The Millionaire Maker: Real Estate & How To Get Started Smart
Real estate has made more millionaires than anything else. How can you get started quickly, safely and regardless of the challenges you face? Let’s find out…
Real Estate Makes Millionaires
They say 90% of millionaires made their money in real estate. Look at the Forbes 400 list of richest billionaires alive, and throughout history. You’ll have a hard time finding any who haven’t either made their money in real estate or have taken their profits from other ventures and plowed it into real estate to keep it safe and grow it. Warren Buffett, Bill Gates, Mark Zuckerberg, Peter Thiel, and Travis Kalanick are just some of them. There is even a ‘homeless’ billionaire, Nicolas Berggruen, who actually made a lot of his money in real estate too. He just chooses to live out of fancy 5 star hotels.
Look at the world’s biggest and wealthiest investment funds. The Harvard endowment funds, Blackstone and Norway’s sovereign fund all invest heavily in real estate, and they’ve been doing more and more of it.
If you want to change your finances for the better, it only makes sense to get involved in real estate investing too.
The Easier Way to Get Started In Real Estate Investing
It’s true that there can be a lot of learn to start profitably investing in property or flipping houses. Thankfully, it’s a lot less tasking than grade school, and a much shorter learning curve than going to college and taking out big student loans.
Sadly, despite knowing they need it, and that it may be their only chance to live well and provide a dream life for their families, many don’t get started. There is a deep well of excuses we can all pick from if we want to hide behind them and let fear control our lives.
The most common include:
I don’t have enough time
I don’t have enough money
I don’t have good credit
You never will unless you make some changes and start investing in real estate.
There are many ways to make money from real estate. Some are more complicated and cash intensive than others. Like major remodels when fixing and flipping houses, building new developments and managing rental properties.
The cool thing is that there are other easier ways to get started too. Creative options that are much quicker to learn and get paid on. Wholesaling real estate is one of these.
Real Estate Wholesaling
This is the easiest and fastest way to get going in real estate. It can even give you some of the biggest returns.
Wholesaling real estate is much like the concept of wholesaling anything else. Just like Amazon or Costco does. You buy low, sell at an attractive discount and get paid well.
For example; you have an investor buyer who wants to find houses to rehab in your area. You know an older lady down the street who can’t maintain her house any more. She can’t physically do it, and even though she no longer has a mortgage, she is better off moving into a senior housing facility with friends than taking out a loan to repair it and keep living alone. She’s willing to sell it to you at a good discount because she doesn’t really need the money and just wants to move on fast. You get it under contract for $60,000. Your end investor is willing to pay $70,000, because they can resell it for $100,000 once they fix it up. You make a quick $10,000 for a few minutes of shuffling papers or emails, and everyone wins and gets what they want.
There is basically no money or credit needed. You just need enough for a deposit. That can be as low as $500. Even with terrible credit you can find a lender or friend to loan it to you for a couple of days.
Three Keys to Success in Real Estate Wholesaling
1. A List of Buyers
If you have a list of ready and waiting buyers for properties, all you have to do is fill the orders. Get started building your list on Facebook, at local networking events, and talking to investors you see fixing up and flipping homes in your city.
2. Learn How to Find Houses & Sellers
Once you have the buyers, you just need the inventory for them. Find discounts on houses and motivated sellers through HUD, Craigslist, public county records and by driving your target areas.
3. How Much to Offer & Basic Real Estate and Business Principles
This includes knowing your ARV (Actual Retail Value). Knowing your values shows you how much much you will bid for a property, and how much you can make on a deal, while still making the deal sweet to the investor you flip the property to.
Give your investors value by telling them honestly them how much a property needs in repairs. I am going to release a book that talks about this in the near future, so bookmark this page and check back for the link.
Keep creating win-win-win solutions, and you’ll build a trusted list of clientele and referrals that will keep on growing and paying you.
Now, kick fear and excuses to the curb, get started in real estate and enjoy a better life!