While it might seem like a tough hill to climb from nowhere, you can truly become a billionaire in real estate. Building that wealth requires you to know how to build a real estate empire as soon as you’re in your 20s. Starting too late means starting behind many other people in the industry.
Here are a few tips to get started today, starting by working with everyone you know.
It Takes a Village
When you want to build a real estate empire, it’s not easy to do it alone. You need to have partners who want to invest in your deals. You attract them by becoming a successful investor on your own so that they see the value of what you offer.
If you don’t have any deals in your portfolio, you’ll seem like you lack experience. It’ll appear that you don’t know what you’re doing and that you’re not disciplined enough to get investments started.
If you’re investing in your first property, make sure that you know how to house hack. You’ll need to make the most out of your first couple of deals if you want to build something big enough to attract real money.
You don’t have to start out with money but you need to know how to attract people with it. You do that by showing an acuity for dealmaking.
Build Your Team
Along with partners, you’ll need to have a team in your corner who knows how to take care of the details as your empire grows. There are realtors, contractors, and even plumbers who you’ll have to know to call when it’s time to get the job done.
Your team is there to keep every transaction smooth and predictable. You’ll need some expert realtors to handle the transaction and an inspector who can help you find issues that can save you money. They should find details that will lower the cost and predict major issues that can rescue you from massive losses in an investment.
When you choose good people, they’ll also refer you to other good people. Every one of your partners is an extension of your business. You should be able to refer them to people and have them refer people to you when you need something.
This kind of relationship builds a strong rapport and builds the community you’ll need in your corner if you want your empire to thrive.
Keep Focused on Real Estate
Every conversation that you have should turn to real estate. When you’re talking to anyone with money or resources, you should be able to have a conversation about real estate. You should know the structure of every kind of deal like the back of your hand so that you can bring in even the most unlikely of partners.
You don’t need to post every move you make on social media, but you want to show people that you’re a savvy investor. People who are in your network online or in-person should know that you’re on a path to success.
Let other people know that it’s possible to get involved in real estate and be their entrance in. Even when you’re starting off small, you’ll see that lots of people will admire your tenacity. If you show them the way, they’ll start referring to you as “that real estate investor” they know, which will lead others to you.
Details matter, so make sure you’re always presenting yourself professionally. You could end up closing leads when you least expect to with the right approach.
Digital Presence Matters
While there are few things more concrete and un-virtual than real estate, you still need to be seen online. Since most searches for products, services, and real estate start online, you need to be where potential customers are.
You need a simple website that can introduce people to who you are, depict you as trustworthy, and lead visitors to your current inventory. A basic website goes a long way.
Make sure you always have business cards. They should have every method of contact you on them. Come up with the same handle for all social media and digital presence so that you’re easy to find.
Put together a digital brochure to show your greatest successes along with some real numbers. This will help investors see your real value.
While you want to present yourself well, you also need to vet all of the people you work with. Protect your time and money by making sure your leads fit before you work with them.
First, make sure they truly have the capital that they need to invest. Question their capacity for taking on multiple deals.
See what kinds of investments they have experience with. They should be able to describe their satisfaction and what they expect from future deals.
Be honest with how soon they expect to see an ROI. If they have other people or family members involved, it could slow things down and complicate things for you and for them. They might not hit the goals they expect.
There’s No Single Way How to Build a Real Estate Empire
When you’re trying to figure out how to build a real estate empire, you need to know who you are and what you want. When you’re seeking out partners, you’re not going to be motivated to work with people who you don’t truly enjoy and respect. It’s vital that you build your empire with people who you’re excited to work with.
When working on a finance property, make sure you follow our tips to get the most out of the deal.