A real estate tycoon is someone who makes a six-figure income through transacting in real estate industries.
Now, everybody dreams to have a six-figure income through real estate businesses. These businesses are the types that become the needs of many people.
It is not only the dream of startup or marketing businesses. Individuals who are in small and medium-sized operations can also aspire to be real estate tycoons.
Maybe you are in a venture. Yet, you may also wish to know how to become a millionaire in the real estate industry.
At some points, the real estate tycoon dream may look like a fairytale. However, it does not mean it is unattainable.
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In this episode, we have got the chance to interview Isaiah Hupp, a Church pastor who successfully cashed out his six-figure checks in real estate investing.
See full video here:
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The classical Monopoly game teaches us to become a decent real estate investor. It is a simulation that shows us ways we can sell and buy different properties in some periods.
Monopoly teaches us to start small in real estate investing. For instance, we may want to begin buying houses in the cheapest areas like Northern Colorado.
Then, we can start building up our riches through selling houses for apartments, condos, and other more luxurious properties like hotels. These properties have higher investment fees but yield more profits.
It may look like an entertaining game where you send opponents to jail each time they step into your properties. Then, again, it is a matter of numbers game.
Furthermore, here are the actionable tips to make a million in 3 years.
(P.S.: You are spot-on: It is possible to make a million dollars or more in less than five years!)
1. Know (and Map) Your Personal SWOT
Theoretically, SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. The first two are from the internal sources (a.k.a from ourselves), while the last two are from the external sources (a.k.a anything and anyone outside from ourselves).
To be the starting point, ensure you narrow down the personal SWOT scope to the real estate environment.
Being in a safe environment is not a liability. Becoming safe means able to recognize the opportunities to take risks and act on what you should do regarding them.
At the same time, numbers games are not for everyone. Some people can directly compute how much they will profit. Some others need to know the quick ratio, profitability ratio, leverage ratio, and more.
Your goal is to maximize your liabilities (or weaknesses). Not only that you overcome them and complement your strengths, but you will also find your most suitable environments to learn.
2. Diversify Your Learning Environment
Now that you know your weaknesses and how to overcome them, the next tip point is to make your learning environment as fun and interactive as possible.
Monopoly is not the only game to teach you the all-about way of how to become rich. Many other online and smartphone application-based games teach the mathematical aspects that will help you excel in computing your (possible) real estate profits.
Then, again, games are not the only fun and entertaining learning resources. Books are the evergreen resources to shape your mindset in making million dollars.
Rich Dad Poor Dad by Robert Kiyosaki and Ego is the Enemy are two books we recommend in Daniel James Media to diversify your real estate learning environments.
3. Acknowledge Your Needs and the Needs of Your Surroundings
The more people have other people in need of their help around them, the more money they will have to make.
The most evident example that we often see is the comparison between a single person and a married person.
A married person always has to allocate more effort to make money due to their significant other's needs.
Rez Church (Isaiah Hupp church) has some committees that barely make money. So, as the pastor, Isaiah has to provide financial help for these committee members.
Of course, we cannot do it all by ourselves. Hence, it becomes the point we strategize our real estate investment placement.
4. Strategize Your Real Estate Investment Places
Choosing the most suitable or cheap real estate placement alone is not enough on its own.
Analyzing the future growth trends also becomes an essential step to successfully reap a million profits on your real estate investments.
Matching your budget with the available real estate investment opportunity openings is the starting point to strategize your real estate investing plans.
By doing so, you can set your sights on the properties that yield reasonable profits within your budget.
After that, choose the property facilities that you deem adequate. For example, you may decide to invest in properties with a swimming pool and several large studio rooms. Or, you may want to go for those in the Central Business District (CBD) to reach out to more potential customers.
You may also wish to read the company's official website to get a picture of how the properties will sometimes turn in the future. Often, the forecasts can be five years long from now.
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Pay attention to the graphs and charts that picture the real estate potential growth. Another aspect that you should consider is the compatibility between the mapped pictures and the reality that you face.
Preparing for the worst is another aspect you should be mindful of when strategizing for your real estate plans. For instance, the house may have failures on some of the electronic wiring settings.
In such cases, additional inspections may be the necessary steps. In addition, as an investor in real estate industries, getting inside your properties should not be a nuisance.
5. Know the Power of Realtor (and the Possibly Associated Fees)
Realtors are equal to real estate agents. They are the people who can help you trade your desired properties. They even help you narrow down your choices on the most suitable properties.
They always charge some commissions and fees when you ask for their help. Yet, it is okay since they are more knowledgeable in matters that relate to buying and selling properties than other people in general.
On a typical basis, real estate agents or realtors charge 5-6% commission fees for the home sale price. The 5-6% then divides into two parties, which involves the selling agents and the buying agents. Both of the agents receive 2.5-3% of the home sale prices.
At the same time, the commissions for realtors do not become the components of closing fees. Instead, the property taxes, title insurance, appraisal, lender fees, and other associated services become the closing fee's components.
6. Use the Human Understandings to Your Advantage
We invite you to look once again at the Part 2 video of an interview with Isaiah Hupp.
Enneagram is one of the personality theories to improve our understanding of a person's personality. This ancient theory divides personalities into Type One until Type Nine. Even though it describes personalities in numbers, there are no better or worse Enneatypes than the others.
For example, you can maximize your risk-taking behaviors by selecting properties with high-profit margins and percentages if you are a Type Seven like Isaiah Hupp.
Conversely, you may want to diversify two or three economically-priced properties (houses, for example) to prepare for the worst, just like most Type Sixes. In particular, such things apply when the Type Six person falls into the phobic category.
Having such levels of human understanding lets you apply the third tip. It also allows you to accept support from people who come from different personality types than you.
Frequently Asked Questions (FAQs)
Now that you know how to generate six-figure income through investing in real estate industries, you may still have something to ask.
So, we created this Frequently Asked Question (FAQs) section for you. Here are the questions and answers:
Q: I only make X income per month. I am tired of this unchanging situation since Y years ago! How can I possibly invest in my favorite properties?
A: Start small - You do not have to compromise on what you need (Marriage, children, your surroundings, and more). Minuscule-sized houses in rural areas are the compatible low-cost investment due to their calm and serene views.
Q: I am not Type Six or Type Seven. How can I excel in investing in real estate?
A: The Aggressive triad (Type Three, Seven, and Eight) is the most ambitious and goal-driven Enneagram type group. Conversely, Type Nine and Type Five tend to have lesser ambition in getting what they want. However, this condition does not mean some Enneatypes can excel in investing in real estate.
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For example, Type Nine's motivation for calm and unifying with things around them can make them the masters of property investments in rural areas. Type Three's motivation for public recognition makes them more suitable for investing in properties around the city.
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Make sure to add your comment and insights to get featured on this content and engage with the community on their current situation, successes, and learning curves.
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