It’s easy to be caught up by all the negative predictions and sensational headlines out there, of real estate crashes and falling property values. Many who held vague aspirations of “getting into real estate” are now scampering away. The easy money flip may be gone. There’s no boom market to simply ride for easy profits.
But challenges remain. The Day Job simply won’t secure the future we hope for, for ourselves and our families. Maybe it never did. But we do have choices in this life, as did every generation before us. We can “work for the Man” as most folks do, or we might just strike out on our own, as entrepreneurs.
To consider entrepreneurship as too risky is natural. The Day Job brings with it reassurance of regular pay; whether it is enough or even fair is another discussion. The comfort the Day Job brings is the possibility that, by exercising personal thrift and disciplined saving and investment, we might be able to educate our kids and maybe even enjoy a dignified (if not lavish) retirement. But do you really believe that?
Employed by others or ‘self employed’, it’s well to understand that you are an “economic entity” in your own right. As an employee of others, you are selling your talent and diligence in return for a salary or wage. Security is implied, but is it to be trusted? Employers contract, are bought out or go down, often whether you perform well or not. In any event, what you own are your skills and talent. That’s your currency of trade.
All this is to say “the slope is slippery”. The new reality today is that you are a “vendor” of your own abilities. And you barter or exchange your skills and talents for compensation in a Day Job, or perhaps as an Entrepreneur.
Many of us don’t appreciate enough that we are already entrepreneurs. We have marketable skills, talents and ideas that we’re “trading in” each day on the job. What’s missing is the the entrepreneurial reward that comes with the market’s recognition of the True Value of your contribution.
Question: Are you looking beyond that Day Job, however secure it may appear, to the opportunities in today’s real estate market? The opportunities today are far better than those we were looking at just two years ago, at the peak of the “boom”.
Things are different now. For investors and rehabbers, they’re better! #
- Phil Elmes
Urban Rehabber Program