How To Start A Real Estate Career In Your 20s - Practical Advice By Expert

TRS Clips
6 Jul 202408:06

Summary

TLDRThe speaker emphasizes the importance of domain knowledge in real estate, suggesting that aspiring builders should learn from professionals and gain hands-on experience. They discuss the benefits of an MBA in real estate and share a story of a successful builder who started small and grew with the right guidance and resources, highlighting the potential for growth in the industry.

Takeaways

  • ๐Ÿ—๏ธ The first step in entering real estate is to learn the domain knowledge as much as possible and work with someone experienced in the field.
  • ๐ŸŽ“ The introduction of an MBA in real estate can help younger individuals to get a professional start in the industry.
  • ๐Ÿค Networking and learning from others in the real estate business is crucial for understanding the practical aspects of the industry.
  • ๐Ÿ“ˆ Gaining experience by working in various aspects of real estate for a couple of years can minimize mistakes and improve business acumen.
  • ๐Ÿ’ก The importance of understanding the processes followed by successful people in the business is highlighted for easier and more effective operations.
  • ๐Ÿ“š The speaker's personal example of learning the textile business through internships and setting up a successful unit emphasizes hands-on experience.
  • ๐Ÿ›  For those interested in real estate, joining a company to learn the ropes and understanding the legalities and risks involved is advised.
  • ๐ŸŒ The story of a young builder who attended a lecture and became successful by partnering with a relative illustrates the power of desire and opportunity.
  • ๐Ÿ’ผ Starting small and leveraging relationships and resources can lead to significant success in the real estate business.
  • ๐Ÿข Real estate is presented as a business with its own set of challenges and opportunities, similar to any other industry.
  • ๐Ÿ›‘ The necessity of having domain knowledge and experience on the ground is stressed for credibility and trust in the industry.
  • ๐Ÿš€ The potential for innovation in real estate through technology, such as marketing and design, is mentioned as a way to differentiate and grow.

Q & A

  • What is the primary advice given for someone interested in entering the real estate business?

    -The primary advice is to learn as much domain knowledge as possible and gain experience by working with someone already in the business.

  • Why is domain knowledge important when starting in real estate?

    -Domain knowledge is crucial because it helps to understand the processes followed by successful people in the business, which in turn reduces the number of mistakes made.

  • What new educational opportunity is mentioned in the script for those interested in real estate?

    -An MBA in real estate is mentioned as a new educational opportunity that can help younger people to get into the real estate profession.

  • What is the significance of learning from others in the real estate domain?

    -Learning from others allows one to understand how they operate, which is essential for making fewer mistakes and being successful in the business.

  • Can you start a real estate career without investing your own money?

    -Yes, it's possible to start a real estate career without investing your own money by working for others who have the resources and are willing to trust you based on your knowledge and experience.

  • What is the importance of having experience before starting your own real estate project?

    -Having experience is important because it provides insights into the legalities, pitfalls, and positives of the business, which are essential for making informed decisions.

  • What is the story shared about a young builder who was inspired by the speaker's lecture?

    -The story is about a young builder who attended the speaker's lecture and was inspired to enter the real estate business. He started small, partnered with a relative, and is now on his second project.

  • What is the role of desire in pursuing a career in real estate according to the speaker?

    -Desire plays a significant role as it motivates individuals to take the necessary steps to enter the real estate field and persist despite the challenges.

  • How does the speaker suggest using technology in the real estate business?

    -The speaker suggests that technology can be used for marketing, design, structures, and other aspects of the business to make a startup in the real estate industry.

  • What are some of the various aspects of the real estate business one can consider for a startup?

    -Aspects such as marketing through social media, innovative design and structures, material supply, and contracting are mentioned as potential areas for a real estate startup.

  • What is the final call to action for someone who has learned the ropes and is ready to start their own real estate project?

    -The call to action is to look for a piece of land, understand the legalities, assess the market demand, and then figure out how to build a livable or usable structure within legal boundaries.

Outlines

00:00

๐Ÿ—๏ธ Real Estate Entrepreneurship and Learning

The speaker emphasizes the importance of gaining domain knowledge and experience in real estate before venturing into it. They suggest working with established professionals to learn the ropes and make fewer mistakes. The script also mentions the introduction of an MBA in real estate to aid in professional development. The speaker shares a personal anecdote about interning in the textile industry to gain insights and contacts, which helped in setting up a successful powerloom factory. The call to action is to learn the legalities of land acquisition and construction, and to build a livable or usable structure within legal boundaries. The speaker concludes with a story about a young builder who was inspired by a lecture to start his own project, highlighting the power of desire and initiative in business.

05:01

๐Ÿ’ผ Starting a Real Estate Career Without Personal Investment

This paragraph discusses the possibility of beginning a real estate career as a builder without investing one's own money. It stresses the importance of acquiring domain knowledge and hands-on experience to gain trust and credibility in the field. The speaker refutes the notion that real estate is inherently different from other businesses, noting that every business has its own set of challenges. They suggest that having a background in technology could offer a fresh perspective and opportunities for innovation in real estate. The speaker also touches on various aspects of real estate business, such as marketing, design, material supply, and contracting, as potential areas for startups. The paragraph ends with an invitation to explore other clips on the channel for a wide range of topics.

Mindmap

Keywords

๐Ÿ’กReal Estate

Real Estate refers to the business of buying, selling, developing, and managing properties. In the video, the speaker emphasizes the importance of learning domain knowledge in real estate before venturing into it. The theme revolves around the idea that understanding the real estate market and its processes is crucial for success in this field.

๐Ÿ’กDomain Knowledge

Domain knowledge is the specific expertise and understanding required to operate effectively in a particular field or industry. The speaker mentions that learning domain knowledge is the first step in any business venture, including real estate, and it helps to minimize mistakes by understanding the processes followed by successful individuals in the industry.

๐Ÿ’กMBA in Real Estate

An MBA in Real Estate is a specialized business degree that focuses on the principles of real estate management and investment. The speaker mentions the introduction of this degree for the first time in their school, highlighting its role in helping younger people to get professionally involved in real estate.

๐Ÿ’กInternship

An internship is a period of work experience where one learns about a particular job or business. The speaker shares his personal experience of interning at Century Mills to learn about the textile industry, which is used as an example to illustrate the benefits of gaining hands-on experience in the field one wishes to enter.

๐Ÿ’กMistakes

Mistakes in the video refer to errors or missteps that can occur when one lacks knowledge or experience in a particular field. The speaker suggests that learning the line of business and understanding its processes can help reduce the number of mistakes made, which is a key message in the video.

๐Ÿ’กTextiles

Textiles are materials made by weaving, knitting, or otherwise processing fibers. The speaker uses his experience in the textile industry to draw parallels with real estate, emphasizing the importance of learning and understanding the specific industry before starting a business in it.

๐Ÿ’กPowerloom Factory

A powerloom factory is a facility where textiles are produced using power-driven looms. The speaker mentions setting up a powerloom factory in Gandhi as a result of his internship and learning experience, demonstrating the practical application of domain knowledge.

๐Ÿ’กLegalities

Legalities in the context of the video refer to the laws and regulations that must be adhered to when purchasing land or building structures. The speaker advises understanding the legal aspects of a piece of land before developing it, which is a crucial step in the real estate development process.

๐Ÿ’กPitfalls

Pitfalls are hidden dangers or problems that one may encounter. The speaker discusses the importance of understanding the pitfalls in real estate, as well as the positives, to make informed decisions and avoid potential issues.

๐Ÿ’กOpportunity

Opportunity refers to a set of circumstances that makes it possible to do something. The speaker shares a story about a young builder who seized the opportunity to start a real estate business after attending a lecture, illustrating the importance of recognizing and acting upon opportunities.

๐Ÿ’กTechnology

Technology in the video is presented as a tool that can be used to innovate and disrupt traditional industries, such as real estate. The speaker suggests that incorporating technology into real estate business models can lead to exponential growth and is a key differentiator for startups in the industry.

Highlights

Encouragement for people in their 20s to consider real estate as a career path.

Importance of learning domain knowledge in any field, including real estate.

Advising to work with someone already in the business to gain practical experience.

Introduction of an MBA in real estate to help younger professionals enter the field.

Emphasizing the value of learning from others in the industry.

Mistake minimization through understanding business processes of successful people.

Example of learning the textile business through internships and practical experience.

Success story of setting up a powerloom factory after gaining industry knowledge.

Advice to join a real estate company to learn the industry's ins and outs.

Highlighting the importance of understanding legalities and risks in real estate development.

Story of a young builder who was inspired by a lecture and successfully entered the real estate business.

Emphasizing the role of desire and initiative in entering the real estate business.

Mention of the challenges and difficulties inherent in every business, including real estate.

Advice on gaining domain knowledge and practical experience before venturing into real estate business.

Discussion on the possibility of starting a real estate career without personal investment.

Importance of trust and experience in attracting investment for real estate ventures.

Potential for technology to revolutionize real estate business, especially in marketing and design.

Encouragement to explore various aspects of the real estate business for potential startup opportunities.

Transcripts

play00:00

welcome to TRS Clips where you'll find

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happiness through your own

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curiosity I don't think too many people

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in the early 20s or in their 20s in

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general think about getting into real

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estate but I see a lot of people in the

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early 30s thinking of this move of

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becoming a builder what's the first

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step learn the domain knowledge as much

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as possible whenever you get into

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anything you have to learn that line and

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it's better to go and work with somebody

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who is actually doing the business of

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business what will happen is that uh a

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domain knowledge is very important we

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now have an MBA in real estate for the

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first time we've started that in our

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school uh and uh We've started that

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which will help younger people also to

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get into professionally into real estate

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and uh having said that uh the secret is

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actually to get into the domain and

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learn from other people as to how they

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are really doing it once you have

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learned the line and worked in it for a

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year or two in whatever aspects of it

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that you learn that's the beginning

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where when you get into the line you're

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likely to make the least number of

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mistakes because once you know what the

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processes are which are being followed

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by successful people in the line of

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business that they have you will find it

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easy easier and easier when you do it to

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do the line and make less

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mistakes and this is not only for Real

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Estate it's for anything that you want

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to do like I wanted to do textiles what

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did I do I went to gon I went to Century

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Mills I interned over there for I think

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totally 6 months two two months for 3

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years and uh I learned the line and I

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was able to set up the unit like this

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and in fact when the material was so

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good that the companies bought it

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processed it and put their stamp and

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actually sold the the material as theirs

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so but it was because I interned I knew

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all those people I got the contacts I

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knew what it is I knew what Machinery I

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knew the suppliers I knew what other

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people were doing with gueron I came to

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know about it so I in a short period of

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time in less than a year time we were

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able to set up powerloom Factory in

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Gandhi so similarly if you're looking at

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real estate join a company learn the

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line and ropes of what is happening and

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once you've learned it two years three

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years or so and had the experience good

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and bad and understand the pitfalls and

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the positives of it go for

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it

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um when you say go for it the call to

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action here is first look for a piece of

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land somewhere fair to say understand

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the legalities around that piece of land

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the gamble involved here is will people

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actually purchase what I am building

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right then figure out how to uh build a

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great building that's livable or usable

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within the Realms of the law of the land

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anything else you'd like to say as a

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step two no I'll tell you a story sure

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sir I gave a lecture about 14 years ago

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in

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nmis owners something something program

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and I was speaking on a Sunday and I

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attended this lecture I forgot about the

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lecture 7 eight years later I went to a

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narco conference in Puna and a young guy

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35 or so came and touched my feet in my

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age lot of people do

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unfortunately but he came and touched me

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and he said you

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know I'm a builder in Pune I said

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wonderful so he say you know it's

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because of you I became a builder so I

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said really so I said you're from Pune

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and you attended that lecture in Mumbai

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so he said no I'm from Mumbai I attended

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that lecture and that was the time when

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you said you know you should people can

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become developers and I tried to start

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it in Mumbai and I didn't have the

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resource to do so my cousin in in Pune

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uh had better resources than me and when

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I suggested that we'll work together he

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took me on I put in very little money he

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put in more money and we've started and

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now I'm on my second

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project so it's not about

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uh uh not having an opportunity it's

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about the desire that you want to get

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into that particular line once you want

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to do it it's it's it's all about how

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you actually get into it you do it get a

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small way so he started small he got

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into it he got a relative got somebody

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got a property and he moved in I did the

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same way I mean uh so it's not about

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something and I came from a medical

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family he came from a business family

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who were doing business in chemicals or

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something like that and then he

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established in Pune so it's not

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about real estate is just like any other

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business and uh it has its pitfalls it

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has its problems it has it difficulty

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but which business

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doesn't every business has its own uh

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you know things that you do there is

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first of all get domain as much domain

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knowledge about real estate as it is

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possible and experience some of it on

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the ground these two things if you do I

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think uh you should be able to do any

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real estate business can you begin a

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real estate career and by a real estate

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career mean as a builder without

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investing any of your own money of

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course there are lots of people who want

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people to work for them and uh there are

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lots of people who will say I have the

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money will you work for us the answer is

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yes but you have to also have some

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knowledge why would they trust you so I

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I if I to have money and I would like to

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trust somebody I would like to pick up

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somebody who's at least worked for a

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couple of years in the real estate as a

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business and then say Okay support me

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and I would invest with him but I

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wouldn't trust somebody who's just

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coming out of school or college and say

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that I'm going to invest money with him

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uh it's more difficult obviously uh for

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startups is different where technology

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is concerned but this is an old line so

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this is a line which is running for so

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many years startups about using uh a

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technology to actually undertake a uh

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business or product which is going to be

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exponentially larger with a technology

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at the background so that is what makes

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a change so if you can bring some idea

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in the real estate business with

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technology then you can start as a

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startup in the technology for instance

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marketing there are lots of marketing

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companies which just Market through the

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social media and other thing they don't

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uh actually do it any other

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way that could be a startup uh there are

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people who are now giving uh ideas in

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terms of uh uh design and structures and

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other things like that you could have

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that type of thing suppliers of

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materials could be there in the real

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estate business uh Contracting can be a

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business on it I I mean there are 200

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items in the real estate business that

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one can do business about hey if you

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enjoyed today's clip make sure you check

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out all the other Clips we've uploaded

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on this channel you'll find a clip

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related to almost every single topic as

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long as you're willing to search for it

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he

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[Music]

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