6 Easy Tips for Getting Your Real Estate Startup Off the Ground
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Loading... - Laura Timko
- 16 Sep 2022
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As a real estate professional, I understand as well as anyone that this business has great potential for financial payoff and personal fulfillment. But it also presents unique challenges that can take us by surprise along the way. Perhaps you're stepping into this for the first time. Or simply bettering yourself as a well-seasoned entrepreneur.
Here are six simple but potent tips I can offer from my own experience to help make your real estate startup as successful as possible.
1. Make a detailed plan
First and foremost, the amount of planning you do. Planning will greatly impact both your expectations and your ability to handle the unexpected twists and turns along the way. Find resources that can help you make a detailed business plan. Be sure you understand what you're getting into. Ask yourself the tough questions that will help you to form the big picture vision, the medium-term strategy and the short-term goals you need to be successful.
On that note, I've found that even with a great vision for the future, it's possible to end up feeling stuck and in a rut. Focus on bringing that vision down to the day-to-day, nitty-gritty to-do list items that need to be achieved. In other words, setting (and meeting) measurable goals is how you get from point A to point B.
2. Assess and plan your finances
Modern brokerage websites and apps have provided a user-friendly experience for investing in condos, apartments and other properties all over the world. It's not difficult for folks to put some money into real estate and make great returns over time.
However, starting a business within the real estate industry is a whole different ballgame. It often requires a strong understanding of how to leverage debt and a strong tolerance for the fluctuations of the market. So to avoid getting in over your head, make sure your finances are lined up well to handle a transition to business ownership. Be organized and specific about your budgets. Plan to make next to nothing at first. This way you will have the most margin possible to build your business up without worrying about putting food on the table for you and your family.
3. Form an LLC
When you're ready to really kick off your business, forming an LLC is very important. Real estate as an investment can be lucrative over time and starting a real estate business of any kind has great potential. But as with any business, it's important to protect yourself financially from any potential issues. That's one of the primary reasons to form an LLC. Unlike forming a sole proprietorship or DBA, forming an LLC will protect your personal finances and property from any liability should legal matters arise against your business down the road. Read More...
