How to Build Your Own Real Estate Empire According to Joseph Pingaro
All over the media, we see people making millions—even billions—of dollars from investing in real estate. Is it possible for the average person to build an empire of wealth with real estate investment? The answer is yes! The average person definitely stands a chance to become wealthy by investing in real estate.
However, it will take above average effort, cunning, flexibility, and desire to learn. Though real estate investment has its share of stories about people getting lucky and becoming rich right away with little time or effort, that is not the norm.
Few people actually get rich from real estate, and those who do have the right mix of the skills it takes to build an empire. Here are the top five qualities you need to have when you are learning how to build your own real estate empire:
1. Patience and Perseverance
Building your real estate empire is not a simple task. You will need to be able to stick it out for the long-haul. Realistically, it takes about four months to a year or more to flip your first house. Buying your home through a wholesaler can speed up the process, and things go faster if you can pay cash, but it is important to make sure you are well-versed in understanding the ins and outs of purchasing a home before you go this route.
Even after you flip your first house, the initial profit may not be overwhelming. The trick is to use that profit to make another purchase that may gain you a higher profit. Keep repeating the process, continuously trading up, and eventually, you will be able to invest in more than one property at once.
Once you are able to handle more than one property at a time, it is a good idea to turn some of your properties into rentals. Rental properties generate a passive income that helps you maintain a stable profit while you continue to build your empire.
2. A Stellar Team
Most of us value independence, but in most investment ventures, it is important to be part of a team. This is especially true in real estate. There is so much to learn, and most of it has to be through experience and trial-and-error.
It helps immensely if you work with someone like Joseph Pingaro, who has already experienced some of the mishaps and learned from them. Learning from other people’s mistakes is the smoothest way to learn anything.
Besides learning from the experience of others on your team, you have combined buying power. Maybe your credit is not fabulous. Or maybe you want to purchase a second property, but cannot take on more debt. If you have a partner with credit, you can use their credit to benefit both of you.
This same principle applies to cash as well. Let’s say you would like to purchase a home to flip, but you don’t want to take on the debt. If you have a partner with liquid cash, they can add it to the mix and reduce the amount of acquired debt.
Or, maybe you buy the house and they pay for the improvements. There is less burden when you share the expenses with a partner.
Finally, it is helpful to be part of a team because you bring different sets of knowledge and expertise to the table. Maybe you have excellent salesmanship but are not so good at home remodeling. You double the power of your own knowledge when you add people with different skill sets into the fold.
3. First-Class Knowledge
First-class knowledge comes from experience and having a knowledgeable, experienced team. You also need to do your research, however. Interview real estate professionals and get their advice. Be willing to shift your perspective if your approach doesn’t work.
Take classes in money management and real estate investment. Free online courses are available, and local libraries also often offer classes. Joining or starting a real estate mastermind group is not only an excellent way to access experience and knowledge, but it is also a way to build that stellar real estate investment team.
4. Tenacity and People Skills
There will be twists and turns and ups and downs. You will need to be able to switch directions and shift gears to keep up with fast-paced changes, but you will also need to be able to make calculated moves and stick to the overall plan if you are going to be successful.
You will have to learn from your mistakes, pick yourself up, and keep moving forward. You will also need to be able to build a team of people you can trust, to advise you and help you through the process of building your own real estate empire.
People skills are going to be important in every step of the way. You will need them to negotiate a deal for your purchase. You will need them to build relationships and partnerships, and you will need them to maximize your sale or manage your rental property.
You can work on improving any of these skills and qualities over time, but in order to be successful, the most important quality is enthusiasm to build your real estate empire. If you are not excited about your endeavor, you will not have the fuel you need to keep moving forward. If you stay enthusiastic and passionate, you will bring energy and growth to your endeavors.