For those working in the real estate industry and looking to expand their professional focus and earning potential, it's important to understand the various options one has for taking their career to the next level. To become a real estate entrepreneur, you need to first know some ways to make money in the current market. Below is a rundown of three of the more common paths to successful entrepreneurship.
How to Build a Career as a Real Estate Entrepreneur
1. Performing Home Improvements
In common vernacular, this is known as flipping houses. You purchase a property that needs repair, perform the necessary updates that will increase the home's value, and resell it at a higher price point. Always carefully weigh the risks of purchasing a particularly distressed property against any potential resale value; some homes may simply require too much work to be profitable or would be better served by tearing them down.
2. Owning & Renting Real Estate
Another avenue to becoming a real estate entrepreneur is to purchase property and then rent it out. Be aware that there are numerous expenses that go along with purchasing and overseeing a rental property, ranging from real estate closing costs and property taxes to property management and maintenance. You want to select a property that leaves you with substantial profit each month after all expenses are paid.
3. Investing in Real Estate
Once a person has a successful rental property under their belt, lenders are more willing to loan them money to expand their portfolio. This is, at its heart, real estate investing. Since property values tend to increase over time, the real estate entrepreneur would retain ownership of their property until the resale price reaches a desirable point; this might take years. Part of investing typically involves performing updates and upgrades to the property and making an all-around appealing piece of real estate that would attract potential buyers in the long run.
By knowing some ways to diversify your holdings, you can be well on the way to becoming a successful real estate entrepreneur. EXIT Realty Upper Midwest is here to help you achieve your fullest career potential. They offer lucrative careers in real estate and unparalleled leadership opportunities to aspiring entrepreneurs throughout Iowa, Minnesota, the Dakotas, Wisconsin, and Illinois. Find out more by calling (651) 505-3570, visiting their website, or messaging them on Facebook.