Thinking of getting into the real estate business? If so, you won’t want to do it alone.
Partnering up with a mentor is a great way to get relevant experience and advice in one of the largest industries out there, generating $158bn per year.
If you’re wondering how to find the perfect real estate mentor, you’ve come to the right place. Here are a few tips to help you pair up with the perfect mentor.
Assess Your Interests
The first step to finding the right mentor is to do a bit of soul-searching. You can start by asking yourself a few simple yet important questions
Why Real Estate?
Everyone has a different reason for entering the market, and there’s no right or wrong reason. Still, you’ll want to understand your motives for joining such a competitive industry. Yes, making money is certainly nice, but think harder.
What Do You Value in Business?
It’s important that you have a grasp on your own personal beliefs and values, as these will shape your business. Furthermore, understanding your own beliefs can help you align with someone who shares those same views.
Where Do You Want to be in a Decade?
Admittedly, this question can be tricky. It’s important to think about your future, particularly since the market is so splintered and varied. Like assessing one’s values, finding a mentor who has achieved your career goals can be invaluable.
Find a Real Estate Mentor That’s Forward-Thinking
When asked what makes him such a strong hockey player, Wayne Gretzky once said, “I skate to where the puck is going to be, not where it has been.”
Real estate and its associated marketing methods change on a pretty constant basis. So it makes sense that you’d want to find a mentor who understands more than just current trends.
You’ll want a mentor who is creative and informed enough to know where the puck is heading, so to speak.
Success is obviously important. But if you’re going to work with this person closely, it’d help if you got along with them.
Look for a real estate mentor who you like as a person as well as a business person. You should seek out someone you can empathize with and in turn someone who will empathize and understand you.
Find The Perfect Mentor to Teach You The Fundamentals of Real Estate
Finding the right mentor can be quite the challenge. Hopefully, this guide has made the process a bit easier.
Invest in yourself and your goals, look toward the future and work with a mentor you enjoy being around. These may seem like rudimentary pieces of advice, but you’ll be amazed at how much they’ll help.
Speaking of helping, if you’d like to start your career in real estate, you can get in touch with me anytime! I’d love to talk about your goals and how we can accomplish them together.
Real estate is a popular venture, especially among those new to the realm of investing. On the surface, it seems like an easy route to take; capitalists just need to fulfill regular landlord responsibility.
But, of course, it’s not that simple. Investors have to consider several variables that can impact their ROI. This includes real estate investment trusts (REIT), as well as property type (i.e. commercial, residential, industrial, etc.)
Consider this your guide to Real Estate Investing 101. Before committing to a property, do your research to make sure this is the right opportunity for you.
Residential- Standard landlord/renter terms; renter agrees to pay investor based on a preset rental agreement
Commercial- Investor is paid by business owners who rent units from a multi-purpose property
Industrial- Properties are typically used to fulfill the needs of large-scale businesses; think: firms, warehouses, distribution centers
Real Estate Investment Trust– Investing in shares of corporations who already own property; best for those who aren’t looking to be involved with property management
Retail- Retail storefronts with several tenants; think: shopping malls, plazas
Mixed-Use- Can be a combination of residential, commercial, industrial and retail investing (diversification is advantageous in real estate investing)
Fixed Income- Purchasing an existing property and then lending back to the tenant; best for long-term tenants, such as banks, hotels, etc.
How to Get Involved in Real Estate Investing
One common way new investors acquire property is taking out a mortgage. This allows them to build their property up before leasing out and making more money. Also, it’s a great option for those who can’t afford to pay off the entire property (a.k.a. most).
However, if you’re among the few who can pay off at once, go for it. Once you build up your investment portfolio, it’s much easier to pay upfront.
Putting the mortgage in your name is a real estate investing 101 no-no. Rather, opt for an LLC or limited partnership to hold your investment through. This minimizes your own risk and allows you to protect your assets.
Other Real Estate Investing 101 Tips
Here is some other advice to follow before making a property purchase:
If able, team up with others you trust. This will help reduce costs and risks associated with lending.
Don’t make an offer unless you’re ready to follow through.
Be diligent. Don’t take or make offers unless both parties fully understand the proposed terms.
Document everything. Written contracts will save you big time if problems arise down the road.
Don’t be a penny-pincher. This will come back to bite you in the butt, especially if a tenant grows unsatisfied.
Looking for More Info on Real Estate Investing?
It’s not enough to just find a deal and invest. You need a plan-of-action to dictate how you run your investments to garner the most profit.
If you’re looking to enter the world of real estate, you’re in the right place. I educate new investors so they can maximize their ROIs, particularly in the digital landscape.
Contact me today to learn more about investing, as well as best tips and strategies.
Not only is it a great way to inform people and spread your message, it’s also a great way to make money. For every dollar you spend on emails, you can expect to make $38.
So how can you leverage emails as a real estate professional? Read on for some email marketing tips to get you started.
Know You Won’t Have Your Audience for Long
Most people who will receive your emails aren’t excited to grab a bowl of popcorn, sit down, and read a real estate newsletter.
They might open it and see if there’s anything interesting, but don’t expect to have a hold on their eyes for long. You need to create your emails with this reality in mind.
There are a few ways to craft messages for readers with a less-than lengthy attention span.
Utilize the Inverted Pyramid Technique
The inverted pyramid is a writing style commonly used journalist and public relations professionals.
The technique first rose to popularity after the invention of the telegraph. The new machine made sharing news faster than ever. But at the high cost of a penny per character, the long-winded writing styles of the day were cut down.
In its place was the inverted pyramid.
In this style, the most important details were loaded at the top of the article in the headline and lede. Other less important information was added later to fill out the story.
By writing with the inverted pyramid in mind, you can ensure your readers are getting your main message up front.
Readers gloss over big chunks of text. They levitate toward shorter sentences, pull-out quotes, and bullet points. They also look for bold headers and dividers to understand where they are on the page.
Write for skimmers, and they’ll retain more of the information you want them too.
You Must Give to Receive
Your ultimate goal is email marketing is to gain some new clients and generate some sales.
In other words, you want something from your readers — namely their time and money. To earn these valuable things from your audience, you need to give them something of value first.
Blasting out emails that include nothing but sales pitches is a great technique to get your emails sent straight to the trash bin.
You might be apprehensive to enter the business because of all the time and commitment it takes to make a profit. However, when you learn about wholesaling houses you’ll see why it’s a great way to make a profit.
Read on to learn why.
What is Wholesaling Houses?
In real estate, wholesaling takes place when the wholesaler gets a property from someone selling a home, and then markets the house to potential buyers. The wholesaler then assigns the contract to one of them and makes a profit.
The purpose of it is to get a property under contract and then selling it as soon as possible.
Let’s take a look at an example. Let’s say you have a house under contract for $80k. The property needs about 20k in repairs, and then the wholesaler plans on selling for 145k and make a profit.
Instead of making the repairs, the wholesaler finds a buyer who will pay $90k. The buyer will be able to sell the property and still make a profit. Meanwhile, the wholesaler also made 10k without owning the property or making repairs.
Who Can Benefit?
Since you don’t need a lot of money to get started wholesaling houses, it benefits starting up investors who are eager to sell and make money.
Wholesaling also benefits those investors who are starting out and don’t have a long credit history or bad credit. Since they don’t technically take ownership of the house, their financial information is not necessary.
Compared to investing in real estate and then flipping the property, with wholesaling you will make money faster. You don’t have to buy a property, fix it, put it on the market, and then wait for it to sell.
Wholesaling sometimes allows for you to get your money within days to weeks. Think about it, you don’t have to do all of the repairs or flip the house, so you can move on to the next project.
You will, however, have to be responsible for the closing of the property and all of the costs involved.
Weeks or months could go by without a new project when you’re getting started.
You run the risk of not being able to find a buyer. If you don’t have a buyer then there’s no deal. You run the risk of having to pay the seller, and your reputation could be at risk.
Ready to Begin Investing?
Wholesaling real estate is a great real estate investment option if you want to make a profit fast. It will teach you the skills necessary to identify and make great deals without going through the entire process of flipping a house.
If you enjoyed this article and would like learn more about wholesaling click here.
The Premier Real Estate Investing Learning System
Real Estate Investing is one of the fastest and most lucrative ways to generate cash flow. The key is having the right knowledge and the right tools for growing your business.
Digital marketing has never been more crucial for succeeding in real estate, and it’s crucial that your business has an online presence. If you’re a real estate investor, you need to be familiar with the best strategies for lead generation in the digital space.
Below we’ll look at the top 4 real estate digital marketing strategies you need to know to succeed in the industry.
1. Make the Most of Virtual Tours and Video Content
People love to see exactly what a property looks like while they’re looking for real estate online. If you do it right, a great virtual tour or video can build a lot of excitement.
There are several ways you can give a virtual tour of your property or home. You can try a laidback and personable video where you give a walkthrough of the property, for example. 3D panoramic images can also be a great choice.
Live streaming videos are also becoming popular on many platforms such as Facebook and Youtube. You may even consider using a drone to take videos of your property from above and from all angles.
Whatever way you decide to give a virtual tour, it can work wonders in helping your listings shine in the digital space.
2. Connect With Your Crowd Online
For successful real estate digital marketing, it is important that you learn ways to connect with your target audience online.
Social media, email marketing, and an active blog can all help you to build ongoing relationships with people who may be looking for new properties. These tools can help you to always stay at the top of their mind.
Facebook and Twitter are great for reaching out and posting updates on what properties you have available. These channels are also great for posting the virtual tours we mentioned above.
Email marketing can also be a great tool, and unlike social media, you’ll be speaking even more directly to your contacts when using email. Email marketing usually has higher conversion rates as well.
3. Make Sure Your Website is Optimized
When marketing real estate online, it is also essential that have a fully optimized website. It should be fast, mobile friendly, and filled with useful content.
More people than ever are relying only on mobile devices to browse the web, so it’s crucial that your website works well for mobile users. By using a responsive design, you’ll ensure that users on all types of devices can access your site.
Your website should also be as fast as possible. Make sure that the technical aspects of your site are well-optimized.
Finally, don’t forget your blog. Content is still one of the best ways you can help your website do better in the search engines. Content also provides a lot of value that will help engage prospects and leads.
4. Consider Using Online Ad Networks
While many of the strategies mentioned above are considered inbound marketing techniques and tend to attract a prospect and lead to you, online advertising channels should not be overlooked.
PPC (Pay-per-click) advertising on Google AdWords or Facebook advertising can be very helpful for finding new leads. You may also consider display ads and other ad networks as well.
Compared to traditional advertising, digital advertising can be highly targeted. It can be easy to search for only the people who are currently looking for a property in your area.
If you do it right, online advertising can be very cost effective and can allow you to generate some great leads in record time.
Take the Time to Perfect Your Real Estate Digital Marketing Strategies
By considering all of the real estate digital marketing strategies above, you’ll have the best chance at generating leads and making the most of your real estate investments.
While some strategies may take some to get a handle on, mastering your digital marketing and your online presence is critical. If you do, you may just create a thriving real estate business that lasts.
Looking for a professional or personal real estate guidance? Contact me today to learn more about how I can help you meet your goals.
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I’ve been in the wholesale real estate business for over eight years. It is second nature to me, so I sometimes forget that it is still a widely misunderstood practice. While most everybody understands the core concepts of conventional real estate transactions, the wholesale real estate business is much less recognized as the nuanced, viable practice it really is.
To help people better understand the wholesale real estate business, I’ve laid out its principle concepts here.
Simply put, the wholesale real estate practices boils down to flipping the contract of sale on a house. The Seller and Real Estate Investor agree to a sale price for the Seller’s home or property. The contract is signed with some or no earnest money down. The investor then quickly flips that contract, selling it to an investor at a greater price.
The investor is a cash buyer with the goal of rehabbing and flipping that home or perhaps using it as a long term investment. The Seller receives cash for their home without the prolonged timeline or hassles of the more widely used process of listing with a Realtor. The wholesaling Investor makes money on the contract sale to the Investor, and the Investor picks up a property that will generate income for him/her.
I first discovered the wholesale real estate business while working as a licensed Realtor. Frustrated with the confines of the retail real estate industry, I was drawn to wholesale real estate. This practice utilizes attorneys, title companies, and other professionals, just like retail real estate, but the Sellers are far more motivated to sell their homes or properties.
As I developed relationships with investors, learned more about the business, and grew my own network, it was an easy decision for me to leap out of the slow-paced, cumbersome retail real estate world and into the wholesale real estate business.
Why do I still love the wholesale real estate business?
Just like any entrepreneurial endeavor, this business can be tough – but it also allows me to live my life on my own terms. I am solely responsible for how well my business does. I work harder some months than others. I feel enormous pride in growing my business to where it is now, and even bigger excitement at where I am heading.
You would be hard-pressed to find another industry with as many possibilities for the entrepreneur with little to no startup funds, or with as strong an educational and investment path for those who can invest in the early stages. It is a hard-earned but absolutely attainable level of success, once the correct steps are taken.
There are lots of reasons people need to sell their home fast. Perhaps they inherited a property, the property is in disrepair, they are relocating, going through a divorce or some sort of financial struggle? These are just a few reasons a seller would want to work with an investor like myself.
Let’s look at an example of a typical wholesale real estate transaction with one of our most common types of Sellers…
A Seller reaches out to me with a need to sell his home quickly. That home may be worth $400,000 in top condition and full retail price, but needs a significant amount of cosmetic updates as well as some major repairs. The Seller owes $100,000 on the mortgage and $10,000 in back taxes. He’s fallen on hard times and just wants to get out from under the debt fast. We agree on a sale price of $220,000.
Our attorneys approve the contracts, and we have a deal. I have investors in this area, and sell this contract to one of them for $240,000. The investor closes on the contract, invests $70,000 on renovations, and sells the home retail for a $90,000 profit. I have made $20,000 by flipping the contract, and the Seller is debt free with $100,000 cash in the bank. This entire process depending on the state your doing business can take as little as 10 – 30 days.
The wholesale real estate business is more than a business.
It provides a service to people that allows them to move forward with their lives. Having worked hard to rebuild my own life after my own hard times, this is the most rewarding part of my work.
Perhaps the better questions is, What’s not to love about this business?
Duplicate Dave's Real Estate Wholesale Business
Real Estate Investing is one of the fastest and most lucrative ways to generate cash flow. The key is having the right knowledge and the right tools for growing your business.
And due to an increase in purchasing power, many are taking advantage of real estate opportunities. For the fourth year in a row, millennials represent the largest group of home buyers in America.
But many young people still buy into the idea that only older investors can make money in real estate.
Let’s take a quick look at how you can get ahead of the game and start investing in real estate while you’re still young.
Live-In House Flipping
As a millennial, you may not have much money to play around with. You may also be looking to buy your first home.
One solution to this problem is what’s called the live-in flip. It involves buying a home for cheap, living in the house while you fix it up, and then selling it after two years.
The best part of this approach is the potential tax benefit. With the section 121 exclusion, you can sell a property you own and pay no taxes on gains up to $250k if you lived in that property for 2 out of the last 5 years. If you file jointly with your spouse, you may qualify for a capital gains exclusion up to $500k.
Buying and Renting a Duplex
If a single-family home doesn’t appeal to you, you can always opt for a duplex. This option allows you to make money investing in real estate by renting out one half of the duplex while living in the other half. In some cases, you might be able to live for free while the other tenant covers your expenses.
Buying and renting a duplex and renting also gives you experience as a landlord. If you choose to live in the duplex, you’ll likely interact with your tenant regularly. Getting this type of experience in your 20’s and 30’s can prove to be beneficial later in life.
Investing in Turnkey Properties
If you don’t have time to renovate a home, and if living in a duplex doesn’t appeal to you, don’t worry. There’s an alternative option.
Turnkey properties are apartment buildings or homes that real estate companies already renovated. In most cases, these companies also include property management services. This means you don’t have to worry about taking care of any repairs.
If you’re a professional who lives in an expensive market such as LA or NYC, this is an ideal approach. It’s a passive strategy that allows you to invest in properties located in more affordable parts of the country.
With this type of investment, the biggest mistake you can make is not doing the proper research. You should always visit the property first. Just because a property has a “turnkey” label doesn’t mean it’s necessarily safe.
Maximizing Your Real Estate Opportunities
Adults often tell young people to invest in stocks and bonds early so they can save for retirement. But the real estate opportunities mentioned above can also put you on the path toward achieving financial security.
When you’re a young investor, it’s important to learn from people with experience. So dedicate plenty of your time to networking. Attend as many events and seminars as you can, and connect with other investors on social media.
Are you ready to learn how to become a successful real estate investor? Check out our marketplace for training, tools, services, and educational resources!
Have people ever told you your dream is impossible? Have you ever let yourself believe the naysayers?
Trevor Mauch has an important lesson for all of us who are tempted to give in to doubt.
Shaken by his friend’s death, Trevor turned his grief into action. He looked deep within himself to determine his core values and committed to making his life matter.
Trevor Mauch was tired of hearing about small towns shriveling up and dying when their primary big businesses closed its doors. He believed people who thrive in wide-open country lives shouldn’t feel forced to move to cities, where the jobs are.
He didn’t want those who choose to cling to country life spending more time in traffic or on trains than they do at home with their families and he thought hard about how people who want to live in small towns should not just scrape out middle-class incomes, but earn six figures or more.
On top of all that, Trevor Mauch also knew it was possible to help people in his small town find big success – so he did, and has since made millions helping people across this country find success right in their own communities.
Trevor Mauch now runs his multi 7 figure Real Estate SaaS company with an infectious passion and is an inspiration in both business and life.
Listen in as one of this country’s leading Entrepreneurs shares his story of dismissing doubt and realizing his own American Dream by helping others realize theirs.
Properties sites can be tweaked and optimized to appear higher in listings
A professional presence can attract investors
Create an inbound funnel for real estate investors to sell leads
After having bought (or invested) in a property you are at liberty to increase the price of the property to generate a profit. Other alternatives include repairing and flipping or subletting (such as with AirBnB).
Consider stabilizing the rent until the mortgage is paid in full which provides extra, profitable opportunities.
Here are the types of properties you should know more about when learning how to get started in real estate investing:
Your typical property found on the market. These properties may include apartments, houses, and commercial real estate.
You make a bid, close the deal, and then take on the responsibility for its maintenance and upkeep. You’ll also be responsible for attracting tenants which can be done through Web-based strategies, local listings, advertising, or working with a broker.
Research is key: consider the location of the property, proximity to desired staples of life, amenities, and trends in the market.
Adjust the rent based on a mortgage calculator along with factoring upgrades and repairs along with local job earning averages.
Real Estate Investment Trusts (REITS)
REITS are when investment companies own many pieces of property and offer a part to investors. In a sense — it’s stock investing but with real estate — through mutual or exchange funds.
This type of property investment lowers the financial risk because of the diversification of the portfolio.
Swings in the market may increase profitability but they’re also susceptible to large crashes such as the one experienced in 2008.
Real Estate Investment Groups
This form of real estate investing is like REITS but property ownership is a small group of individuals instead of a large investment company.
The management of the property is done through the group. This reduces the overhead you’d find in a basic rental setup.
The downside is the difficulty in gauging the commitment others may have in these investment properties.
Crowdfunding & Sharing Economy
The explosive growth of the sharing economy has changed real estate investing. The sharing economy for real estate is well-known through services like AirBnB. It gives a home/apartment owner the ability to rent a property on a micro scale without setbacks found with long-term tenants.
Crowdfunding is another opportunity like REITS and investment groups. It uses crowdfunding platforms and a very wide pool of investors to buy, manage, and distribute the wealth of a property.
On Going Demands of Real Estate Investing
It’s common to gloss over the ongoing demands when asking how to get started in real estate investing. Real estate requires upkeep.
There are always problematic issues with real estate:
Those jumping into real estate investing for long-term gains are seeking to keep the property as part of their portfolio. Yet, there will be repairs and maintenance which should be factored into the investment.
Another aspect is the tenant relationship. It can be difficult to judge character. Be aware of tenant rights and be cautious of who you do business with.
Legal liabilities should be an ongoing concern. Failure to do proper maintenance and repairs could harm the tenant which gives them grounds for legal dispute.
Investing in real estate creates a well-rounded, diversified portfolio if it’s paired with investments in stocks, bonds, and funds.
The investment opportunities are lucrative though a drawback could be the time and resources needed to start.
Despite this — the returns are well worth the time and resources.
Now you know the basics of how to get started in real estate investing.
Get started now
Register and explore our free training to help build a hungry list of potential buyers before you make the first investment. Go in knowing you’re already on track for a large return on your investment.
About Dave Brown
Dave Brown has been active in real estate full time since 2002 and has combined his passion for internet marketing and SEOwith real estate investing to create a highly successful and profitable real estate investing business. This is the driving force behind Dave’s unique success as a real estate investor and entrepreneur.