Those looking to get involved in a career where there is significant potential for wealth building have long been attracted to real estate.
After all, land is something that can’t be produced ad nauseam in a factory, a fact that has made it a valuable commodity over history.
So, if you are just getting started in real estate and looking to become the next Adrian Rubin, here’s what you should keep in mind.
1) Get educated
If you want to get ahead in real estate development, it is important that you get educated. By going to college to get a degree in business, finance, urban development, or any other field related to real estate, you will be filling yourself with plenty of actionable knowledge that will put you on a track for success.
Once you have finished your formal schooling, is important that you continue to learn new concepts, and stay on top of current events that may influence the investments that you will make as a real estate developer.
2) Get a job
As sexy as the idea of being a real estate entrepreneur can be, much of the street-level knowledge that these developers possess was attained during a period of apprenticeship under veterans that had decades of experience under their belt.
By humbling yourself and getting a position in the office of an established development firm, you’ll get to learn all the minutia that goes into the purchase, refurbishment and sale of real estate.
Use this time to build up your savings and to improve your credit score as well, as both of these will play huge roles will help you get started when the time comes to work for yourself.
3) Structure your business
When you are ready to break out as a real estate entrepreneur, it is crucially important that you structure your business to shield yourself from legal troubles.
This industry is rife with litigious pitfalls, so getting a structure such as a LLC may save you untold amounts of money should a judgment go against you.
Protection against excessive taxation is another excellent reason to organize your business, as picking the right structure can greatly reduce your burden than if you were to remain a sole proprietor.
4) Build positive relationships with banks, contractors, etc
The real estate business is one that thrives on social contact. As such, being on good terms with the people that you work with on a daily basis can help you get preferential treatment when it comes to decisions that can impact your bottom line.
Just the same, it is important to be picky when it comes choosing who to work with. Build relations with banks that charge you fair rates, and contractors that don’t look to cut corners and drag out projects for questionable reasons. Once you have found good people, go out of your way to treat them well.
5) Develop a keen sense for the future
The future belongs to those that can look at current trends and successfully predict what they will mean for the future.
If you have a good sense of how things are going to be in five, ten or even twenty years down the road, you can make decisions that may be immensely profitable for you, more often than not. As they say in hockey, go to where the puck is going to be, not where it’s at.