Whether someone is tired of their nine-to-five job or they're looking for a way to save up for retirement, real estate investing can help fulfill their financial goals much sooner than most would imagine. It takes only one rental property to start a real estate business and ensure a reliable source of constant rental income.
Damon Woodward is a high-profile investor and the CEO of Leadway Holdings Ltd. and Blackcard University. He runs a successful real estate business and has witnessed firsthand the benefits of real estate investing. He often shares day-in-the-life videos on his YouTube channel to inspire newbies in the industry to keep working hard on their businesses.
Damon encourages all aspiring entrepreneurs to first invest in themselves and then in their businesses. Damon spent more than $100,000 on coaching and training when he was just starting out in real estate. "When I made $68,000 on my very first real estate transaction, the light bulb sort of went on," Damon said. "Investing $19,000 made me $68,000. This motivated me to invest more in education so that I can earn more money in the long run."
Damon explains the benefits of investing in real estate and advises on how to start a successful real estate investing business. He remarks that all investors should invest in the community and give back to people, besides investing in themselves and their companies.
He believes that one of the most critical skills that one real estate investor has to have is the ability to turn investments into something beneficial for everyone in the community. In 2020, Damon purchased over 80 real estate units, and 11 of them are houses to flip. Although he managed to earn a hefty compensation in the process, a high percentage of these units required several millions of dollars in renovations.
Whenever a property that Damon intends to flip requires renovations, he tends to hire local tradespeople, whether they are plumbers, carpenters, notaries—basically everyone who can help. He believes that by investing back in the community, he makes a meaningful impact on the world and the people he comes in contact with.
Damon says, "The connection between real estate industry and community is both correlative and causal. As long as you give back to the community and work on improving it, the appreciation of capital assets over time will be much faster and larger. Sometimes you need to look farther than tomorrow; if you can see the bigger picture and understand the importance of giving back, everyone will be happy. That's the way for everyone to reap the benefits of real estate investing."
To help all newbies in the real estate industry, Damon frequently shares tips and advice on his Instagram (@damonwoodward3). He also regularly shares valuable real estate strategies on his YouTube channel. All those interested in gaining more knowledge and experience in real estate should check out Blackcard University, a prestigious real estate training company.