With real estate being near an all-time high these past couple of years, building an empire before you are 30 may just be your next goal. If you are looking into this, it must be taken into consideration that you must start as soon as possible and fully understand the inner workings of real estate. Building any sort of empire is a huge project to undertake, especially when you have set out a specific time-frame for yourself. Read on below for steps that will help you build that empire!
Start Investing and Gain Experience
Although this might seem like mere common sense, it is not as simple as you may think. You can not just invest in any real estate that you like or see. Consider your buying options carefully and take calculated risks if need be. Successful investors usually come with a high degree of expertise, so you need to gain as much experience as possible from the very beginning. Don’t be afraid to fail or buy something that was not suitable. The most important thing is that you learn from your mistakes, move on, and move forward.
BRRR Method
There is a method in real estate called the BRRR method, and it’s not just an onomatopoeia for the sound you make when you’re cold! BRRR stands for Buy, Rehab, Rent, Refinance, and Repeat. In real estate, it is sometimes quite difficult to find the right house to buy, but with the BRRR method, there are ways to control the outcome to some extent. Basically, you buy a house, you fix it up, make it “rent-ready”, refinance with newer loan options or different rates of interest, and do it all over again.
Build a Team
Trying to build an empire by yourself is not always a successful endeavor. Having people who understand your goals and objectives is a sure way to have eyes on the market and new and upcoming trends. Your team is there to help you with the daily process of maintaining your real estate portfolio and should have your back and also have enough expertise to guide you when you need it. If not a team, then you may at least look into having a partner, and from there build your empire.
Be Reliable – Protect your Reputation
One of the things that will really help you in being as successful as you would like is to be reliable and to be known as someone who is trustworthy. There is nothing that will get you further in life more than word of mouth. If you are unreliable, then everyone will know that fact by posting it on social media or just telling those around them. Your reputation is something you must uphold and always take into consideration.
Before you start anything the most important task you have to do is research! Research previous case studies and success stories, even stories of those who have failed. Learning the history or the path of those who came before you is a sure fire way to know how to mold achievable and relevant goals within the ideal time-frame.
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