Today, to be truly successful, you need to have an entire empire. What does this mean? Quite simply, creating a multi-million dollar real estate investing empire from scratch means that you have more than one business opportunity and more than one income stream working for you. These take time and persistence to cultivate and nurture, before your property investment business eventually assumes a life unto its own and grows and scales, becoming more and more profitable, with less time invested in the business by you – the business owner.
As a real estate investor, this can be very important because of the risks associated with real estate investing. If your property investments lag because of a sluggish economy, having a 7 or 8 figure real estate investment empire can ensure that you live very comfortably while the economy recovers.
Even if you are just getting started in real estate investing, initially, you’re best to focus on becoming successful profitably practicing and dominating within one real estate investment niche. For example, in the early days of building out your own 7 or 8 figure real estate investor empire, you may focus on simultaneously closing residential real estate deals. However, you should already be thinking of the day when you expand into commercial real estate or land development as well.
Here are a few quick tips to get those mental juices flowing:
1. Cultivate all contacts — including ones with businesses.
Ask residential tenants and buyers what their businesses are like, and nurture these potentially strategic relationships with occasional cards or e-mails to ensure that when you do expand your millionaire real estate investor empire, you already have a network of potential leads.
2. Another component of building out your millionaire real estate investor empire is to develop media exposure.
Early on in your days as an investor, you should be focusing on building good relationships with your local news outlets. Offer to act as an expert on real estate, or even volunteer to write a free article or two about real estate investing or real estate purchasing. Let reporters know that they can always turn to you for reliable information and interesting quotes and stories. Get to know some reporters and send them story ideas via email when you learn something interesting in the field. By the time your millionaire real estate investor empire expands and you require some free PR, you will have the media contacts necessary to make it happen.