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Be Creative
6 . Get Creative in Your Deal Making
– Some markets are so expensive that a singlefamily home will not cash flow . In these circumstances , it ’ s time to get creative , perhaps consider transforming the property into a residential assisted living ( RAL ) home ? What about a sober living facility ? Or , sometimes renting them out by the room to students or singles also increases monthly income . If you are living or investing in California , consider transforming the garage into a legal studio apartment , plus adding an ADU ( accessory dwelling unit ) in the back of the property . By doing so you ’ ve essentially turned a singlefamily home into a triplex ! And , it ’ s all legal , thanks to state laws that passed in 2019 to help solve the housing shortage in California .
7 . Build Solid Relationships
– Any industry is difficult to break into at first . As a newbie , people may not take you seriously . Or perhaps , some may dismiss your ambition due to your age , gender or experience level . That ’ s why it ’ s important to align oneself with successful , honest and ethical people . Professionals who are in it for the longterm and who take pride in performing honest work . After 25 years as a landlord and 16 years as a licensed agent , I ’ ve seen so it all . To stay safe , I recommend asking for referrals and take it slow when developing relationships with people . Get to know them before doing any actual business .
8 . Close Escrow or Go Home
– Don ’ t waste time nor burn your bridges with wholesalers , agents , sellers , lenders or private investors . The “ fake it ’ till you make it ” mantra doesn ’ t set well with established professionals in this industry . Gossip about bad business dealings gets around locally , and nationally , very quickly ! Nobody likes shady flakes , deceitful investors , or greedy manipulators … especially in real estate ! Investors who engage in deceitful practices may one day awake to discover a Rip Off Report about them or find themselves being served with a lawsuit . Please take real estate , and the industry laws and ethics that govern it , very seriously .
I hope these suggestions help swell your existing net worth in 2021 . Remember , the key to multiplying wealth with real estate quickly is to buy equity . Hidden gems are out there waiting for sophisticated buyers , your job is to find them . Best of luck .
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