One of the major changes in the real estate investing business over the past few years deals with the location in which it is done. It wasn’t long ago that one of the first things you did when you were starting your investing career was to look for an office space. Gradually over time, the need for having a dedicated space has diminished primarily with the increase in technology. Working from home is an option for everyone. Instead of needing space for a big, clunky computer, you can get as much work done with your phone, tablet or laptop computer. This makes working from home a possibility and in some cases the preferred method of working. While this is a viable option for many, it is not for everyone.
There are some very real benefits of working from home. The main one is the ability to save money that you would have spent on rent and use that in other areas of your business. What you gain in capital, you may lose in efficiency. There is a certain discipline needed when you work for yourself and work in a familiar environment. If you can treat your work day the same as you would if you were in an office, you will be fine. However, if you open up your laptop on your couch and turn on the TV, it will be reflected in your results.
Working from home gives you the flexibility of schedule, but that could also work against you. If you aren’t forced to punch in and out, there may be a tendency to come and go as you please and not put the work in. Of course, the less work you do the less benefit you will receive, but even a few hours here and there could have an impact. Working a comfortable environment may end up making you comfortable and not motivated to focus on your tasks.
If you feel that you are getting bored with the same daily routines, you have the power to switch them up. One day you can work at a local coffee shop and the next you can go anywhere else that has internet connection. You can keep your home office just as a place to print documents and get specific tasks accomplished. If you can keep set hours in a dedicated place in your home, working there can be accomplished. But if you are easily distracted, you may need the structure of an office.
The bottom line is that almost all of your work will be done by yourself, whether you are in an office or not. If you have to meet someone, you can do it at the subject property, meet at your realtor or attorney’s office or find a central spot that works for you. Not having an office is no excuse for not meeting and not doing business. You don’t need an office to be successful, but you do need to be comfortable motivating yourself and setting structure to your day. If you don’t have this, it doesn’t matter if you work in an office with 20 people or in your home office.
All you need to get started is a laptop, a printer and maybe a desk. With all of the increases in technology, you can do business practically anywhere. Working from home can be a great way to save money, but you need to be self-motivated with nobody looking over your shoulder.