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The Quick Response
Because of its potential for wealth accumulation, real estate is one of the most alluring sectors. The good news is that anybody can succeed financially, and if you’re considering making an investment in real estate, we have some inspiring real estate success stories.
Although real estate may appear bright and glamorous on TV shows, it may actually be quite profitable and appealing to a wide range of individuals. For a very long time, investors have used real estate as a means of accumulating money, albeit not always in such glamorous ways. It’s actually frequently stated that real estate accounts for 90% of the wealth of all millionaires.
In this piece, we’ll examine three motivational real estate success stories—from rental homes to fix-and-flips—and emphasize the crucial lessons that aspiring real estate investors may take away from them. We also have some helpful hints on how to get started if you’re considering investing in real estate.
Three Motivational Real Estate Achievement Tales
- Sean Conlon: Real Estate Mogul from Janitor to
After saving enough money to purchase an apartment over a long period of time, Sean Conlon moved from being a janitor to a real estate tycoon. After a short while, he made a profit on the sale and gained knowledge of local real estate markets and zoning regulations, which eventually helped him succeed and launch his own real estate investment company.
Melanie Bajrovic began her career earning minimum pay by working in a bar and her family’s restaurant. After saving enough money to buy her first house, she went on to acquire several investment properties. At the age of 27, she eventually launched her own real estate company and achieved great success.
When Elisa Covington made her first real estate investment and realized it needed renovating, she held a conventional 9–5 job. To assist with the mortgage payment, she let out the second room. After that, she purchased a fix-and-flip home, quit her job, and built a multimillion-dollar real estate company.
The small Irish hamlet of Rathangan is where Sean Conlon’s life began. He shared a modest house with the other six members of his family. When he was a child, his parents were having financial difficulties and the bank tried to take their house back. This incident gave Sean the notion that having a home of one’s own may provide protection.
Conlon moved to Chicago in 1990 to take a job as an assistant janitor after saving $500 over time. For several years, Conlon saved money by painting apartments at night while working as a janitor during the day. Eventually, he was able to purchase an apartment. Until now, his savings had been carefully stored in a shoebox. His real estate investing career officially began with this, and he never looked back.
Conlon received $4,000 on the sale of his first apartment, which encouraged him to keep going. He eventually started making around $14,000 a year, at which point he started selling real estate as a side gig. He did this for three years before rising to the position of one of the US’s leading real estate dealers. He credits his initial employment in a brokerage in 1993 to pure hard work and perseverance, which helped him achieve this accomplishment.
Conlon struck it rich in 1996. He became an authority on the lot sizes and zoning regulations in each neighborhood, and he profited from investment properties during the market boom. Four years later, he launched Conlon & Co., a boutique real estate investment company, and proceeded to get a Bachelor of Arts from DePaul University.
I was just a regular guy who accomplished some really amazing things. This is America. Those are still things you can do.
Sean Conlon
- Melanie Bajrovic: Real Estate Investor After Working as a Bartender
Melanie Bajrovic started investing in real estate for millions of dollars at the young age of 27. What was her method?
Melanie first gained knowledge of the value of a dollar while working in her family’s restaurant at an early age. From the age of twelve, her family instilled in her a knowledge of investments and finance. Thanks to her mother’s guidance, she began saving as much as she could at this age.
Melanie continued to save practically all of her money and went on to work as a minimum wage bartender at the restaurant. Melanie saved enough money by the time she turned 22 to buy a house on her father’s advice. She finally decided on a single-family home and made her first real estate investment after viewing more than 100 properties.
Melanie didn’t turn around and kept buying single-family homes to expand her real estate holdings. The plan was to accumulate savings and generate money for her retirement. Melanie continued working at bars and going to school until she was 27, at which point she made the decision to launch her own real estate company. She thus started her commercial real estate company there after purchasing her first piece of commercial real estate. Melanie leveraged her properties as collateral and utilized the money she had accumulated from working three jobs to do this.
Melanie has achieved success as an entrepreneur, real estate investor, and #1 international best-selling book. Because Melanie didn’t have any family money or real estate education, her tale serves as a reminder that anyone may invest in real estate, regardless of wealth or skill level. Almost everybody can benefit from a range of opportunities in real estate.
First and foremost, as usual, I advise: education is fantastic. It’s not the key, though. Execution without knowledge is worthless. Not only does the public need to learn about real estate, but the action itself has all the enchantment.
Melanie Bajrovic
- Elisa Covington: From 7-Figure Profits to Yield Manager Status
Elisa Covington was a yield manager with a regular 9–5 job when she saved enough money in 2012 for a down payment on a house. She bought her first property as a short sale, meaning it required some maintenance. She therefore completed the necessary repairs to make it livable.
She rented out the second bedroom after moving there to help with the payment. Elisa became a landlord for the first time as a result. For people in a similar circumstance, house hacking is an effective tactic to accelerate home equity growth and obtain assistance with mortgage repayment.
After a few years, Elisa decided to use a Home Equity Line of Credit (HELOC) to buy a rental property because the area’s home values had started to rise. In this manner, she could utilize the equity she had already accrued in her house to assist in the acquisition of her first rental property.
After purchasing the property, Elisa set to work renovating it; however, this took a whole year, so during this time she rented it out. After experiencing the thrill of a fix and flip, Elisa understood what she wanted to do and sold the house for a 40% profit.
Elisa made the decision to quit her 9–5 job and pursue her dream of flipping houses full-time in 2017. Since then, she has successfully flipped over 20 properties, funding the majority of the purchases using hard money loans and contributing her own funds for the remaining 10–20% of the purchase price and the remodel. Elisa started house flipping in 2019 and made her first seven-figure profit. She then went on to build a multimillion-dollar real estate company.
These days, I make an effort to use somewhat lower comparable sales. Additionally, I make an effort to avoid purchasing flips when the needed sale price exceeds the local median sale price.