Week 8: Should you get a real estate license or start a new business to generate income?
When investing in real estate the more money you save, the more money you can invest and the more money you will make. Many real estate guru’s hype the ability to make millions in real estate with none of your own money. Is this possible? Yes, but not likely. If you have a career or business that makes you a lot of money, it will be much easier to get ahead in life faster and make more money investing.
I am a huge proponent of getting your real estate license. It helps with saving money on commissions and getting more deals. Making money as a real estate agent is also a great way to work for yourself and make a great living. If you are going to be a real estate investor you might think about making a career as an agent as well. It is not all about cold calling and driving people around.
In this module I am going to talk a lot about starting your own business. How to work for yourself and how to make more money. Real estate may not even be the best way for you to start a business. Many people feel they need to get out of their corporate job and they must completely change their course. But sometimes the best course is just a slight redirection.
Goals for this module:
- Learn why getting a real estate license is such an advantage
- Learn how and why you should start a business
- Learn how to hire people
- Think about what might be the best business for you.
1. Why you should get your real estate license
Getting a real estate is a huge advantage for investors. It saves money on houses you buy and houses you sell. It also gets you more deals.
Task for this module: Figure out what it takes to get your license in your state. Then figure how much money you will save on your own investments.
Remember if you are becoming an agent my real estate agent programs all come with this coaching.
2. What kind of business should you start?
I am an expert in real estate. However, I have other businesses as well. This coaching program and the blog are a business I started. It took some time to get them up and running. It took a lot of trial and error, but they have been successful. A successful business is not about inventing some awesome new idea, it is about ping well, working hard and determination.
I think anyone who wants to be truly free and very successful needs to have their own business. It doesn’t have to be in real estate either. What are you good at? What skills do you have? The chances are good that you have skills that you could start a business with.
Task for this section: What are you really good at? Can you start a business using that skill? What do you love to do?
3. How to build a team
Throughout this program I give tips and tricks on how to build a team. If you want to build a sustainable business that does not need you 24/7. you have to build a team!
You cannot start hiring and delegating soon enough. You don’t have to hire a full-time person right away. But there are many things you can hire out to make your life easier, get more done and ultimately be more successful.
Hiring people is scary, but your business will run better, you will have more free time and you will make more money. Having a big team is not a lot of work, it is awesome. It allows me to have more free time and do the things I love to do.
4. How hard is it to start a business?
Building a business is not all about coming up with a brilliant idea or building a brick and mortar store. With today’s technology there are many businesses you can start. Many of them take small investments of time and money. Many of them you could start right now.
Starting is a brininess is no easy task, but it is easier today than it ever has been. The first thing you have to realize is that it is possible and with the right plan you can build a successful business. If you like what you do and the business is built around a passion it will make it much easier. Sometimes it takes baby steps to get started and then the path will slowly start to clear until you see the full picture of what your business should be and what it will look like.