What do you think is the most beneficial job or jobs for REI to do or to just know about?
I’d say it depends on what type of investing you’re wanting to do. Some people think becoming a Realtor will be beneficial because you’ll have MLS access. If you’re going to rehab and then resell or hold for the long term as a rental property, some type of construction trade would be very useful.
Hey justin thanks for replying.
When I said REI I mean real estate investing in general, like rehab, cashflow, RE marketing, just everything. And what kind of construction trade jobs are you actually talking about. What do you think about property management?
Many real estate investors are looking for a thorough, responsible property management company to protect their investment income.You can open a property management company to fill this demand. You will need to do a lot of research to succeed in this business.
If someone was looking to get useful training that would help with rentals or rehabs, I would say plumbing or carpentry would be good to get into. Some people are of the mindset that they need all their time to find deals. I’m just saying if a person wanted to do a lot of their own rehab work, those would be my choices. My wife and I do all of our own property management. No one cares more about our properties than we do. A couple people are generally difficult to deal with, but most of them aren’t that bad.
Truly you will ne to look into every job that touches your real estate investment srategy. Once you have an over all knowledge of all the people on your team ie; mortgage broker, realtors, lawyer, bird dogs, your own skills in marketing, contractor, Any body on your team, then you can direct them or seek their guidance/advice/thoughts on putting together succesful transactions.
The more you know in every field will help you direct your team and make you money. My thoughts have always been to know everyones jobs and abilities or resources so they can be guided to feeding my real estate habit.
You will soon learn who is the best in the field in those jobs and you will put them on your team, feed them and they will feed you!
Having a good team is a good idea. But if you purchase a property that cannot cash flow - your team doesn’t really matter. Same goes with a property management company - they cannot create miracles.
Becoming a Realtor has its perks but there are a lot of very rich investors that do not have a license.
What do you need? You must understand cash flow and how to financially analyze a property. This is not just what is left after you take out the expenses but also if there is going to be enough cash left to cover your mortgage and your ROI. When you understand the number, all the rest will fall into place.
The second worse thing that can happen to a person is that they get a job. The worst thing is that they get paid for working that job. From that point on people when you need money they look for a job. This creates confusion as to what they are looking for. To make money in real estate (real money) you don’t want to work in real estate. You want to invest in real estate. You want to own real estate. I wonder if you are really asking what kind of job you want to do in real estate or are you asking how do you make money in real estate? If you want a job because you need something to do then it doesn’t really matter. But if you want to make some money you need to find out what kind of real estate you need to invest in where you are.