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Do you want to buy and sell luxury properties, multi-family housing, or single-family homes?Make note of the market trends in the city or region where you plan to invest. How will your business gain solid returns on these real estate investments?Selling these types of properties may put you face-to-face with wholesalers or a typical home buyer.
For instance, if you plan to buy distressed properties below market value, you may find yourself dealing with banks that are selling foreclosed properties or governmental organizations that auction houses.
Others may work directly with homeowners who need help to exit a difficult financial situation.
At first, your real estate investing business will likely be a one-man show, with you handling everything from lead generation to financial planning via your home-based office.
It’s acceptable to articulate this in your business plan, but you will want to be sure that you think ahead to the future.
However, approaching distressed homeowners facing foreclosure can be tricky.
If not done with compassion and care, you will sink the deal before you’ve even crossed the threshold.
For instance, perhaps you are financially capable of bringing some credit and money to the table so financiers feel more comfortable working with you.
Or, maybe you have a background in sales, so your personality and work style are particularly suited to investing.
Of course, organizational growth relies upon a growth in revenue, so make sure that your future business structure-related objectives align with your financial goals.
In a nutshell, you need to have a firm understanding of whom you will buy properties from and you must know who comprises your target audience when you’re selling the property.