When people begin their careers, they often gravitate to jobs in big corporations. They hope that they’ll have opportunities for advancement and regular raises and promotions along the way. As they begin their work life, though, they typically find that the world they have stepped into is not what they thought it would be. Instead of bosses who might encourage or mentor you, they find supervisors who generally don’t care and hardly ever pass along thanks. The dream of making a difference with what you do also fades quickly, as company rules and procedures seemingly written in stone seem to rule the day.
Being an employee in the corporate realm often requires you to leave your heart, soul and mind behind. It’s no wonder, therefore, that there is a lot of interest in entrepreneurial opportunities that might be available in the marketplace. After years of working in a big corporation, employees are increasingly seeking a chance to create a business of their own and chart their own course in life. The interest in creating your own company has also been fueled by tech startups going public and by TV shows and viral Internet buzz that showcases stories of entrepreneurial success.
Become an Originating Branch Manager
If you are interested in the real estate sector and have experience with mortgage loans, you can become a branch manager who is responsible for running your own independent mortgage lending venture. When you opt for this choice, you’ll have the best of both worlds. In essence, you’ll run your own operation and lead a team that works with you to grow the loan business and increase its success. Best of all, instead of having to re-invent the wheel with every step, you’ll be able to leverage technologies and tools from the home office that will allow you to quickly reach your entrepreneurial dreams.
As the Branch Manager, you’ll recruit and lead a team of at least five professionals who are responsible for bringing in quality real estate loans. Your vision for the business will be important as you look to incent and motivate the team. You’ll also want to build strong relationships in the marketplace, and develop a tight network of contacts who will bring you new clients and loan opportunities. This is an ideal situation for a person who is strong in sales and marketing and has great communications skills and attention to detail.
Real Estate Investing and House Flipping
With the rise in real estate appreciation and the continued popularity of home flipping shows on TV, interest in investing in house flipping has grown by leaps and bounds. In fact, home flipping reached a 15-year high in 2021 and increased by over 25% from the previous year. With the dramatic rise in interest in this investing specialty, the competition for available homes has intensified. You’ll need to really understand the prices and values of homes that are candidates for flipping so you can make sure your offer will give you the profit margins you desire.
To be a successful house flipper, you’ll also need to have trusted contractors whose work and expertise you can rely on. There are typically a lot of unknowns when you purchase a house with the intent to flip it. Units may be run down or even ravaged by a complete lack of upkeep. Hidden damage can be common and the original estimates for improving the property often fall short. It’s also important that you almost have a sixth sense about how to stage and price the renovated home, so you make a quick sale and can recoup your considerable investment.
Short Term Rental Properties
Another way to make money in today’s real estate marketplace is to specialize in and build a short-term rental portfolio. This is an especially good time to grow a venture like this. With the rise in online rental sites with global appeal, you can get worldwide exposure and reach vacationers from all 50 states and every country in the world. Best of all, the rates for rentals are far beyond what you would achieve if you made the unit available locally as a regular monthly rental property. In many cases, you can actually rent multiple rooms out within a house and take advantage of peak season occupancy to bring in lots of revenue.
In addition to catering to vacationers, you’ll also find another marketing niche that could be quite profitable. Some owners and property managers specialize in renting units to traveling nurses, pharmacists, and others in the medical field. With these tenants, you’ll typically get higher rents than if you leased the room or home to locals. You won’t make as much money as you would if you were fully booked for vacations, but on the plus side, you won’t have to deal with constant turnover.
If you’ve been working for a corporation for years and have begun to feel the calling to become an entrepreneur, you’ll find great opportunities in the real estate sector. With hard work and some marketing and business savvy, it’s possible to build a successful venture that can bring in substantial revenues.
This post was last modified on April 26, 2022 3:55 PM