You are reading this blog because, obviously, you want to know how to start a real estate business with no experience at all.
Well, the good news is we’ve got your back on this one. You must know that nobody ever starts a business regardless of its type with experience. All that knowledge comes along the way. Anybody who has ever started a business started from zero. Their experience and knowledge developed as their business grew. So, really, you’ve got nothing to worry about here. Of course, that is the case with all types of real estate business as well.
In this blog, we’ll tell you all about how to start a real estate business with no experience. All you’ve got to do is sit back, relax and enjoy a cup of tea while reading what we’ve got to offer you!
How to Start a Real Estate Business with Zero Experience: Obtain Real Estate Education
Becoming a real estate investor with no experience starts with a proper level of education. However, do not worry. You won’t have to obtain a Master’s degree to learn how to invest in real estate.
There are many aspects for you to learn about before getting into the real estate investing business. These basics are as easy and fundamental as terminology, types of real estate, investment strategy in addition to property financing options.
Even though these aspects are all connected, there is one thing you have to keep in mind: real estate calculations. There is no way you can learn or progress (financially) not knowing how to calculate profitability. Understand that not every investment property is a good investment. As a matter of fact, unless you know the major metrics, your business is not going to go anywhere. This means that you can’t find the best real estate investments unless you learn to perform comparative market analysis as well as investment property analysis. These are essential in determining the expected return on investment.
Need help with these calculations? Read: Rental Property Calculator: The Must-Have Real Estate Investment Tool
How Do You Acquire Real Estate Education?
There are so many ways through which you can acquire real estate education. So, here are our favorite tips:
- Read real estate books: There is no doubt that regardless of where we’ve gotten with all the technology these days, books are still the ultimate learning strategy of all time. Here is a blog in which we suggest some of the best real estate books for beginner investors: “10 Best Real Estate Investment Books to Read in 2018.” Our list consists of the most successful real estate investors’ experiences. Therefore, reading them might be one of the best choices you could ever make.
- Check out real estate blogs: If you do not like reading books or you are more into online learning, then we suggest real estate blogs. There are plenty of real estate platforms and forums that have blogs on all different matters related to real estate investing. What’s more important, they also reflect other investors’ experiences in the field. So, at least, you will have an insight into what to do and what not to do when investing in real estate. Moreover, you will learn all about how to start a real estate investment business from scratch. Not only that but also how to make money in real estate the right way. Of course, Mashvisor has one of the best real estate blogs for you so make sure you check that out!
- Find a real estate mentor: A person aiming towards success must surround him/herself with like-minded people. Therefore, we do not think that there is a better way than getting a mentor who is a successful real estate investor. Hang around these people who have enjoyed the most promising real estate careers and we promise it will be the best thing that ever happens to you. It will expose you to a live learning experience through which you can see for yourself what works and what doesn’t. You will learn all about how to start a real estate business directly from the experts in the field.
Related: What Is the Average Time to Sell A House in the US?
How to Start a Real Estate Business with Zero Experience: Start with the Right Strategy
So many real estate investors have failed just because of the fact that they chose the wrong strategy to start with. There are so many factors that determine the strategy you should go with aside from experience. For example, your financial situation is another factor. If you have little money to start with, we suggest that you start with investment strategies that do not require much. Even though you can go about buying an investment property through a variety of financing options, you still have to determine whether you can afford to commit to repaying the lenders in the first place. So, here is our list of the best real estate investments and strategies that do not require experience:
How to Start a Real Estate Business: Turnkey Real Estate
Turnkey real estate properties are the best investment strategy through which a beginner can start his/her real estate career. The reasons behind this are 1) You do not have to have any knowledge or experience 2) The property is in great shape and maybe even already has tenants occupying it 3) You get a property that already has a professional property management company handling it. So, what do you do? You only invest the money and get ready to receive a monthly income! The rest is all taken care of for you. Turnkey real estate properties are also a great way to invest passively as you won’t get involved much in it. Moreover, it allows you to keep your 9-5 job while having an extra income from property investments.
Related: What is Turn Key Real Estate and Should You Invest In It?
How to Start a Real Estate Business: Real Estate Partnerships
If you have no idea how to start a real estate business with no experience, no worries. You can always find someone who does. In fact, it will only require that you provide the funds while the other party takes care of the rest. Therefore, why not find a business partner who is willing to take on the day-to-day responsibilities of an investment property. There are plenty of people who are looking to invest their knowledge and experience but lack the needed funds to do so.
Through real estate partnerships, you will be able to acquire experience while watching your partners do the work. With this investment strategy, you can even skip real estate education at once. You can still work at your main job and receive a passive income while the only thing you do is provide the funds as well as keep track of the business.
Related: What You Need to Know About Real Estate Partnerships
How to Start a Real Estate Business: Real Estate Wholesaling
With this particular strategy, you won’t have to wonder how to start a real estate business with no money anymore. Real estate wholesaling does not require much from a beginner investor. We mean that in terms of financial resources as well as efforts. Finding real estate properties in a distressed situation to assign to a contract and finding a buyer who is willing to take it “as is” only requires some networking skills. All you’ve got to do is find the property and then take some time to find an end buyer. Acting as the middleman won’t cost you anything other than some marketing and maybe transportation.
Learn all there is about how to start a real estate business with Mashvisor. It is your number one source to get started in real estate investing!