Real estate is and always has been a very fulfilling, lucrative, and hot industry. Many people aspire to enter the field every single year, but not everyone makes it. Why? Because breaking into real estate can be a lot of work.
It is especially daunting if you go in solo without taking the advice of those that have come before you. Real estate experts like Ryan Hoggan love nothing more than sharing their own experiences and guiding young professionals to their dream careers.
I asked Ryan Hoggan if he could sit down for an interview with me and explain how to get started in Real Estate the right way. Ryan agreed, and now I have that interview right here to share with you; enjoy!
Is real estate a one-size-fits-all when it comes to people, personalities, finances, etc.? Should everyone get into the same type of real estate investing?
Real estate is absolutely not a one size fits all industry. There are so many types of real estate investing, and you need to know which one suits your goals before you get started.
Maybe you want to invest in rentals; maybe you want to be super hands-off; maybe you want to flip houses. There are so many factors you need to consider and think about before you invest a penny in this industry.
When should someone get hands-on? What if they just want to invest money and then forget about it?
Well, there are real estate management agencies that you can hire. They’ll handle hiring maintenance, renting out the building, etc., and you just have to throw money at them.
Of course, this has less return and honestly is a little less rewarding, but it is still very lucrative and always an option for those that want to take a hands-off approach.
They should immediately pick up a book and download some podcasts. Learning is always the first step to acquiring any new skills.
After that, you’re going to want to take a look at your real estate market. Shop around online and pretend that you’re a customer. Do you notice anything missing? If you want to build something new, the first thing you should do is figure out where the gaps in your current market are.
If you don’t want to build from the ground up, then take a look around at current house prices. Does everything seem extremely overvalued? Are there any good deals you could purchase, improve, and flip? Do your research.
The first thing you’ll learn about real estate is that it is always a local market. It doesn’t matter how much a house costs three states away; it matters how much it costs in your area.
Real estate investors, realtors, contractors, or anyone even remotely close to the industry will tell you the exact same thing. On top of the prices, you should also know local zoning laws before you begin investing.
Having connections allows you to get a very solid grasp on how much a project will cost. I can contact my local construction guy and figure out how much it might cost to build something in a specific area. I can contact a local realtor to figure out how much I could sell the property for once it’s built, it’s perfect.