Armand Candea, co-founder of Chicago real estate development firm, Candea Development, has worked in the construction and real estate industry for many years. He and his brother Alan built the Candea Development firm and built both commercial and residential properties in the many neighborhoods of the greater Chicago areas. As the Candea Development flourishes in the Chicago area, Armand Candea understands the challenges entering the real estate development sector as well as becoming an entrepreneur in real estate development. The real estate business is filled with risks and challenges, however with a clear understanding of the fundamentals of real estate investing, massive wealth can be built over time. Armand points out a few important factors to consider in getting started as an entrepreneur in real estate development.
- Learn The Basics. You do not need to go to school to get a college degree to get into real estate, however it is critical to have some basic knowledge about real estate transactions, financing options, real estate terms, as well as real estate laws. You can learn this information by simply browsing the Internet, YouTube, blogs, webinars, and of course online courses. Any information you receive from these resources will give you a solid foundation to jumpstart your journey in becoming a real estate entrepreneur.
- Development A Real Estate Investment Business Plan. Real estate investing can be a challenge for first timers, so to become a successful real estate entrepreneur you should approach it as a business. Begin by setting up your investment goals, make detailed steps in how you are going to achieve those goals, have a business plan and stay organized, and maintain focus.
- Build Your Real Estate Team. To become a real estate entrepreneur, you would need to understand that you need a solid team to work with. This is not a solo type of gig. It is wise to build a team of experts who can fill in where you lack experience. Having a team with a diverse set of skills will help assist in various areas of investing. With having a competent team to assist, you will be able to maximize your return on investment and avoid beginners’ mistakes. Start with a small team, but know as your business grows, so will your team you work with. Some professionals to consider added to your team are, real estate agents, home inspectors, mortgage brokers, accountants, and attorneys.
- Choose a Real Estate Investment Strategy. The optimal investment strategy and property type for you will depend on several things, this includes your investment goals, location, and financial capacity to name a few. An example of this would be to purchase an investment property, rent it our short term, or traditionally. If you cannot access enough capital to buy a property, you can still invest with no money. You can do this by wholesaling, or house hacking. Focus on the strategy that best suits your situation and investment goals.
- Make Your First Investment. Building wealth in the real estate industry starts with a single investment. Purchase your first property and build from there. Make sure your finances are in order, evaluate the real estate market, understand which market you tend to purchase, check the demographic trends, real estate laws, job market, security, neighborhood amenities, and the general economy. Once you find the investment location, next step- find a profitable investment property.
Becoming a real estate entrepreneur will have its challenges and failures, it is a tough road, but it can be an excellent way to build wealth and create financial freedom.