By Candis Meredith
Andy and I have been talking a lot lately about how we got into restoring houses full time and when we knew that this was what we wanted to do with our lives. I really couldn’t imagine my life doing anything else with anyone else, and I know that a lot of people love restoring homes as much as I do.
I also know that a lot of you are out there wondering whether you should go ahead and make the leap or whether you should stay at your day job one more quarter or one more year. So, here are a few pointers to help you figure out whether now is the time to jump in headfirst or whether you should hold on just a bit longer.
Do You Have a Steady Flow of Restoration Projects?
Have you gotten to the point where you’re turning down great deals on restoration properties because you just don’t have the time to do them while keeping your job? Do you get depressed when this happens because you just know that you could do more for yourself, your business, and your family if you just didn’t have to be at work from 9:00 to 5:00 every day?
If you answered yes to all of these questions, I’m surprised you’re still reading this and not drafting your resignation letter. Honestly, if you have steady work coming in, even if you haven’t made a lot of money yet and you don’t have a lot of savings, it might be time to take the plunge. You can find lenders and investing partners who’ll be happy to help you get on your feet because they know your projects are going to be profitable for them, too.
Are You Ready to Be Your Own Boss?
If you’ve already managed a few restoration projects, then the answer to this question is probably a resounding yes. Before you leave the steady paycheck at your current job, you need to know that you can stick to a schedule and do everything necessary to keep your business running.
If you haven’t already started restoring houses and you’re thinking about jumping in full time right from the start, I want you to think pretty hard about this first. It’s not that you can’t just go for it (because you definitely can). It’s that some people have a hard time transitioning from a structured work environment to being totally self-motivated. So make sure that you’re ready before you take the plunge.
Do You Want it So Bad You Can Taste It?
When I dove in with Love House, I didn’t do it because I “kind of” wanted to restore this house. I didn’t just want that house, I needed it. I couldn’t stand the idea of someone demolishing that piece of history, and I knew that I had to have it and restore it and that I was willing to do just about anything to get it.
If you feel about your real estate business the way I felt about Love House, what are you waiting for? If you want something that badly, you’ll find a way to finance it, and you’ll get through the inevitable stumbling blocks along the way. If you’ve figured out how to bring in steady projects and how to keep yourself focused on your restoration properties, and you really want to grow your business full time, then, yes, it’s time to quit your day job and start building your business.