Job Responsibilities
I'm self employed, acquiring homes that need renovations, then
renovating them to quality condition, then reselling them for a
profit. I research potential properties and the market,
determine costs and profitability on appropriate properties,
qualify for loans when necessary, manage the funds to purchase,
renovate and hold on to the properties during renovations, manage
and oversee the renovations by working with the general
contractor and all subcontractors I need to hire, determine
selling price and method of selling. This variety of
responsibilities varies, however, I work at least 40 hours per
week throughout the week, not just 9 to 5, but evenings and
weekends too.
|
Job Requirements
I have taken a variety of seminars and workshops and I regularly
(1 to 2 times per month) attend real estate investment group
meetings that present speakers on various real estate investment
topics for the past 3 years since getting into this field.
|
Uppers
That I'm self-employed and figure out my own hours and schedule for 90% of my
time. The other 10% is when I have to meet with a contractor at their schedule
instead of mine, or have a pre-set regular meeting such as the R.E. investment
group meetings twice a month.
|
Downers
That I work hard for many months between the big paychecks (when
I sell a property), so cash flow gets really tight at times.
|
Lifestyle
Incredible freedom for work hours, dress code, diversity (meet all kinds of
people!), etc.
|
Compensation
Each property has a different and somewhat unpredictable profit,
but n 2003 I earned 85% more than my last job at a corporation.
|
Advice to Jobseekers
Learn as much as you can, but don't try to do this if you're not
a risk taker. Many people get "analysis paralysis" and never
make the move to buy their first property. There are a lot of
people trying to do this right now, and many don't make it.
You've got to have some smarts, take risks, like to do lots of
different things every day, be a good project manager, be a good
people manager and relate well too. The R.E. market is going to
soften up soon, but if you buy right then there are opportunities.
|
|
