We all want to be millionaires. The thought of living life in the fast lane is an exciting prospect. Figuring out how to get there is another matter. Since most people who want to become millionaires in the real estate business do not have the capital to get off to a fast start, the key is to find out how to get started at all.
One of the best places to start is to find a real estate broker who will let you work for them to secure a real estate agent’s license. Most of these jobs are commission-only. This means that you can almost always find someone willing to take you on as an associated. Once you have secured a position, you will need to study the manual until you are ready to take the test for your license.
When you have the license, start looking for people who will let you list their house. This can be easy money if you can get some listing in areas with fast moving houses. With a listing in your name, all other agents will be helping you try to sell that house. You do not make as much for not selling it, but you will make something when it sells. Keep working on listings while trying to sell a little.
Watch for houses that can be purchased with equity from your existing home. Look for houses to fix up that do not require too much work. Buy these and start flipping them. As you build a reputation for moving houses, more people will bring you listings and banks may even start to contact you to buy foreclosures.
Do not plan to be a millionaire in the first few years. It will take two or three years to begin to establish the cash flow and reputation that you need to grow your estate. If you have a job and can keep it, it will prevent you from losing your shirt during these first few lean years.
Once you have become established, just keep working the plan. Get more listings, buy houses to flip, and sell what you can. The money will begin to take care of itself. With diligence, you may make it to a million dollars within a decade or less. This is money in the bank not just earnings. Just remember not to spend your fortune before you have it.