The 2019 Build Your Own Brand Live Retreat was lit!
It was a family reunion, church, and business all in one. The event was filled with Black entrepreneurs that owned million dollar businesses in multiple industries. Information was shared covering various topics like real estate, scaling systems, building your community, etc.
At Mogul Millennial we believe that building Black wealth starts with sharing information and knowledge, so check out some of the gems that were dropped:
#MoneyMindset: How to Think Like A Millionaire
- Practice success habits that give you a competitive advantage
- Don’t fear rejection
- Train your mind in abundance and not lack of
- Work on income producing activities every day
Getting into Real Estate: Wealth Building
One of the most lucrative ways of making money is to invest in real estate. Here are 4 quick ways of building wealth with real estate:
Real estate wholesaling occurs when a party (the “wholeseller”) contracts with a home seller, markets the home to potential buyers, and then assigns the contract to one of them. The wholesaler makes a profit, which is the difference between the contracted price with the seller and the amount paid by the buyer. The goal in real estate wholesaling is to sell the home before the contract with the original homeowner closes.
Flipping is a strategy of purchasing properties and selling them on a short time frame (generally less than a year) for a profit. In real estate, flipping usually falls into one of two types. The first type is where real estate investors target properties that are in a rapidly appreciating market and resell with little or no additional investment in the physical property. This is a play on the market conditions rather than the property itself. The second type is a quick fix flip where a real estate investor uses his knowledge of what buyers want to improve undervalued properties with renovations and/or cosmetic changes, known as a reno flip.
3. Buying and Holding
Buy and hold real estate is a long term investment strategy, where an investor purchases a property and holds on to it for an extended period. The owner may have the intent to sell it down the line, but will usually rent out the property to help with buy and hold real estate financing.
4. Private Investing
Private real estate investing is when a third-party sponsor manages investments in real estate assets. The sponsor will be paid a fee and will have incentives for generating a return for the underlying investors.
B2B & B2G Contracting
Business-To-Business, also known as B2B, is a transaction that occurs between two companies, as opposed to a transaction involving a consumer. The term may also describe a company that provides goods or services for another company.
Business-to-government, also known as B2G, is a business model where a business sells products, services, or information to federal, state, or local government.
If you want to get started on employing this type of business, you’ll need to:
- Educate yourself on the certification process
- Get your certification for your business Ex. MWBE
- Go after government contracts to create wealth
- FBO.gov – Federal Business opportunities website
photo credit: @thearthype