We sometimes wonder how to understand the motivation of certain people. Successful entrepreneurs, artists, artisans: whatever their profession, some profiles surprise us with their unfailing determination. Working without counting the hours, they quickly manage to start from nothing and build their dream life. How does this happen? What unites these successful men and women? The first thing they share, their main source of motivation, is the same: a clear vision of their dream. They know exactly what they want to achieve, and they do everything they can to get there.
Table of Contents
- Pursuing a goal :
- Define your plan to build your real estate empire :
- Empire immobilier : Get trained and informed :
- Your initial financial strength :
- Bâtir une stratégie rentable :
Pursuing a goal :
In the same way, before creating your real estate empire, you must ask yourself the fundamental questions. The ones on which your entire edifice will rest. Haven’t the great empires been built on the vision of their founders? And didn’t they collapse when they no longer had any ideals to pursue? For you too, your company will only be able to function if you put yourself at the service of a vision that goes beyond you. What are you trying to build? Why do you want to create your real estate empire? If it’s just to emulate that friend you know well and envy, know that your plan is doomed to failure. What do you want to accomplish? What is your purpose in life? And why is this real estate empire going to help you achieve your goal? It may sound a bit bombastic, but in reality, it is when you find your life mission that you will find the strength, determination, patience and creativity to make your business a success.
Define your plan to build your real estate empire :
Are you looking to invest for yourself? To have a better standard of living? To have more time to devote to your passion? Or to build a legacy that you can pass on to your children? Who do you want to invest for? And in the same way: where do you want to invest? In Europe? In France? In a particular region?
Take the time to draw on your map your fundamental objectives. And know that there is no right answer, or rather, that you have to find your right answers! Don’t try to live someone else’s life, but try to live your life to the fullest: this is how you will become sensitive to the opportunities that will open up.
Empire immobilier : Get trained and informed :
For many, real estate is synonymous with freedom and guaranteed income. It rhymes, but you have to know how to navigate in this very special world. Some people jump in with a certain amount of haste and end up getting bogged down in bad deals that they then drag along with them, and which call into question their entire project. Knowing the real estate industry is key if you want to get ahead and having the right people around you is important to creating your real estate empire. Do you know the industry? Having sold your family home last year may not be enough. Do you know the different types of real estate on the market? Do you know the difference between houses and apartments, garages and commercial space? Find out about all the possibilities, because each one has its own specificities that might interest you…
Purchase-resale or rental investment :
Similarly, what are the different types of business opportunities for you? Do you want to go for buy-and-sell opportunities to increase your capital quickly? Or are you looking for rental investments to have a regular monthly income (the famous positive cash flow).
Your initial financial strength :
L’importance des revenus stables pour commencer son empire immobilier :
Before negotiating with banks, make sure you have a profile that will reassure them. Do you have a stable and regular income? Are you on a permanent contract? This is one of the first conditions that will ensure a good relationship with your bank. Unless you can justify a rather exceptional situation, banks are looking for stability above all. It may be necessary for you to spend some time, if you do not have a permanent contract, to find a more stable job and to wait a few months before returning to your bank to show them your guarantees.
Managing your budget :
If you already have this stable fixed income, how do you manage it? That’s the second question. The banks will like to see that you are saving, that you have thought of everything, that you are a person who is not only pleasant but also considerate. This small financial cushion that you have built up month after month could allow you to pay the first notary fees when you make your first purchase, or to finance the renovation of one of your properties when necessary.
The starting capital :
En plus du revenu régulier et de votre capacité d’épargne, votre capital peut faire la différence. Si vous avez déjà investi dans l’immobilier, ou que vous avez un capital financier issu de votre héritage familial, ou d’une affaire qui a bien marché, cela pourra vous servir sur de nombreux aspects. Enfin, sachez développer une relation de confiance gagnant-gagnant avec votre banque, une relation responsable et mature. C’est la meilleure manière de vous assurer que votre banque vous suivra ensuite dans votre construction de l’empire immobilier.
Bâtir une stratégie rentable :
From now on, all you have to do is get out there. From this moment on, nothing can stop you from building your real estate empire.
Building a team
The best thing to do, logically, is to start by building your team. If you feel like it, you can venture out on your own. Especially if you are just starting out. But some people prefer to put all their strengths on their side and build a team. This will allow them to master the ins and outs of the business at hand. Knowing how to surround yourself with competent real estate agents, notaries who will be able to accompany you in your negotiations and bring to your attention purchase opportunities, an accountant who will know how to structure your business on a daily basis, or a team of craftsmen who will be able to do your renovations properly when necessary.
Real Estate Empire: The search for a business with a high profitability :
Once you have decided whether you want to start alone or as a team, explore the market. Here, there is only one rule of thumb: find the real estate offers that are below market value. Whether you want to opt for the cash-flow strategy, with a purchase of real estate that will be dedicated to rental, or for a capital strategy that will have you buy a property, renovate it to resell it at a higher price and keep the capital gain by increasing your capital. In both cases, be on the lookout for good deals. These change quickly. That’s why it’s important to have a flair for real estate empire-building. And to be able to read, and partly predict, the evolution of the market, at least in the short term.
Know the steps to buy a property :
Once you’ve found your first deal, learn about the steps involved in real estate investing. From the first contacts to the signing of the preliminary sales agreement, to the deed of purchase: you must know each step to know what you are getting into. For example, never sign a preliminary sales agreement without being convinced of your desire to buy the property. Because, after a while, all your steps will be compromising: you will not be able to get out of it without constraints, especially on the financial level.