First and foremost, as an investor, I became licensed as a real estate broker. In other words, I never intended to use my license to help buy and/or sell properties for anyone other than for our own investments.
Then one day, after some of our other businesses failed, I thought, why not use my skills to make extra money?
In the beginning, there were those who used me as a sounding board but never bought a single property. After nearly a year of doing all the work, incurring actual expenses – on top of the time spent hunting for leads, analyzing them to make sure they were of investment-grade – but resulting in no sale (i.e., no return on investment), I told them, “No more.”
I learned to be selective. What I needed were clients who were relatively new to the business of investing, thereby needing some coaching, but were 100% committed to buying and accumulating cash-flowing properties.
Then I began working with a few clients who fit the profile. Since late 2004, I have gained plenty of experience to help guide them to avoid common mistakes new investors are likely to make.
Albeit quite modest at this stage, the year of Covid-19 lockdown is shaping up to be the best year for this business.