As you know real estate business is not a get-rich-quick scheme. However, it is the most predictable instrument that you can use to get rich in the long run.
Like any other business, if you follow what other people have done before, there are high chances that you will get the same results in the long run.
Having interviewed different real estate agents, educators and mentors, there is a common trait that they all have and the majority of real estate investors don’t have. They have some proven strategies that give them an edge in the market.
To build a sustainable business in real estate investing, you will need to educate yourself on some of the best proven strategies and which have been adopted by successful real estate investors.
To be successful, you will have to sacrifice more in learning more about real state basics to advanced and possibly the most creative options you can use to make money in the real estate sector. This will help you replicate what other successful people have done before in the past.
Below are some of the proven creative strategies that you can employ in order to be successful in the real estate business.
Located Motivated Sellers
This is the beginning of great transactions deals. Look for quality leads of real estate sellers that are desperately looking for someone to sell their property. Verify the documents and then create a marketing plan that you will use to market the property.
Ensure you have potential real estate agents that you believe can generate for you a good lead. As you know real estate is all about negotiations, ensure you negotiate well and get the best deal out of that transaction.
Before you start actually buying real estate property, you can start by flipping contracts. And you will be earning with no risk of being transferred to your end.
There is a lot you will learn in the process. Only ensure that you declare your position as wholesale as the law requires that.
Buying, selling & Managing Rental property
If you want to be your own boss, then you will have to develop a plan on how you will acquire property, make it ready for occupying, and look for clients to occupy your property so that you can have monthly rental income.
The more you will accumulate the rental income, it will soon surpass your current income from your primary source of income.
Learn basic skills of how to manage real estate property for easier management of your portfolio. This will be of great help to your future assets.
Rehab and Flip Houses
With help of a professional contractor, look for houses that are in bad condition in a busy street. Buy and renovate for purpose of selling.
Use other people’s money here as well.
Sometimes, financial institutions like banks are not willing to lend you money for instance to buy a piece of land. In such cases, you need to be well connected with private lenders and who doesn’t need down payment to advance for a loan to be given.
Be like Bank
Advance loan to real estate dealers and brokers. Ensure you have higher interest rates than bank rates so as to protect you against bad deals.
Ensure you have high collateral for your money.
Protect your assets
Finally, for whatever coin or property you have ever made in real estate, ensure your property is your portfolio through good relationships, quality insurance, and trusts. this will fast-track your freedom to both financial freedom and time.