taking it from a hobby to a career

[albainstar]

I currently run a successful retail business for the past 5 years but do to the 4x rent increase I am facing next summer I will likely be closing down.
How do I take my love of real estate, learning and investing and turn it into a career? I am not an expert that could attract JV`s , what I would like is to team up with someone who is and help them grow thier business, and of course learn it. I would want to be more of a parter then a simple employee.
I am going to quick start but like I said I am not at an expert level yet nor do I have mass amounts of cash to forge ahead on my own(also I am not a reinvent the wheel type- I would like to team up with someone knowlegable to create a win-win)

Does this exist?
Where would i start?

 

[coinebro]

I assume their are many rein members who would JV with you. Our company does JV`s and partner ships, but I am not a rein member. I am still trying to decide if it is worth the outlay of capital.

I have had few people want to partner with us who are new to real estate , so if you want to approach a potential partner I would make a few suggestions:

1. Don`t ask them how they can help you build your business.
2. Be prepared to listen with an open mind, there are many ways to do a deal, not just the conventional way.
3. Don`t try to tell the other person you know they can make money on a deal you bring, just sit back and let them look at the numbers.

These are a few of my pet peeves over the years from new investors. I have had a lot of time wasted by new investors who want to do a deal, but in the end are to chicken to take a little risk. I now have a three strike policy with new investors. I will send them three deals that make guaranteed money and if they do not take one of them, I know they are not serious and I tell them so.

Don`t be afraid to fail or else you will never suceed.

 

[greg12]

How about Property Management? Good ones are hard to come by in Fort Mcmurray and they charge around 10% of gross rent. It seems there will be no shortage of clients given the vast number of out-of-town landlords. Also, think about offering suite-furnishing services for a good fee.

 

[RedlineBrett]

You need something to do that can bring in cash to keep the lights on and put food on the table. While the lure of being a self employed real estate investor is great it has many sleepless nights as many times there isn`t consistent cash coming in.

I chose to enter the world of real estate services (I am a real estate agent) to provide a means to bring in cheques while I built my rental empire

If you are really serious about it this is what I would do. Perhaps your strengths cater to property management, or mortgage financing, or sales or commercial real estate... it is a HUGE world!

If you leave your career to go and build an investment business and you don`t have either A) lots of capital or B) the sales skills to draw it then you will find it very difficult!

QUOTE (albainstar @ Jul 23 2008, 09:57 PM) I currently run a successful retail business for the past 5 years but do to the 4x rent increase I am facing next summer I will likely be closing down.
How do I take my love of real estate, learning and investing and turn it into a career? I am not an expert that could attract JV`s , what I would like is to team up with someone who is and help them grow thier business, and of course learn it. I would want to be more of a parter then a simple employee.
I am going to quick start but like I said I am not at an expert level yet nor do I have mass amounts of cash to forge ahead on my own(also I am not a reinvent the wheel type- I would like to team up with someone knowlegable to create a win-win)

Does this exist?
Where would i start?

 

[albainstar]

good comments

I need a real estate licence to be a property manager correct?

I love real estate but have always been scared off getting my licence for some reason. I have my life/health insurance licence and wasnt scared to pursue that.
I guess I just worry that sometimes turning a love into a career you find out that you dont really love it full time

But I guess I dont love my company I have right now full time either.....

I would like to find a company to do some hands off JV`s with and grow over time to take a more active role in the investment.

 

[RedlineBrett]

QUOTE (albainstar @ Jul 24 2008, 12:56 PM) I need a real estate licence to be a property manager correct?

Yes you do, and you have to have a broker`s license to open your own shop and operate a trust account.