What does your daily schedule consist of and how does it make you feel mentally?
The reason why I asked this question is because I want to pursue real estate and I want to know how would this career make me feel mentally on a day to day basis. That is because I am the type of person who gets overwhelmed when things not going right which causes me to stress. So, what advice would you give to a person who gets overwhelmed easily and what techniques could they use to help them relax? psychology mental health real estate#realtor for life stress free Memphis real estate
Unfortunantly the real estate markets are artificially high in many parts of the US and properties at this time making home ownership for new entrants difficult, and it is only getting worse. Builders and developers are mainly building mid to high range home now, rather than building starter homes that are more reasonable for first home buyers to afford. Another disturbing trend is that all the expensive large homes built ove the last 30 years are having a hard time moving as they are not affordable and younger people do not desire to have these large homes due to cost, upkeep and lifestyles. Many people enlarged their existing homes and made expensive upgrades that make them feel the home is worth more that the market willl bear.
In my opinion the best market to enter would be in mid to high grade rentals, as the renting population will oonly grow due to the extreme cost of existing homes.
The business involves risk taking by browing to fund the project and then stressful making sure the project is built on time and on budget, then you have the stress of selling or renting it out to pay off the bank. I also have an MBA in finace. You have to really understand the financial side to transactions prior to entering a deal. Permits and construction require heavy supervision and knowledge of the processes of permitting and construction to avoid being taken advantage of. Time value of money is also important to understand, because once you attain the property you need time to permit which in some cases can take years, and the construction period needs to be as short as possible as you are paying interest on the bank loan whiel these processes play out.
The state of the present economy is not a good time to enter real estate investing, unless you are inan area that is experiencing population and job growth. The jobs need to be well paid, not fast food jobs.
One safe way to enter real estate is get a job in reaal estate management and move up that ladder. These jobs are not as stressful as you are not responsible for any loans, yuo just manage property for others. This career if done successfuly can teach you the industry, allow you to make connections in te industry and train you to own and operate your own real estate investments.
If done well real estate can be very profitable, if not it can lead to financial ruin.
I'd say staying organized and having a routine is good if you get overwhelmed easily. Also if it does get too much speak to your supervisor and they should hopefully help you out.
It was so important for my mental health to step back sometimes and take a break when I needed it.
Enjoy the journey!