There’s a lot of ways to approach making money in real estate.
But using this basic concept will likely help you no matter what niche you decide to go with.
How do you make money in real estate? Well it’s quite the onion and there’s a lot of way to peel it. So let’s look at the two most basic ways to approach such an onion.
It boils down to this:
Short Term vs. Long Term
Short Term Definition : It’s all about Making a quick buck! It’s a more active strategy that takes up most of your day, but it is easier to enter this strategy and start making money quickly.
Long Term Definition: Making money down the road, usually by buying investment real estate. This strategy tends to be lower impact in terms of daily hours, but it takes a while. You will need to be slowly building your relationships or be buying properties to hold and to collect income off the cash flow.
How short term works: It’s all about lead generation on this one because you need people, money, or property in order to get a deal done no matter if you are the broker, a flipper, or an account manager.
How Long Term works: You are looking for longer term relationships instead of one-off deals and (usually) therefore one-off relationships. You will need people or vendors you can trust in order to be sure you will be able to buy/partner on a good investment property.
Putting them together: Noticing a basic need here? The long term guy needs leads to. The only difference is he needs the people and groups he works with to be valuable and wants them to stick around. So by adapting your short term strategy with your long term strategy, you can end up doing well in real estate not just when the market is hot, but when it’s cold as well.
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