Maybe you have already dipped your toes in the real estate investing pool.
Maybe you’ve completed one or two deals, but now you’re eager for more.
How do you triple those profits and take your business to the next level?
Last week, I sat down with coaching student, Maverick Mastermind member and third place winner of our 2017/2018 Business Lifestyle and Design contest, Joe Greaves. Joe was just like you once… he hated going to work. He felt overworked and underpaid, so he quit!
Joe wanted to take his real estate investing business to the next level, so last April, he invested in our one-on-one coaching program and over the last year, has become one of our most successful students since following our system.
In the last year, he’s made 292 offers and purchased 12 properties. We asked him what were the top 5 things that helped him really grow and here’s what he shared…
Hire a project manager
When purchasing discounted properties, it’s inevitable that these properties will need repairs. You will need a project manager to oversee all the projects that you are currently working on. Their job will be to oversee your general contractor to make sure your property is sticking to your outlined timeline and budget.
You can choose to pay your project manager in different ways, such as offering a salary or paying them a percentage of the budget on a property. We pay our project managers 5% of the cost of construction, plus mileage, since they are out in the field going from project to project daily.
Having a project manager is how you will be able to do 50+ deals a year.
If you are going to grow and scale a real estate business, everybody on your team MUST adopt a software. You can use a program like Freedomsoft, Realeflow or Basecamp to share a common platform where you can have notes, tasks, updates, pictures, video, contracts, etc. uploaded and shared.
Follow the motto “if it’s not in the software, it didn’t happen”.
Outsource with a specific strategy
For your business to grow, you have to learn how to let go. It can be challenging to relinquish some control of your business to others in order to increase your capacity. However, it isn’t productive for you to try and do everything on your own.
Work with an accountant
Joe’s coach, Kyle Garifo, kept pushing him to hire an account for his real estate business because Kyle could see Joe was spending way too much time on bookkeeping. Finally, Joe caved and hired one and now he has freed up two full days during the week to spend on other revenue producing activities.
An additional bonus for working with an account is to show them the deals you are working on to see if they know anyone who might want to invest!
Maximize on your location
Real estate still tends to be heavily local. You can only truly grow your business with an in-depth understanding of your local-real-estate market. Learn how to identify periods of upturns and downturns, as well as average property-prices. In this way, you will be able to leverage your business to identify a good deal when you see one.
Getting to the Next Level
The takeaway from this is that you cannot scale your business without software.
You cannot scale your business without a repeatable process.
You cannot scale your business without having “A” players in every position.
There is no need to recreate the wheel here because I’ve done it all for you. Joe followed my systems and you can, too. Join me for my latest masterclass where I will reveal my exact process for helping you either get your feet wet in real estate or take your business to the next level.