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This is especially for those of you who have been doing real estate investing for awhile, but newbies are welcome to share your thoughts too:
If you could start all over again with your real estate investing business, what would you do differently? How do you think it would make a difference?
I think it will be beneficial for new investors to see this advice…
Jackie
We would have gotten a VA and Patti an assistant right away. Gotten a biz coach because Patti and I are not that corporate smart but we are good at real estate. The big one! HIRE a book keeper. I see quick books and i start shaking. But all and all I love the journey. It has been one of the best thinks i have done. So thankful i followed my mom into real estate. Change my life.
TK
If I could start all over again………. Sounds like a good seminar!
I’ll try to condense my thoughts into a few items here;
1) I’d write my 1, 3, 5, and 10 year goals down on paper and post them in my office where I could see them every day. Be very specific about current income, passive income in the future, etc.
I always had goals “in my head” about making a lot of money flipping houses, but never had a great year or two that it actually happened. Its taken years and hitting a lot of “singles” to get where I am now.
I’d also have looked at the numbers from the beginning instead of 10 years into my “career.” Know how many leads “x” it takes to make the number of offers “y” to actually buy the number of houses “z” to reach my goals.
2) Get serious early about this being a business.
I knew early on that I didn’t want to have to keep flipping houses forever, because it is a J.O.B. But, I did enough business to satisfy my then current financial needs without really accomplishing what I needed to for passive income creation.
Also create a USP (Unique Selling Proposition). There are once again an abundance of “home buyers.” Be unique. Set yourself apart from your competition, otherwise you’re just another commodity in this business.
3) Implement systems as soon as possible. Find others to delegate tasks to. As above, approach this as a business, not a one-man job.
From very early on I had an assistant to help with my marketing, and shortly after incoming calls, but it took something much more serious, the birth of our son, to get serious about not being able to do most of the tasks of this business.
Now, thankfully, I don’t HAVE to spend much time at all “in” my business due to others doing almost all of the tasks needed.
This week I’m sitting in our motorhome in Minneapolis with my wife and son. Bought a house today and will buy another later this week.
I could go on, but hopefully I have hit what I think are the most important items I have learned, and hopefully they can help someone else.
Ben
I would have focused on houses within 45 minutes of where I lived. Having houses 6 and 8 hours away were easier to find and cheaper to buy, however the time commitment and having to have a local manager cost me lots of money and headaches.
Now after lots of experience and additional management study, I feel I could manage from afar, however it certainly was not the case about 12 years ago.
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