Real Estate Rookie Investor Makes $12,000 Yearly Passive Income
When it comes to real estate investment, there's a crucial but often overlooked secret that separates the successful from the struggling.
If you're a Real Estate Rookie looking to make your mark, here's the key insight you need to thrive: focus on building your real estate business first.
In contrast to common advice that emphasizes finding, analyzing, and profiting from individual properties, our approach prioritizes establishing a robust business foundation.
Rather than rushing into property purchases, we advocate a method that ensures your real estate ventures operate efficiently, requiring minimal ongoing attention.
Maximizing Returns with the Right Strategy
Those who neglect this fundamental principle often encounter challenges that can erode their profits. Issues like troublesome tenants or unscrupulous property managers can quickly spiral out of control, leading to significant financial losses.
However, those who embrace our secret strategy are better equipped to navigate these hurdles. They're primed to seize opportunities when others are desperate to cut their losses.
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For instance, consider the scenario where I acquired a property valued at $200,000 for just $130,000 due to the owner's frustration. Today, that property is worth an impressive $300,000.
The Step-By-Step Guide to Building Your Real Estate Business
Select Your Investment Location
Choosing the right location is essential. I've successfully invested in various states across the United States, from Texas and Ohio to Arizona and California.
My students have also ventured into places like Tennessee, the Carolinas, Florida, and Idaho, following a meticulous step-by-step process to build their real estate businesses.
View Properties as Inventory
A critical shift in mindset is to consider each property as inventory, not your business. This perspective is central to our secret method's success.
By treating properties as inventory and real estate as the business, you unlock the true potential of your investments.
Leverage Online Resources
The internet is your ally. Utilize platforms like Zillow to identify promising investment areas. Explore additional resources and videos that offer insights on effectively using online tools for property research.
Building Your Dream Team
Gathering the right team is pivotal. Instead of simply considering them your “team,” view them as integral to your real estate business's success. Start by selecting an exceptional property manager.
The Crucial Role of a Property Manager
Your property manager is the linchpin of your operation. Before contemplating property acquisition, take the time to interview at least six property managers in your target area.
They should serve as your guides, pointing you toward the right investment locations, valuable properties, and potential pitfalls.
Pro Tip #1: Property Manager's Approval Matters
Always listen to your property manager. Their expertise can help you avoid costly mistakes, as demonstrated by a student who almost made a disastrous investment without their guidance.
Expanding Your Team Beyond Property Managers
Once you secure an excellent property manager, broaden your team to include realtors, wholesalers, handymen, inspectors, roofers, plumbers, and contractors. Building trust through interviews and conversations is crucial to ensure they align with your vision.
Next Steps for Real Estate Rookies
Property Search and Approval
Consulting the Experts
As you build your business, tap into the knowledge of local experts who understand specific areas. Remember that I am not an expert in every region, and neither are you. Reach out to property managers, contractors, realtors, and inspectors in your target investment area, as they hold the keys to your success.
In conclusion, unlocking success as a Real Estate Rookie hinges on building your real estate business first, assembling the right team, and seeking guidance from local experts.
Follow these steps diligently, and you'll be well on your way to becoming a seasoned real estate investor. So, embrace this secret strategy and watch your real estate ventures flourish!
Premium online courses for any level of investor: beginner-advanced. Completely go at your own pace and can be taken through "Self-Study" or through "Membership".
Inside the membership, attend live 90-minute Group Coaching sessions with Coach Dustin Heiner as he and the MPI Coaches teach you how to build a successful real estate investing business.
Connect with the MPI Coaches and the other like-minded investors inside the MPI Mastermind Community. Ask questions about investing and get feedback how to be successful in your business.
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