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Men and women who successfully run real estate investment businesses on a part-time or full-time basis share common traits, says Ernie Vargas of Probate Fox. He offers a course on how to earn money investing in probate real estate properties.
His advice is applicable to a person looking to become an entrepreneur in any field or industry.
Focus on a Niche
Ernie advises investors to choose a specific niche, learn it thoroughly, and get experience. This could be a business of buying and selling probate properties, commercial real estate, or single family homes.
"There are many real estate opportunities," says Ernie. "Don't get scattered."
This is similar to entrepreneurs who may be multi-talented or have multiple interests. Choose one area of business and learn to excel at it.
List your personal resources and then pull together the team you need.
"If you have desire but no money or credit then you can find those people." Ernie said he began with no money and learned how to approach others.
Your knowledge is an asset. He teaches that if you learn what you do well enough then you become valuable and attracting cash investors who have good credit scores becomes realistic.
List your other needed resources like clean-up crews, skilled tradespeople, real estate agents, real estate lawyers and approach them to be part of your team.
Once your book knowledge is developed and your team is in place then it becomes time to take action and find a property and make an offer.
Generating leads is a key first step and Ernie says don't get discouraged. "Have a workable plan with realistic goals."
He says attend local real estate clubs to gain experience and find a mentor to guide you through the early stages of operating your real estate investment business.
Click here to learn investing in probate real estate as a business.