How to Become a Real Estate Mogul: A Guide for the Average Person

 


How to Become a Real Estate Mogul: A Guide for the Average Person



Section 1: How to Make Money as a Real Estate Mogul


Section 2: Steps for Renting a Real Estate Mogul’s Property


Section 3: Guide for Selling a Real Estate Mogul’s Property


Section 4: How to Put the Pieces Together


You do not need to know how to be a real estate mogul or how to buy and sell property to create an income stream in this market. However, you do need to be in the know of the financial markets in order to be able to make these types of things work in your favor.


In order to be able to produce steady income, you will have to take advantage of any government programs in place that are designed to help people invest. While that may sound impossible, there are actually a lot of programs that are designed specifically for people who want to become real estate moguls.


Get Your Financial House in Order


Anyone with a desire to work for themselves has a business model, a proven revenue strategy, a product, and a defined market they’re excited about.


But how do you run your business and make money as an entrepreneur? You need to be able to earn money. That’s why many entrepreneurs use things like equity stakes or bonds to fund their business—so you can earn income without depending on consumers to come through and buy your product.


And that’s where real estate comes in. Here’s what you need to know about how to become a real estate mogul.


Start Your Own Real Estate Business


Real estate is a fantastic business for anyone who wants to get their feet wet in a business they can learn how to do.


Get a Team on Your Side


You’ll need a team of advisors, consultants, and even employees who are motivated to put money toward the goal. There are plenty of people looking for a buck. It’s in your best interest to bring them to your organization so they can gain from your success and, most importantly, get paid.


Finding your ideal team of partners isn’t easy, but it’s not hard. Good coaches, consultants, and employees will get paid for their time and expertise. It’s their job to secure projects and build relationships with people in the industry who can open doors. “You should be saying, ‘I’m doing the deals on a national and international level,’” he says. “I do a lot of the sourcing for the contractors. If you want to be a do-er, build a solid team around you.


Track and Calculate Your Costs of Doing Business


Choosing a Capital Source


Establishing a Wealth-Building Plan


Start Investing in Real Estate


Speak to a Certified Advisor


Buy/Sell: Scenario-Based Strategies


Recovering from Real Estate Accidents


#1 – The Business That Made Bill Gates the Richest Man Alive


In 1976, Bill Gates, at the tender age of 22, made the choice to drop out of Harvard University, in order to found Microsoft Corporation.


Although his family was not wealthy, he knew that if he didn’t make this entrepreneurial move, then he would always regret it. After a stint as a programmer for the government, Gates enrolled at Harvard and eventually dropped out to pursue his dream of creating a software company.


In 1990, after five years of hard work, Gates and his then-wife, Melinda, founded the company.


Find Deals That Fit Your Goals


You have been dreaming about becoming a real estate mogul for a long time. You want to buy a nice house with a stunning view of the ocean. You want to build up some money so you can finally live the life you always wanted to live.


You need the right information at the right time. You also need to know where you are going and where you came from. This is information that can bring you to the life you always dreamed of living.


Your goal should be to make money without working a day in your life. This is a little too ambitious, and you will need to find the best deals that will suit your goals.


If you’re looking to become a real estate mogul, you can choose from a variety of different opportunities.


The Market is the Most Important Factor to Consider


Real estate is the biggest part of the economy. So, if you’ve got the heart and the aptitude, starting a brokerage is a great way to start your own empire.


In this video, Entrepreneur Network partner Brian Tracy sits down with Nicole Glaros, president of eSpring Realty. She talks about the factors that go into a successful real estate brokerage, which you can apply to running a real estate agency.


To get you started in the business, check out this primer on the business from Glaros.


Click play to learn more.


Related: Live the Lifestyle You Want in 3 Simple Steps


Entrepreneur Network is a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders.


Understand Which Market You’re In


This is the heart of the real estate business. Understanding the market you’re in is important to owning a successful business. Understanding how the other players in your market operate is also crucial to becoming a savvy investor.


Start by understanding the most common ways homes are sold. Many people think that agents buy homes to resell them. But that isn’t always the case. In fact, the most successful agents actually use their own homes to show homes, then buy those homes back at a later date.


For example, a couple of years ago, my agents took in a young family with a baby. The wife had a new job and couldn’t find a good place to live with a new job. We bought the home for her and offered her a great mortgage rate, then sold it back to her for a nice profit.


Learn to Value Properties Properly


Should you rent your property, sell it or do a combination of both? Learn how to monetize a property’s value.


How to Become a Real Estate Mogul: A Guide for the Average Person


Think of Real Estate Investment as a Trading Floor


One of the keys to becoming a real estate mogul is proper funding. Learn why land development is often capital intensive.


How to Become a Real Estate Mogul: A Guide for the Average Person


You Don’t Need Enough Money to Start a Real Estate Company


It’s the land development aspect that makes real estate a high-reward venture, not the amount of cash you have in your pocket.


Know What You’re Buying and Selling


One of the things that makes buying and selling real estate a truly challenging endeavor is that you have to be able to accurately assess an offer, and at the same time, project the future to know the market and what’s going to happen. You have to act fast and be responsible at the same time. It’s a lot of work.


You don’t just throw yourself into the deep end and try to swim. Instead, you need to start with the basics. A good place to start is to study the basic elements of real estate. You can start with the elements of the transaction—who’s buying and who’s selling, the land or building and how you can list or lease it—then work your way down to things like how you’re going to finance the transaction and if you’re going to have tenants.


Identify the Desired Use of the Property for Yourself or for a Tenant


Once you’ve identified the right uses for your property, think about whether you want to lease it, rent it, or buy it. Depending on the building and market conditions in your city, you may be able to acquire your property for a fraction of what it’s worth.


Becoming a real estate mogul isn’t just about renting an apartment or a commercial building; you can also lease a local brick and mortar store, teach a business class, or even rent space in a warehouse, a storage facility, or a “co-working” center.


It’s All About Understanding the Rules


Although it’s possible to get a property for free or for a nominal fee, there are a lot of rules and restrictions involved when you buy a building. The purchase can’t be for less than what the owner paid for it.


Appraisal Approach


No. 1 thing, be the kind of seller who is easy to work with. This is something they can’t teach you, but it’s something you’ll have to learn through experience.


No. 2, you need to understand how to reduce sales price. This doesn’t mean lower the price; it means reducing the initial asking price.


What is the Appraisal Method


As a seller, you’ll have to decide if you want a complete market value or just the value that’s submitted by the appraiser.


Fully market value appraisal is an extensive process that requires the appraiser to take photos, talk to the seller, and then give you a full market value. If you need it, a DBA may be required to get this for you, which means that some percentage of the value is not allowed to be subject to purchase or cash offer.



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