Real estate investors need every advantage when creating a portfolio for their business, but what does it take to create a portfolio that actually makes money?
Here are 5 simple tips from millionaire real estate investor Noelle Randall.
Present yourself seriously
Randall: Get correctly licensed for the state you want to operate in. Name and register your business. Get a professional email address and a business phone number. Next, you’ll need a website. There are many ways to make one, and you can even start marketing your business with a simple and free landing page. If you present yourself seriously, people will take you seriously.
Randall: Never stop marketing. Target your niche, find a specific property problem (i.e., probate, foreclosures, relocation, etc.) in which you’d want to specialize, and market and build your business around this. Once you have mastered this, you can add in different strategies but start off by being strategic with your marketing. Get on social media, get those running, and just do what you can. Tell people what you do, what customers you serve, and how you serve them. Those three things are enough to start finding the right people that will help your business grow.
Monetize Everything And Create Multiple Streams of Income
Randall: Let’s say you’re already marketing strategically and those leads are coming in. You must monetize them in different ways. Make sure that you are earning through multiple ways with these leads. You can wholesale a property, fix and flip it up a little bit and put a tenant in it. You can do many different things with the properties you’ll be handling.
You can also receive passive income from rental properties or referral fees when you refer leads to your partners or peers. With multiple income streams, you can take a couple of months off from active real estate investing work and set up your own business that you’ll be passionate about.
Educate yourself and stop listening to outdated information
Randall: Learn about your business. Learn about your industry, field and any legislation related to it, and work on your craft. This is so important; take your education seriously. So, educate yourself but do not just watch tons of videos and read books from different people giving you all different types of advice.
Stop watching videos from 4-5 years ago with strategies and training that may have worked then but likely won’t work now. Instead, find intelligent people that are educated and up-to-date on what you want to do, follow what they tell you, and do it.
Establish Business Credit
Randall: Before you fix and flip a house or even wholesale, you can start building a business that can get funded with business credit. You can get an LLC, an email, a website, funding, credit cards, and lines of credit under your business’s name without ever reporting on your personal credit report. Additionally, with business credit, you get higher limits. This will be way faster than saving your own money or using your personal credit cards.
About Noelle Randall
Randall will also be holding her NuuRez Tours event on November 5, 2022. This all-day event will showcase Noelle’s real vacation rental properties that made her a millionaire. Attendees will enjoy a complete tour on a luxury bus and an invitation to a networking party. This event is an inexpensive way to learn firsthand how to start a real estate business. For more information, visit NuuRezTours.com.
Learn more about Noelle Randal, her courses, upcoming events, and her coaching services through her official website: NoelleRandall.com.