Real estate as a side hustle or an investment tool: Should you dive in?

Attorney Justin Clark, his panel of experts says yes and no

Many people have been around the house for months now, considering the coronavirus pandemic. Maybe you’re one of those asking yourself, “Should I pivot and try something new for work?”

It might be hard to go back to the office after so much time away.

On this latest episode of “You Have Real Estate,” Attorney Justin Clark said he’s heard people questioning whether they should pursue real estate as a side hustle.

Others are considering buying an existing business or using real estate as an investment tool.

The investment tool part -- now that might be a smart idea, his panel of guests said.

But before you dive into the real estate game they agreed: There are a few things you should know.

  • Anyone can become an agent (well, if you pass the test). But most successful agents don’t dabble part-time; it can be a 24-hour-a-day job, with constant phone calls, texts, emails and house showings. To really make real estate your career and support a family, part-time likely isn’t feasible.
  • Commercial real estate can take up to nine months to get your first deal off the ground.
  • Consider having 1 1/2 to two years of savings, if you’re really going to make the leap and go into real estate as a new career.
  • Once you sell a house or a business, it’s almost like having to find a new job all over again. Time to find a new client or project!
  • Real estate definitely isn’t easy, especially at first, but it can be worth it. Consider yourself self-employed (even if you work for a larger company), and just know that no one’s going to hand you anything.

Want to hear the experts chat about any of those bullet points in greater detail? Watch the video above.

They’re also getting to the bottom of the question: Where should you live? A rural setting, a suburb or the city -- what’s right for you?