My guess is, if you’ve been in real estate any length of time, you’re probably decent at building rapport. But it wouldn’t hurt to be better at it, right? I’ve worked in sales essentially my entire life (I won’t share how many years that is, but trust me, you can measure it in decades), and this is what I’ve found to be an effective
How can I start a real estate business?
As mentioned by Jacob, consider investing in another class of residential property for your first foray into real estate investing. Condos can be tricky with all the associated condo or HOA fees.
Building a real estate business from scratch takes careful consistency and patience. I think a great first step is to take a good luck at your goals in the short, medium, and long term.
Ask yourself some questions to understand your goals:
- Do you want real estate to become your primary income source or is it a way to keep your money working for you on the side?
- Will you have access to any personal connection or information that will help you to achieve your real estate goals?
- Are you a hands-off or hands-on investor? In other words, would you trust someone to help you make the decision on what to buy and how to manage that asset? Or are Yu the type that wants to be driving out to the property to check up on it?
- Do you have any particular skills or connections that can inform your investing strategy? For example, do you have a reliable and affordable general contractor? If so, maybe buying lower class properties to renovate and flip or rent would be a good option.
If you take the proper steps to first establish your real estate investing goals, it will inform who are the first partners you make, how you structure the financing of your purchase, and where you will be investing.
If your totally hands off and real estate is just a side thing, then maybe you could trust investing out of state with a local agent in a rent ready property and then hand it off to a capable local property manager. You just collect money in your account each month.
If you want to take up real estate and property management as a hobbie and eventually a primary source of income, then perhaps consider the famous house hacking methodology popularized on BiggerPockets. Buy a duplex, live in one unit and rent out the other. Use the rent income from the one unit to pay the mortgage on the property. With this approach, it’s much more hands on and you’ll learn all the fun nuances of property management and tenant relationships.
Best of luck in your endeavors!