The CEO of Blackcard Elite Academy Ltd. and Leadway Holdings Ltd.—the owner of two multi-million dollar companies—Damon Woodward is a perfect example of a successful, high-profile real estate investor. With his exceptional strategies, Damon has purchased almost 100 units of real estate.
Even though the year 2020 was speculated to be the worst year for the real estate industry, Damon bought 80 real estate units, ranging from single-family homes to large apartment buildings. Although these units required several million dollars in renovations, he still managed to earn a hefty compensation in the process.
Damon is very active in sharing his advice about the real estate business on his social media, and he has a few pieces of advice for anyone looking to enter the real estate industry.
Damon believes that flipping houses can be quite a complicated venture but still one of the best places to start. Flipping houses forces people to develop several essential skills at the very start—skills that will help them build a significant amount of wealth quickly and that can be very beneficial in the later stages of scaling their businesses.
He explains, "Firstly, you are learning to raise capital because you need money to buy and renovate the property and cover all other costs. Secondly, you learn about negotiation because you need to buy properties at a discount. Thirdly, you are learning about marketing because you need to find distressed sellers. In the meantime, you are learning about design because you are tailoring the property to a retail buyer."
However, Damon points out that being in the real estate industry should not only be about the earning potential; it should also be about a person's contribution to society. One of the skills a real estate investor should have is giving back and helping others. Damon strives to be a person who can add value to everyone he crosses paths with, whether they are his clients, business partners, students, or employees. And, as a real estate investor, he can significantly contribute to numerous neighborhoods and communities.
Real estate investors don't only purchase luxurious properties and then sell them for a high price. Instead, they work on renovating run-down houses, turning them into comfortable and affordable homes that can be sold or rented to even low-income families. This way, everyone gets an opportunity for stable housing, despite their earnings.
When doing the renovations, real estate investors bring revitalization to neighborhoods. By buying abandoned properties, investors bring beauty to communities, attract long-term tenants, and increase the curb appeal of an area. In addition, real estate investors’ projects benefit the community by creating various jobs for local tradespeople, including roofers, plumbers, notaries, and any others who might help.
For more advice on becoming a professional entrepreneur, check out Damon on Instagram.