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Real Estate / Secrets to Building a Real Estate Empire / Chapter 5

Secrets to Building a Real Estate Empire

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Building area lestate empire

Secrets to Building a Real Estate Empire

In this chapter, you will learn. . .

  • Key traits of highly successful investors.
  • How you can build your own real estate empire
  • What you can do now to put your real estate career on the fast track

Now that you’ve already learned one of the most powerful strategies in real estate investing, it’s time for you to know how you could start building your own real estate empire. And yes, we’re not just talking about owning a couple of investment properties here. 

Can you imagine how your career as a real estate investor is going to look like, four or five years from now? I tell you this, you’ll be so glad you started. The possibilities are infinite, and if you do things right, you’ll never ever run out of opportunities. 

But of course, you need to follow a system for you to get to that level of success. So in this chapter, I’ll tell you how you can set yourself up for success in the industry even as you’re starting out.

But to begin, let’s discuss an important question. . .

Realestate empire

What makes a real estate investor successful?

There are only two types of real estate investors out there—those who are successful and those who are not. And do you know what sets them apart? 

You’re right. Attitude.

Believe me on this: Your traits determine how far you’ll go in this industry, and in every other aspect of life, for that matter. Success is never a matter of chance. It’s a matter of adopting the right mindset so you can live out the life you’ve envisioned for yourself and the ones you love.

Want to know whether you’re set up for success? Check the list below to see if you have the traits that mark highly successful investors.

What is the BRRRR strategy?

BRRRR stands for Buy, Rehab, Rent, Refinance, and Repeat. These four letters make up what I refer to as the smart investor’s investment cycle. And as I’ve already mentioned, this is my all-time favorite strategy, and for good reason! It has changed countless lives for the better—mine included.

So let’s go ahead and discuss what this strategy is.

The patience to wait for the right time

If there’s one thing that you need to know before you start investing in real estate yourself, it’s that everything can be fast-paced. 

Properties on the market can be gone in a matter of seconds. Rehab projects can incur a loss if you let it go beyond the deadline. So you see, there’s a constant pressure for investors to act fast and go for the cheapest options.

But the thing is, real estate investing is not about doing what everybody else is doing. Just because everyone else is rushing to get their properties on the market doesn’t mean that you should as well. 

It takes a lot of skill and patience for you to wait until the timing is right. Now that doesn’t mean you don’t have to act fast, but you should be able to identify exactly when you should act and when you should wait things out. Your patience, when coupled with the right knowledge, will save you from making some costly mistakes.

And here’s where most novice investors fail at: knowing when to buy and when to sell.

Some investors buy properties—not because they’re always good deals—but because they feel pressured to meet their goals. They’ve already set a specific number of properties that they want to buy and when they want to buy it. So in their minds, buying properties is nothing more than ticking off a list of investment goals. They’re not actually assessing whether it was the right time for them to buy a property or not. 

And then there are those investors who buy even when the market is not yet in the right phase of the cycle. Believe me, I’ve seen this happen countless times.

Seasoned investors, on the other hand, do not buy properties to meet a predetermined goal. They buy when they see the right deal and are willing to wait until the next opportunity comes along. They trust in their intuition and skills rather than in the opinion of the majority, and their patience always pays off in the end.

A clear vision for their investment properties

Most investors purchase investment properties with only the thought of holding them until an opportunity to sell comes along. But the best investors don’t just hold properties and wait for them to accumulate value; they upgrade the property to increase its value. They have a clear vision for their property and they work hard to turn that vision into reality.

Where the average investors only see a rundown building, for example, the best investors see the potential of the building to be a modern commercial property. They don’t just find a good deal. They make good deals by adding value to their property. 

Here are some ways that they do that:

  • Adding bedrooms and bathrooms to a residential property
  • Converting portions of the property to expand its living space
  • Acquiring income property and increasing rental fees

The ability to get things done faster

The best investors know that when it comes to real estate, there is no time to waste. And so they continually look for opportunities to get things done more efficiently. They know exactly how to cut through distractions so that they could stay on top of the game. For example, they delegate routine tasks such as answering phone calls and emails so they could focus on more important tasks.

They make good use of their time, always looking for ways to be more productive than they already are. And their attitude towards work influences those who work with them as well. 

So if you want to become more productive as an investor, think of how you can streamline your workflow now and improve your efficiency.

The ability to focus on their goals

Top dollar investors know exactly what they want out of their investments and have no qualms about what they need to do to get those goals realized. They don’t allow distractions to get in the way of their vision, and their determination to push through the obstacles blocking their path is contagious. 

Really, if there is one thing that sets the average investor apart from the successful ones, it would be their level of focus. They understand the power of the 80/20 rule (also known as the Pareto Principle, which states that 80% of the results we see are a result of 20% of efforts. As such, they focus 80% of their efforts on 20% of the tasks that produce the greatest results and outperform their competitors.

The ability to build strategic relationships

Smart investors know that the best way to grow their investment is by using the power of leverage. They don’t just leverage other people’s money; they leverage people and opportunity as well. Understanding how to do that is crucial for anyone who wants to build a real estate empire. 

So let’s discuss how you can do just that.

Leveraging other people’s money is one of the most common strategies that investors use to earn big profits. An example of this is having an investment refinanced so you can acquire another investment property while still earning rental income from the refinanced property. Applying for bank financing to acquire a great property deal is also another form of leverage.

Top investors also don’t try to do everything on their own. They know that they need to delegate tasks and they do that by leveraging great talent. By hiring talented individuals that they know can be trusted with managing their portfolio, investors get more time on their hands so they can focus on growing their assets and making even bigger and better investments.

And lastly, the best investors always know how to leverage a great opportunity. They understand that one win can lead to an ever greater win, and they are always on the lookout to leverage their success to close even more profitable deals. They’re not people who’d waste the opportunity to perform even better and gain more profit in the process. 

An insatiable appetite for learning

Truly successful investors are always hungry for new information and understand that there are no limits to what they can learn. And they acknowledge that the learning process never ends. Not even if they’ve been in the industry for decades. 

Whereas the unsuccessful real estate investor gives up after learning a few things, the successful investor is always on the lookout for new trends in the industry. 

Successful investors keep themselves updated on the market and are great at what they do simply because they continue to invest in their skills and knowledge. So it is therefore no surprise that these investors are usually the first to recognize opportunities for making huge profits. 

Are you willing to keep learning? Are you willing to keep growing as an investor? 

If your answer is Yes, great! The more you learn about real estate, the more confident you’ll be in investing. 

Not sure what you can start learning after you’ve completed this guide? Here are a few:

  • How to analyze a property’s cash flow potential
  • How to recognize an under-valued property
  • How to compute for rehab costs
  • How to properly manage a rental property
  • The different economic factors that affect the market

The truth is, there’s really very little that is new or innovative in real estate, and you can use this to your advantage! That means all you have to do to be a successful investor is to observe what successful investors are doing and do them yourself. If you have the same mindset as they do, then I tell you this, it won’t be too long before you become a successful investor yourself.

But there’s one more thing you need to do. . .

fast track to success

Get on the fast track to success!

Knowing the basics of real estate investing is good, but there’s more that you need to understand than just that. If you want to be a pro at investing, you need to know strategies, you need to understand the market cycle, you need to understand the underlying principles of real estate investing, and so much more.

I know it can be overwhelming, but it doesn’t have to be. You don’t have to go on the journey alone. I can help you.

I know exactly how it feels like to be in your position because that’s how I started out too. I started out not knowing exactly how to invest and how to manage my portfolio. But I learned from the best mentors I could ever have asked for, and so can you! 

This is exactly why I have prepared an in-depth real estate course just for you! Click on the video below for a sneak peek into the ultimate course that can change your career right now for the better.

Are you ready to take the leap and start building your real estate empire today? Then click here to get started!

Are you ready to take the leap and start building your real estate empire today? Then click here to get started!

CHAPTER SUMMARY

  • Top-notch investors possess the following key traits:
    • The patience to wait for the right time
    • A clear vision for their investment properties
    • The ability to get things done faster
    • The ability to focus on their goals
    • The ability to build strategic relationships
    • The ability to use leverage
    • An insatiable appetite for learning
  • To get on the fast track towards success in real estate, you need to be willing to invest in your knowledge and skills

Are you ready to take the leap and start building your real estate empire today?

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