The first step in determining which real estate path is right for you is establishing your goals. How much do you want to make and how quickly? How much networking do you want to do? What kind of networking are you interested in? Do you see project management as one of your skillsets? Or perhaps, you are really handy around the house? Perhaps you have a partner you’d like to work with you, or maybe you’re flying solo? Below are some descriptions for each segment to help you determine which real estate avenue best suits your work style, requirements and strengths.
1. Become a real estate investor
Learn to fix and flip properties. Many earn 20k or more on a single project in a short period of time. Some, a lot more (200K+). There are hundreds of opportunities in every city. Complete a project or two a year, and that’s some hefty cash. Get a team together and do 10+ projects a year, and that’s an even faster way to fortune.
Learn how to look for the right deals and focus on the right things. This work takes administrative type skills (hiring contractors, purchase and sales agreements, paperwork, etc.) and/or handyman proficiencies (Can you tile a bathroom? Or do basic plumbing/electrical?). This role can be handled by a single person or established as a partnership—each person focuses on their strengths (administrative or labor).
Type of person: Project focused, Big Picture Minded, Detail-oriented, Data/Strategic based decision making versus emotional
Type of work interest: Dealhunting,hands-on,negotiations,sales,marketing
2. Become a private money broker
Banks aren’t the best options when you’re trying to get a rehab loan And, if you are trying complete multiple properties at once. And, if you do not want to use your credit. And… you get the picture. There are hundreds of thousands of people buying properties with private money, and many of those people buy 5 or more properties every month or two (see that opportunity for recurring income?). Perform the administrative work between the borrower and lender and make a hefty commission. Many brokers balance other work. Some brokers make several hundred thousand a year through an office and employees. The sky is the limit in this undeveloped, not highly competitive market!
Type of person: Peopleperson,Administrative,Networkingoriented,Marketing
Type of work interest: Administrative,Social
3. Become a private money scout
Looking for a job with the least amount of work and all the tools you need provided for you? Private money scouts connect borrowers and lenders, and unless they want, do not even need to get off the couch. When you become a private money scout, you get your own landing page, plus all the marketing tools/resources you need to drive private money lenders and borrowers to your page. Learn how to post ads, network online (and off), and receive a commission on every deal that closes. It’s really a gig that sounds too good to be true—but it’s not.
Type of person: Looking for part time work, looking to work from home, looking to supplement current income
Type of work interest: Administrative, networking (off or online)
For more information about these paths and how you could take advantage of them for your business, call one of my Business Development Consultants at 1-800-971-5988.
To Your Success;
Lee A. Arnold
CEO
The Lee Arnold System of Real Estate Investing
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