Starting a career in real estate is a lucrative idea, whether you’re flipping houses, developing real estate, or want to establish a portfolio of rental properties. However, breaking into the business is more complicated than buying a few properties that look beautiful. Instead, you’ll need to keep these things in mind.
Define Your Goals
Before applying for a real estate loan, it’s essential to determine what you want out of your career in real estate. Flipping commercial properties is a common goal. According to Mashvisor, the average ROI for commercial real estate is 9.5%. The return on investment is faster than real estate professionals see in rental properties. However, rental properties provide a steady stream of passive income.
Investigate Available Loans
Spending millions on a commercial property to flip is out of reach for most people, which is where a real estate loan will come in handy. A loan will give you the capital to purchase a building, and you can pay it off when you re-sell the property. However, lenders require that applicants meet specific qualifications before approval. Speak with loan companies to ensure you will qualify for a loan.
Learn the Game
Every city has more real estate professionals than most people realize, but this can be wonderful. Working with other professionals is a great way to educate yourself about real estate. You’ll need to know the process for buying and selling properties, how to hire an inspector, and the best ways to market a property for sale. People not working with mentors are encouraged to take classes at a local college or conduct thorough research.
Nothing compares to hands-on experience. Working part-time as a real estate agent can give you marketing skills you won’t learn in a classroom. Consider working as an intern with a reputable real estate company that is already achieving the goals you want. You’ll instantly gain a competitive advantage, even if you don’t have the same qualifications on paper.
Build Your Network
Networking is an essential aspect of any business. The more people you know, the more likely you are to succeed. Real estate agents work with each other, providing access to exclusive listings before they hit the market. Developers work with specific real estate loan companies, helping expedite the application process in the future. All of these little connections make a big difference.
We understand how great a career in real estate can be. When you’re ready to research the loan process, call us.