For many years, Jon and I were directors at a company that manufactured computer circuitry. I joined as Director of R&D, and he signed on a year later as Director of Production. The work was exciting and fulfilling—until it wasn’t. C-suite management got to make the major calls all the time, and Jon and I couldn’t help but think we would have done better jobs.
If only we could run our own business, we both used to say with a sigh. I knew I had the acumen and vitality to be an entrepreneur. And, I knew I could be successful in running my own business. But, I didn’t know how to get started until I discovered real estate investing.
About three years ago, I made the big move to be my own boss and left the manufacturing company for good. Since then, I’ve been able to purchase, rehab, and resell investment properties for strong returns. But, it didn’t happen overnight and I took certain steps to become a real estate entrepreneur. Jon, who was stuck back at our old company, called me on Skype one night and asked me how I did it. I told my old friend everything—step-by-step—and hoped he’d be brave enough to take the plunge, too.
How to Become a Real Estate Entrepreneur
As I explained to Jon, starting your own real estate investing business is a process with clearly laid out steps. Follow the process and you should get the results you want. Here’s what I did to become a real estate entrepreneur and get my professional business off the ground successfully. And, if I was successful by following them, you can be, too.
#1: Learn from the best.
Just as I went to the best school of business to get my MBA, I chose to learn about my new career from the industry’s best. This meant finding a legitimate real estate investing mentor near me that had years of real-world experience, a solid reputation, and an interest in my success. You might find a mentor by attending some local real estate investing clubs or attending a training program. But, be careful who you attach yourself—and your business potential—to. ‘Gurus’ who profess to know everything, or who want money in exchange for their help, may not have your best interest at heart.
So, when you find an expert real estate investor to learn from, check their credentials. Have other people had good experiences learning from them? Are they nationally recognized for their real estate investing expertise? A good mentor will train you on how to feed you leads and close deals. They’ll teach you how to estimate the cost of a property rehab and set projections for returns. Once you’ve found a mentor that’s reputable, interested in helping you succeed and teaches you the correct information, stick with them and learn everything you can.
#2: Arm yourself with the best tools and resources available.
Every job calls for the right tools. Arm yourself with the best tools available and you’ll be more likely to succeed. In this business, for instance, you’re going to need an on-going source of quality investment leads. So, you’ll need to sort the best marketing tools for investors from the rest. You’ll also need a real estate investment valuation tool that can help you estimate both the cost of a rehab and the potential after-repair value. If it helps you organize your contacts, all the better.
#3: Make a plan.
All successful entrepreneurs have a real estate investment business plan, and you should, too. Start by setting goals. Identify your financial objectives and tolerance for risk. One way to make a viable plan is to discuss it with a mentor who can offer investment tips and strategies to lower risk, better leverage resources, and help keep you focused. Of course, there are always risks to residential property investment, but having an appropriate plan in place to guide your strategy can help you make better decisions—and keep your budding business steering in the right direction.
#4: Get started.
Step four is go-time, so be ready to put all your enthusiasm and professional skills to work. Once you have a mentor on your side, all the tools and resources in place, a real estate investment plan formulated, and leads coming in, you’re set to make your first purchase. But, don’t just buy the first property that comes your way. Review the potential for ROI before making a deal—and, be sure to correctly calculate the rehab costs. Otherwise, your first deal could be your last.
Becoming a Real Estate Entrepreneur Made Even Easier
It took me a few turns, but I discovered the best way to launch a professional real estate investing business. By becoming an independently owned and operated HomeVestors® franchisee, I got all 4 straightforward steps I needed to help me become a successful real estate entrepreneur. I received comprehensive training a week-long initial class and some of the best tools in the business—including access to the nationally-known and trusted “We Buy Ugly Houses®” marketing campaign. And, I can call on my seasoned Development Agent for mentorship any time I encounter a challenge or have a question. As I told, Jon, if you’re ready to run your own business and be your own boss, HomeVestors® could be the life change you’ve been looking for, too.
Begin your career as a real estate entrepreneur with the tools and resources you need to help achieve your investing goals. Contact HomeVestors® today!
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