Playing with property
Some of the world’s wealthiest people are in the property business, so it seems like a pretty good road to riches. Libby Lombardo talks to you about her journey through real estate and shows how you can get started.
Property development is a game with no set rules. You look at it deal-by-deal, scenario-by-scenario, and you figure out the best way to make each one work. You have to think outside the box and make it up as you go. You essentially build your own set of rules.
I get quite silly when people say things like, “So and so made $150,000 in three weeks by doing this property deal.” In reality, to get that one deal, the person had to learn about the business, knock on countless doors and try and fail on hundreds of other deals, so it didn’t take three weeks at all. Don’t be fooled by marketing pitches and crazy claims in property development. It just doesn’t happen! Property development is not an easy game or a get rich quick scheme. It takes dedication, contacts, and trying many deals before you find the one that will pay off. When it finally does pay off, you get immense rewards for your hard work and investment.
I didn’t get into real estate because of a sales pitch. I’ve always loved property, so I figured if I was going to become an expert at anything, property would be it. Before you get started, be sure this is something you interested and passionate about. You have to learn as much as you can and minimise your risks. The property you’re working with has to be sellable, because in the end, that’s what it’s all about. Potential profit margins are pointless if the property is in a bad location. I’ve worked in property development for over 13 years now, and I’ve had many ups and downs in the business. I know what work and what doesn’t
So put your stack hat on, put in the hard yards, keep it real, and get your self stared on your way to property success today!
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