A Painless Guide to Starting Your Real Estate Business

0 Flares Twitter 0 Facebook 0 Filament.io Made with Flare More Info'> 0 Flares ×

So, you’ve done your research and made the decision to pull the trigger and go ahead and start a Real Estate Business. Well, what comes next?

Here’s the deal, most businesses fail in the first few years, so you want to do everything in your power to guarantee success. Now, keep in mind, you’ll experience failure… many times during this process, but what’s important is that you press on through the “little” failures to massive success in your real estate business. That’s what this is about.

First, I recommend that you decide to work it and treat it as a real estate business as opposed to a real estate hobby. I’d recommend scheduling regular time that you spend directed effort towards your business. Most people investing in their spare time while working full time jobs, which is great. On the other hand, if you don’t schedule time on a regular basis, it’s easy for it to get placed on the “back burner” of life, which typically means nothing gets done. So make a commitment to it, schedule it, and make it happen.

Next, make sure you have your tools of the trade. Obviously if you’re reading this, you’ve got some type of access to a computer. You’ll also need the proper paperwork to actually do business. If you’ll be “flipping” or “wholesaling” properties to begin, then you’ll at least need a Purchase and Sales Agreement, as well as an Assignment Agreement to get the ball rolling.

After you’ve done your first deal, you’ll want to use some of the proceeds to formalize your real estate business, by getting an E.I.N. (Employer Identification Number) which you can now apply for online. You’ll also want to decide what type of entity to structure your business in. Finally, you’ll want to set up a free checking account for your real estate business.

Finally, what’s most important….is taking action. Your real estate business won’t be a business unless you bring in money by doing deals. All too often, I see people that get side tracked and spend time “organizing their office” or “getting things together” when that time could be much better spent generating leads, making offers, and doing deals. It’s easy to trick yourself into thinking that you have a real estate business when you’re not doing anything productive whatsoever. Don’t fall into that trap. Lots of people do.

Learn the basics, and then get out there and take action. Sure, you’ll screw up, that’s part of the learning experience. Learn from it, get back up, and move on. That’s the real key to having massive success in your real estate business and it’s what separates those that last long-term from those that quickly sink and fade away.

Now, get out there and do something!!!

To your massive success,

Jason B. Simpson