Starting your own real estate venture can be a real challenge. Fortunately, there are many benefits that make it worthwhile if you succeed to get your startup off the ground:
- Control: Though you work WITH many people, you work FOR yourself. You become your own boss without the fear of being fired.
- Tax benefits: Small business owners and property investors are rewarded by the government with many tax incentives. Rental income and business dividend income is generally taxed lower than income received as an employee. You’re able to write off many business expenses which lowers your taxable income.
- Multiple Streams of Income: Real estate businesses can create income from many sources. For example, cash flow from rents, wholesale fees, real estate sales commissions, fix and flip profits, management fees, and acquisition fees.
- Appreciation: Real estate property values and rents increase over time. Your holdings are likely to be worth more in the future, and you’ll reap the rewards when you decide to sell or refinance.
- Financial Freedom: Implementing the right real estate strategies creates an exceptional opportunity to create enough cash flow from business and investment to exceed your financial goals.
- Security: Contrary to what is common belief, starting your own real estate business can give you more stability of income over time. Ever worry about getting laid off from your job? The real estate skills you’ll develop allow you to stay in business on your own terms. You’re in control of your destiny, not your employer.
- Personal satisfaction: Starting your venture from scratch and growing it allows you to enjoy greater satisfaction as you achieve more in life. Your self-esteem, abilities, and personal confidence improve.
- Creativity: Real estate professionals are creative problem solvers. Your creativity improves as you face and overcome challenges while starting and growing your enterprise in the real estate industry.
- Build a Team: Starting and growing a business in the real estate industry gives you a chance to establish a team that you can work with. You decide to hire, retain, and replace people who will eventually run the business without your day-to-day involvement.