Real estate is a BIG and multifaceted sector of the economy. And there are MANY different ways to make money in real estate, both as an investor and as a business owner or operator.
So, with so many people still looking for jobs, we thought we’d take some time to talk about some of the various ways people make money in real estate as their profession.
In the studio for this episode of The Real Estate Guys™ radio show:
- Your professional host, Robert Helms
- Your amateur co-host, Russell Gray
- The Godfather of Real Estate, Bob Helms
Each of us has a background in a real estate related profession, in addition to our activities as investors and big-shot radio talk show personalities. And through the radio show, we’ve met dozens of very successful business owners or operators who make their living in one of the various sub-sectors of real estate. We bring all of these perspectives to the discussion.
Obviously, there’s no way in a one hour radio show to cover all the professional opportunities related to real estate. But we cover a few. And we talk a bit about WHY investors often end up in a real estate related profession as a means of enhancing their own investing.
As in any career choice, it’s important to not only understand the opportunities, but to understand yourself and your strategy in making a move. No one likes to go from the frying pan into the fire.
That is, just because you can make a lot of money in a business, doesn’t mean you’ll like it. And if you don’t like it, even if you find initial success, it will be hard to sustain your success over a long period of time because you’ll be fighting against your lack of interest.
So before you quit your day job to pursue riches in professional real estate, take some time to ask yourself (and people who know you well) about your strengths, weaknesses, skills and interests. Then look at the actual work you’ll need to do on a day to day basis to be successful and honestly answer the questions:
- Do I have what it takes?
- Will I enjoy spending my time doing this?
- Will this endeavor allow me to keep the main thing the main thing?
To find out what a profession truly requires, take some time to interview successful people in that space. Find out about their skills, personalities and interests. Then compare those with your own and consider whether it’s a good match for YOU.
Just as important is to stay focused on WHY you are going into this new profession. Many investors get into real estate brokerage (as did the Godfather), mortgage brokering, or property management as way to get closer to people, deals and data that would be useful for their own investing. In addition to making money, how else does the activity enhance your life?
One danger to watch for (and this is true in any profession) is if the job now takes up all your available time and energy, you may find yourself in the rat race of making a living while neglecting the building of your own portfolio. This is the classic story of the landscaper whose own yard is overgrown. Make sure you don’t get too busy in your professional life that you neglect your investing. Unfortunately, it’s VERY easy to do.
Another consideration is what’s hot now. Markets change and sub-sectors of real estate investing go through the ups and downs of market cycles. So we take spend some time in this episode to talk about what’s hot and what’s not right now.
If you’ve ever considered making some aspect of real estate your full time vocation, tune in and find out if a career in real estate works today!
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