I love real estate investing because it differs from stocks and bonds significantly. As an investor, you have much more control over your investment. You don’t know what a company will do, and unless you are on the board of directors or the CEO. You have no say in the running. That is where real estate investing has its work-life balance advantages. You have a lot more control. Even with the COVID-19 crisis, some landlords are not receiving their rents, but they can also ask for forbearance (mortgage relief), and get help from the government, a stock investor cannot do this.
As an investor, there are more options; you can do everything yourself or focus on the parts of real estate investing that you enjoy the most. Some people like to find and negotiate the deal, do all the design and construction, and manage the property. Some investors will spend their time looking for the right property, where they can get positive cash flow and delegate the things they do not enjoy, or may not be good at, like construction or management. This is the first way to improve your work-life balance.
Focus on your happiness and be willing to forego a bit of profit in this pursuit if you don’t enjoy or are unable to do those things.
If you let a professional do the work that you do not enjoy, the quality will be better, and your property will be more desirable to prospective renters or buyers, which in turn can raise your profit.
The other thing, real estate investing allows is for us to plan our time and work according to our own schedule. When I am searching for a new property, I wake up and look at every listing in the area that I consider my specialty. I use my tools to review the properties that are either newly listed or have changed their price into my budgeted area. As soon as this first review is done, I will try to set appointments using my list to talk to the listing agents or the owners of the property ASAP. I want to be the first to view the properties if possible. This process allows me the time to do the things that I enjoy and spending time with the people I choose. If I am in the construction phase of the project, I turn that over to a trusted advisor with whom I check in daily. Having good relationships help to make things easier, and having trust and confidence in those with whom you work also adds a sense of peace.
I used to manage my properties, and in the beginning, it was fun, but I also found that I am a ‘softy’. I would let things slide, and some of my tenants would take advantage of that. As I acquired more properties, I found using a management company was a better option. A happy renter will stick around, and we all know how much of a pain it is to move. If your tenant has a problem that is solved quickly, they will be happy living on your property.
Real estate investing allows us to plan our workday as well as our time for enjoyment. There will be emergencies, but you can even plan ways to fix those too. Getting ahead of issues is essential, and surrounding yourself with good people that you trust makes the work part of your life even better. Remember we invest to improve our lives, both now and in the future, make time for the things that you enjoy, and remember you have the control, use it to your advantage.