is real estate investment a good alternative?
While some new reports continue to proclaim wages and jobs are growing, not everyone shares the same consensus. The National Association of Realtors has highlighted the fact that job growth has failed to keep up with population growth. Many that have found work, are finding they are working for a small fraction of what they used to or what they counted on to pay student loans. With inflation and living costs rising faster than most people’s paychecks, there is still a big gap to make up. In fact, recent reports from Fox News suggest that one third of the country continues to live from pay check to pay check, even when they do find work.
Current Job Market Complications
There are jobs out there, but there are plenty of complications too. The workplace has changed dramatically. Uncertainty over politics, benefits, and an intense need for improved efficiency has not only been preventing hiring, but new trends have eliminated full time salaried hiring as many used to know it.
Many don’t have the skill set to compete in the job market or check the boxes today’s employers are looking for. Common Core was rolled out in an attempt to fix this, but current elementary students won’t be joining the workforce for a while, and it doesn’t help those needing an income this month.
New construction is up, the stock market has outperformed analysts’ expectations, and capital markets have lots of liquidity. Still many fields and job functions are being made redundant each day. So for those needing an income, more financial security and control, or just a higher return on their hour in, is investing in real estate the way to go?
Real Estate Jobs and Investment
The real estate industry is one of the biggest job creators at the moment. Many builders are reporting major shortages in construction workers. There are growing opportunities in finance and lending, and related vendor services such as insurance, appraisal and home improvement. Real estate tech companies are sprouting up and growing fast too. However, there is still a significant difference between taking jobs like those mentioned above, and investing in real estate yourself. A job is always just a job. Investing can break the chains and limitations of trading your time for cash, and enables individuals to significantly elevate their income potential.
So which is the right strategy for getting started in real estate investing?
Passive income real estate investing and turkey rental properties can be a great match for busy professionals and those with capital that need to generate regular, monthly income. Rental income can be used to subsidize hourly and salaried earnings without having to take on a second job, and can eventually replace it, while simultaneously growing a substantial nest egg through equity.
For those with some time on their hands, and perhaps some cash, flipping houses can be a great option.
For those with little time, financial resources, and with little time to spare, wholesaling houses could be the perfect fit. There are many options. It is really about finding which is the best fit for you, your circumstances, and your needs and goals.
Getting Started in Real Estate Investing
No matter which path you choose to take, the best step is building your knowledge and know-how. This shouldn’t be an excuse to stall, and doesn’t have to mean putting your income needs or goals on hold. However, you will find results come faster by picking up a great real estate investing education course or getting some coaching.
Instead of scrambling to find all the different puzzles pieces from different places, look for a real estate investing system which you can easily and quickly put into action. This will help you avoid the pitfalls and get on the fast track to the profits.