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Is It Time for a Career in Real Estate?

Potential Tenants Touring a Rental with Edmond Property ManagerIf you’ve been imagining a career change, the chances are that you’re also ready to start that new career in Edmond real estate. You’re really not alone: data shows that more than 17,000 people in the U.S. Google “how to work in real estate” every month! Rental real estate investing, particularly, is a prime option in consideration of its potential to earn both a monthly income and to increase real wealth creation through property appreciation. But take note, is a career in real estate investing right for you? Here are definite questions to ask yourself to understand whether or not this is for you!

What do you already know/need to learn about investing?

Among the key questions, you should ask yourself is how much knowledge do I already have with reference to buying, leasing, and managing rental properties – and how much do I need to learn? Some people have so much to learn since investing in rental properties requires a wide range of skills and know-how. The happy news is that learning about the business of real estate investing is something you don’t certainly need a college degree to do. There is a full range of free courses, podcasts, books, and other investors to learn from.

Are you self-motivated?

As a rental property investor, you are in business for yourself, and normally (at least in the beginning), by yourself. That means that you ought to stay motivated and on track to land your first (and second, and third) real estate deal, then work on plenty of tasks from property maintenance and repairs to promoting positive tenant relations. If you find yourself trying but failing to set goals, follow-through, or manage your time effectively, these are all skills you may want to nurture first before thinking of going into real estate investing full-time.

Where do you stand financially?

To invest in rental properties, it’s known that you will want to get your finances in order. You’ll also need to have a really good credit score and, if you want to finance your investment properties, cash saved up for the down payment, closing costs, and renovation expenses. It’s really a very excellent idea to know your financing options and have a backup plan made ready if things change. Real estate investors are typically always ready to move quickly when the right property is available, so ensure to be pre-approved for any loans and otherwise have everything ready to go.

What is your risk tolerance?

Another pivotal question to ask yourself when considering a career as a real estate investor is how comfortable you feel about taking risks. Like all investments, real estate does have its own set of risks, from buying out a terrible property to ending up with a really bad tenant. But be aware, there are many ways to minimize these risks, chiefly if you certainly know how to thoroughly assess a potential property, understand your local rental market, and accurately crunch the numbers.

What are your purpose and end goal?

One last thing to consider, it’s really important to have a clear understanding of your purpose and goals for starting a career investing in real estate. Are you trying to get more flexibility in your schedule? Higher earning potential? The freedom to work for yourself? These are all grand benefits that come with the business. Even so, on top of why you want a career as a rental real estate investor, it’s also important to know your end goal.

Can you visualize your end goals or exit plans? Do you have a retirement plan? Indeed, even though buying and owning rental properties is a long-term investment strategy, to cash in, you’ll eventually need to know how to handle your investment properties and when the moment is ripe to retire.


If you’re ready to take the next step toward a career in rental real estate investing, give Real Property Management Elevate a call. We are willing to support investors to conduct market analyses, locate off-market deals, find quality tenants, and set accurate rental rates. If you’re sure about launching a new career, making our Edmond property managers part of the team is one of the best ways to get your business off to a pretty great start!

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