How I Would Get Into Real Estate Today (if i could start over)

The speaker outlines a strategic plan to rebuild a successful real estate career from scratch, emphasizing three key steps. First, they recommend obtaining a real estate license to gain essential knowledge, direction, and networking opportunities. Second, they advise choosing a specific area within real estate, such as property management, and becoming an expert to build confidence and create income opportunities. Lastly, they highlight the importance of leveraging property management skills to identify and invest in undervalued properties, either independently or through partnerships, to build wealth and generate passive income. This approach aims to transition from self-employment to financial freedom and wealth creation.

• Start with a foundational education in real estate by obtaining a real estate license in your state.
• This step is crucial as it provides general knowledge of various real estate types and deals, including contracts, deeds, financing, and math.
• Attending real estate school helps in determining a specific direction within the real estate industry.
• Building a network is a significant benefit of in-person classes, as classmates can become lifelong contacts in the industry.

"I believe you got to start with an educational base of knowledge, and the best way to go do that is to go get your real estate license in your state."

• Emphasizes the importance of a foundational education as the first step in rebuilding a real estate career.

"So at the real estate school, you're going to get three things. One, you're going to get a general knowledge of the real estate types, but also the various things that each real estate deal is going to have."

• Highlights the comprehensive education provided by real estate school, covering essential aspects of real estate deals.

"Number two, it'll help provide a direction. So for me, I chose to go into property management, but many people go on to residential real estate."

• Real estate school helps individuals decide on a specific career path within the industry.

"And number three, it'll help build your network. And this is why I want you to do in person."

• Stresses the importance of networking through in-person classes, which can lead to lifelong professional relationships.

• After obtaining foundational knowledge, the next step is to choose a specific area within the real estate industry.
• Options include mortgage, title, residential real estate, property management, homebuilding, commercial real estate, brokerage, and more.
• The choice of path should align with personal interests and career goals.

"Step number two. Pick a lane. Now, what do I mean by that? Now a lot of people decide to go right into mortgage or title or residential real estate."

• Encourages individuals to choose a specific niche or focus within the real estate industry after gaining foundational knowledge.

"For me it was property management, but I have lots of friends that went into homebuilding. They went into commercial real estate."

• Illustrates different career paths within real estate, highlighting the diversity of options available.

"They became brokers. Some people became property managers in the commercial office buildings."

• Provides examples of various roles in the real estate industry, emphasizing the need to select a path that suits one's skills and interests.

• The importance of becoming an expert in your chosen field is emphasized as a critical step towards success.
• Personal experience in property management is used as an example of how to specialize and become proficient.
• Engaging with professional associations and obtaining certifications are recommended strategies for gaining expertise.
• Expertise builds confidence and momentum, making you indispensable to others in your industry.
• Transitioning from an employee to a business owner is highlighted as a potential outcome of becoming an expert.

"It's very important that you now try to become an expert in whatever it is you pick."

• Emphasizes the necessity of specialization and expertise in any chosen field for career advancement.

"When I chose property management, the first thing that I decided to do was how do I become a better property manager?"

• Illustrates the proactive approach to self-improvement and skill enhancement in a chosen career path.

"I started getting on the board of the Arizona Motor Housing Association, the National Apartment Association, the National Motor Housing Council, and I even started to go after my certified property manager, which is called a CPM designation."

• Demonstrates the importance of involvement in professional organizations and pursuit of certifications to establish expertise.

"You just need to try to be an expert in your lane. And this is step number two."

• Reiterates the critical step of developing expertise in one’s specific area of interest or career.

• Developing expertise leads to increased confidence and momentum in one's career.
• Becoming a necessity for others in the industry is a result of expertise, allowing for the monetization of skills.
• Different property management scenarios (houses, multi-units) illustrate the varying demands and opportunities in the field.
• Expertise opens doors to networking with bankers, lenders, investors, and landlords, facilitating business growth.

"This is when you start to build your confidence. This is when you start to build your momentum."

• Highlights the personal growth and career momentum that come from gaining expertise.

"As a property manager, you now can charge for your services."

• Indicates the financial benefits and professional opportunities that arise from becoming an expert.

"If you can really be an expert and a professional property manager in this space, then you will be able to command wherever it is you want to go."

• Suggests that expertise provides the freedom and capability to pursue various career directions and opportunities.

• Expertise in a field can facilitate the transition from a traditional employee role to owning and scaling a business.
• Property management is used as an example of replacing a W-2 income with business revenue.
• The transition is described as more lateral, offering more freedom despite the demands of business ownership.

"You've gone from, let's say, a W-2 income or an employee and replace that with, let's say, property management fees, and you're building your own business."

• Describes the shift from being an employee to generating income independently through expertise.

"You're about ready to scale it, but now you just have a business that's requiring all your time."

• Acknowledges the challenges of business ownership, including time demands, even as it offers more freedom than traditional employment.

• The first step in achieving financial freedom is moving from an employee to a self-employed position, such as starting a property management company.
• This transition provides more freedom compared to being tied to someone else's paycheck.
• The ultimate goal is to develop passive income streams to achieve financial independence.

"The first step is transitioning from, let's say, an employee to a self-employed by building a, let's say, a property management company."

• This quote highlights the initial move towards self-employment as a means to gain more control over one's career and financial situation.

• The goal of moving into self-employment is to eventually build passive income through real estate investments.
• Owning real estate and having property management skills are crucial to maintaining and growing passive income.
• Passive income allows for financial freedom and a desired lifestyle.

"What you really want is to build passive income, to move into the investment side of the business."

• This quote underscores the importance of transitioning from active to passive income for long-term financial security.

• Operational skills in property management are essential for identifying, acquiring, and managing real estate investments.
• These skills help in keeping properties occupied, managing expenses, and ensuring a steady cash flow.
• They are vital whether investing personally or on behalf of others.

"You now have those operational skills to be able to identify, search, find real deals, invest in them for yourself or for other people."

• This quote signifies the value of operational expertise in maximizing the returns on real estate investments.

• Investing in personal development is crucial for recognizing and seizing opportunities in real estate.
• Property managers often see opportunities in distressed or poorly managed properties that others might overlook.
• Personal investment leads to better decision-making and the ability to create value in broken assets.

"Step three is actually investing in yourself. So as you start to look for your own assets, or as you start to look for real estate for other people, you're now going to start to see opportunities that most people don't see."

• This quote emphasizes the importance of self-investment in uncovering unique opportunities and gaining a competitive edge.

• There is an opportunity to fix broken deals, either for others or for personal gain, by leveraging property management skills.
• Understanding partnerships, syndications, and the intricacies of deal-making enhances the ability to add value.
• Addressing operational, financial, and lending issues can significantly improve property value.

"I started to look under the hood about how you fix properties that are broken from operations, from bad lending, from high interest rates, from high loan to values or whatever it might be."

• This quote illustrates the process of identifying and rectifying issues in distressed properties to create value and generate profit.

• The discussion emphasizes the strategic shift from property management to wealth-building through real estate investment.
• Key choices involve either using personal funds to acquire and fix properties or forming partnerships to raise capital for the same purpose.
• Building a business in property management is viable, but transitioning to property ownership and investment offers greater passive income and wealth-building opportunities.

"And that's when you start to look at assets that come to you for property management."

• This quote highlights the initial step of recognizing potential investment opportunities within property management roles.

"So now you have another choice, which is to take those same skills and take these broken assets and decide to either buy them yourself if you have your own money, or to put together a partnership and be able to fix it on behalf of the whole partnership, which of course, you are part of."

• The speaker outlines the two primary paths for leveraging property management skills: self-investment or collaborative partnerships.

"But either path you choose, I can assure you that the ownership side will get you further ahead on the passive income and the wealth-building strategy."

• This statement underscores the advantages of property ownership over mere management in terms of financial growth and stability.

• The speaker advocates for a dual approach, combining property management and ownership for optimal financial outcomes.
• By managing and investing, one can create personal wealth and passive income, benefiting both individual and family futures.

"And there's nothing wrong with doing both, which is exactly what I'm doing."

• The speaker shares personal experience in pursuing both property management and ownership, suggesting it as a viable strategy.

"And for my own personal experience, at any given time, there are hundreds of properties always mismanaged in every town and every city, in every state across America."

• This observation points to the constant availability of investment opportunities due to widespread property mismanagement.

"If I had to start over today, this is exactly how I would start."

• The speaker emphasizes the effectiveness of this strategy by expressing a willingness to repeat it if starting from scratch.

• Effective property management skills can be leveraged to identify and capitalize on mismanaged properties.
• Creating value through improved management and investment can lead to significant personal and generational wealth.

"If you can figure out that skill, then you create your own value, your own wealth, and your own passive income, and you're on the road to change not only your life, but generationally, your family's lives."

• The speaker highlights the transformative potential of mastering property management and investment skills.

"And if you're interested in that strategy on how to buy real estate, I just did a full video on that."

• This invitation suggests further resources are available for those interested in learning more about real estate investment strategies.