Building a Career in Real Estate Investment: Insights from Jamie Carr of Scout Holdings Group
Real estate investing can be a highly fulfilling career path. Not only does it offer autonomy and flexibility, it can help you build financial security for yourself and your family.
"Real estate investing can be a great way to build long-term wealth and achieve financial freedom," said Jamie Carr, founder and CEO of Scout Holdings Group.
However, to find success in real estate investment, you must be willing to put in the work and stay disciplined. It’s important to approach the industry with a clear strategy and the right knowledge.
In the following tips and insights, Carr shares her experience and expertise for those who may be interested in building a path for themselves in real estate investment.
Educate Yourself: As with any industry, knowledge is key in real estate investing. Educate yourself by reading books, listening to podcasts, attending seminars, and networking with other investors to stay up-to-date on market trends and regulations. According to Carr, this is a step that never ends. For example, she has currently been reading The Only Woman in the Room, Knowledge and Inspiration from 20 Women Real Estate Investors by Ashley L. Wilson, listening to The Real Estate InvestHer Show podcast and will be attending InvestHer Con.
Understand the Importance of Location: "Location is everything in real estate," said Carr. "You need to be where people want to be, where people want to work, where people want to live. You need to invest in properties that are in desirable locations and have strong growth potential." This means researching local market trends, analyzing demographic data and understanding the unique characteristics of the area.
Build Relationships: Real estate is a relationship-driven business — and you will need to establish and nurture connections with people who can help you find deals, provide advice and offer support. This includes networking with brokers, lenders and other investors who have experience in real estate, as well as community leaders. Carr, for example, has had the opportunity for several successful deals thanks to the relationships she’s built across the industry and by building trust and proving her reliability with those individuals. “People know I am going to do what I say I’m going to do, so when an opportunity becomes available, they will let me know,” said Carr.
Create Cash Flow: "Cash flow is the lifeblood of real estate investing," said Carr. "You need to have a clear plan for generating positive cash flow from your properties." This includes analyzing the property's income and expenses, understanding the local rental market, and determining the potential for rent increases over time.
Seek Out Mentors: "One of the best ways to learn about real estate investing is to seek out mentors who have experience in the industry," Carr said. "Find people who have been successful and are willing to share their knowledge and expertise with you." This can include attending industry events, joining professional associations, and reaching out to successful investors for advice and guidance. Carr herself was lucky enough to have an experienced investor as a mentor. Germantown, Tenn.-based real estate investor John Trezevant spent hours with her providing insights into the industry and pushing her to think bigger. “He helped to make the industry and my goals more attainable and real,” said Carr.
