The truth is that most small real estate investing business fail because of poor management. You are the CEO of a real estate investing company and must be able attract, evaluate and manage experienced talent. The following is an idea of the type of professionals that are needed: CPAs, Attorneys, Private Lenders, Contractors, Marketers, Home Inspectors, Mortgage Brokers, Realtors…etc.
When assembling your team you must think in terms of the prospects skills, ability, passion for their work, and energy-levels:
- Education and experience;
- Roles that they have played in their organizations;
- Their specialties, certifications and training
- How can you help one another?
Get Help!! By nature, most real estate investing business owners and entrepreneurs in general are prideful about their problem handling skills and independence. But, there are times when even the savviest entrepreneur may need to seek the assistance of a professional. Good thing for us is that often times professional advice to do not have to be expensive. Good resources for finding reasonably priced and/or free advice: real estate investing clubs, chamber of commerce, local library or trade associations
Don’t let a misplaced sense of pride prevent you from discovering the correct solutions to your real estate investing business problems. After you determine how much help is needed, don’t hesitate; get it as early as you can. Another aspect that is highly recommended is a mentor. It is a proven fact that the majority of successful real estate investors seek out a mentor early in their real estate career. This allows the new investor to avoid costly mistakes and achieve success sooner.
Confidence and Momentum are two important factors when doing your first real estate investor deal. Making $100K net profit is not impossible, but if you are waiting for this perfect deal to come along you may be waiting for some time. Putting money in your pocket and learning from the deals that you are doing is much more important than getting rich from the first deal. In fact, hitting a home run on your first deal may be a pitfall and set you back and give you a false security. You’d expect every deal to be like this; the reality is that that is not.