There are 86 real estate careers, each with dozens of options resulting in hundreds of possible choices. But it can all come down to three categories:
- Buy with intent to re-sell.
- Buy with intent to create income.
- Invest in someone doing 1 or 2.
How do you know which is for you?
If you have a job or a career that you either love, like, or plan to tolerate, the fix and flip thing might not be for you – unless you have no life and want to devote every minute of your free time to those projects.
If you want to end or replace your career, and the idea of flipping properties appeals to you, you need to decide, at least in the beginning, whether you want to fix and remodel properties or flip in different ways. There are multiple possibilities here and most of it comes down to what you are doing. I started out just buying, fixing, and selling. I didn’t realize there were ways to sell a property or the contract to the property without fixing anything. But there are, both in your backyard and around the country!
If you want to keep your job and career, you are probably looking for income-producing properties. This means you need to think about things like rental houses, small multi-family like duplexes or triplexes, or apartments. But don’t limit yourself. You can buy anything people or companies will rent – office space, manufacturing space, retail, it doesn’t matter what you choose.
What DOES matter is you choose something, master it, stick with it until you have it down before adding other skills or asset types.
Perhaps you want your weekends and off time to spend on yourself and with your family. You just want to put your money somewhere. Great. There are many options for you as well. You can buy shares in a REIT, and real estate mutual fund, invest in a crowd-funding site, or put your money into a private offering, such as the one offered by me. As host of the hit radio show/podcast Flipping America I get the inside scoop on the best places, the most effective techniques, and the highest ROI possibilities in the marketplace. You can join me if you wish.
No matter which option you choose (and you can pick them ALL eventually), the first thing you need to do is educate yourself. Learn as much as you can about your options. Think about your personality – your strengths, your interests and abilities. Then consider how much time you have or want to put into this. Lastly, consider your financial position. This is going to go a long way in opening up or limiting your options.
Right about now you might be thinking about how cool it would be to put all of this on some sort of chart, right? Yeah I thought so, so I did. Just click the link and watch the video about this.
And you can download the presentation by clicking here!
All the best!