#222 Mail-Right Show With Special Guest Kaylee McMahon
The real estate industry provides flexible opportunities for entrepreneurs to grow or add to their income. If done the right way, real estate, in the long run, can become the key to your ultimate financial freedom without having to reach quotas or depend on commission schemes from agencies. To share her ideas on how one can utilize their real estate careers to achieve financial independence. Together with hosts Robert and Jonathan, Kaylee discusses investment insights for female agents, investment partnerships, and house flips.
Kaylee starts with a discussion on how female agents can improve their create initiatives for property investments. While it is true that most people in real estate begin as an agent, eventually, if one can become an investor with the right tools and network. Like stocks, real estate concept allows a person to grow his income through several different strategies. One popular way of real investment that Kaylee introduced is multifamily investing. While owning a residential rental unit in itself is already an income-generating initiative, multiple-rental units increase your ability to grow your income quicker and access to better financing opportunities.
Partnering with Other Investors
While some people can be hesitant with real estate investment because it can be financially challenging, it does not always have to be. Kaylee suggests that you can start by partnering with other investors who are doing well for a property. It is ideal to have a big group of people or partners and venture into a bunch of different investment vehicles. This way, you not only learn more on the ropes of real estate, but you also get to have more flexibility with your income and time as well. But how does one look for investment partners?
One way to start is to ask around within your community for like-minded entrepreneurs and introduce yourself and your goals for a real estate investment association. Another method you can try is by using social media to find groups who are interested in investment property. It is also wise to do your due diligence to research your potential investment partner, their projects, their track record, the agents and clients they’ve done business with, and what projects they are willing to venture in.
In addition to investment partnerships, real estate agents can also venture into flipping houses. It takes a little more effort, time, and financial investment for this to work. You may start with an old small property and turn it into a modern house. With the right improvements, you can set an affordable home into a property with a higher value.
Kaylee also recommends being smart in choosing contractors and dealing with them in terms of deadlines and payments. If you are lucky to have a contractor, your project will hopefully finish on time, making sure that your endeavors will be profitable. Also, one of the reasons your end selling price is going to fail is based on the quality of workmanship your contractors can provide. There are a lot of ways agents can invest in real estate. One should always do their due diligence of initiating research, networking and implementing projects.