What’s the secret to building a real estate investment empire that will not only last your lifetime, but for generations?
Hitting your first million is great as a real estate investor. Subsequently, getting in a rhythm that results in making you a multi-millionaire real estate investor is even better. However, for most, this still isn’t the type of wealth that will last generation after generation. If your goals and real estate investment aspirations are more along the lines of joining the ranks of the John D. Rockefellers of history, what does it take?
1. Systems
There is no way you are going to get to this level of income and wealth by winging each deal. You might make tens of thousands per deal, maybe even a few sweet maneuvers that net several million dollars, but if you want to join the billionaires club, you really need a real estate investing system that you can rely on. Create a customized approach that will serve as the foundation to your real estate investment empire. That said, learning how to start a real estate portfolio will ensure your future investment assets follow your customized approach.
2. Management
No matter how lean the real estate investing machine you build is, it’s going to take the proper management to ensure it’s oiled and running smoothly. Odds are you are going to have more inspiring things to do yourself at some point. Plus, you’ll want a management solution that can outlive you and keep on turning seamlessly.
No matter how much you already know and have accomplished, there is always more to learn. To join the elite, you are going to want to invest in some form of business or real estate coaching program. Plus, recognize the importance of handing down that knowledge to whoever will be managing your wealth after you are gone. It really doesn’t matter how much or little you leave, if it’s in the wrong hands, it will be wasted. In wise hands, it can continue to multiply.
4. Excellence
This is perhaps the most overlooked factor, which is also likely the most important. To build a lasting real estate brand, and one which people will continue to do business with and trust, you need to provide an excellent product and maintain a good reputation.
