HOUSTON, Texas – As the cost of living continues to increase, many people, especially young adults, are searching for ways to make more money.
MORE: Here’s how much money you need to make in Houston to ‘live comfortably’
Ed Ryland, the CEO, and president of ARVO Realty Advisors, has been working with young adults to help them start careers in commercial real estate, a field he describes as difficult to enter but extremely lucrative once mastered.
“We started mentoring young folks, people of color, and women years ago to expose them to commercial real estate, even while they were in college,” Ryland said. “Once they graduate, we’ve offered them internships and jobs within our organization so they can understand the ins and outs of commercial real estate.”
Ryland, who began his career more than 40 years ago, became interested in commercial real estate after making some poor investment decisions.
“I began taking classes and following experts in the field,” he said. “I got my license while still working for the State of Texas. After being laid off, I decided to give real estate a chance. That was almost 40 years ago, and I haven’t looked for a job since.”
SUGGESTED: As more Texans struggle with housing costs, homeownership becoming less attainable | Texas ranks 2nd in US for collections debt: report
To help young adults avoid the mistakes he made, Ryland aims to educate them about an important form of real estate that many may not know much about.
“When I was in college or middle school, commercial real estate wasn’t talked about,” he explained. “It’s important to understand that commercial real estate is very different from residential. Each transaction is unique, and there are many factors to consider, including economic conditions and interest rates.”
Steps to getting started in commercial real estate include:
1. Getting your real estate license.
2. Deciding between residential or commercial real estate.
3. Creating a business plan.
4. Making a list of necessary training courses.
“We help you prepare a business plan detailing what you need to do to be successful,” Ryland said. “This includes the educational courses you need to take and pairing you with a mentor within our organization
RELATED: These Houstonians made it to Forbes’ 2024 ‘Richest people in the world’ list
His goal is to introduce young people to commercial real estate early, starting in high school. Ryland actively visits middle and high schools, informing students about the benefits of real estate.
“We work with students from the University of Houston, TSU, Rice University, and Prairie View University. I’m on the business board for Prairie View, and we talk to young folks early in their careers, as well as those making career changes later in life,” he said.
SEE ALSO: Study says Houston has one of the lowest inflation problems, but do our pockets beg to differ?
For students interested in getting involved, Ryland suggests researching internships or contacting his company at 713-952-5066 or info@arvorealtyadvisors.com.
“Be financially and mentally prepared,” he advised. “If you’re not married, don’t get married. If you don’t have a mortgage or car payment, avoid them. Stay with your parents if you can, as it might take 24 to 36 months to start generating income. Commercial real estate is a $1 trillion industry with significant under-representation, so if you’re looking for a challenge this summer, here’s your opportunity.”