In Part I of “Stop Thinking; Start Doing!” I covered topics meant to help you start moving forward in your investing life.
That is my hope anyway. I want to motivate you to do more in real estate investing. While my expertise is in long-distance investing, yours can be in any form.
Or you can always work with me. ; )
Either way, now it’s time to get you moving forward toward your business and life goals… to be a doer (and not just a thinker).
In the first installment I covered the first 2 of the 4 questions you need to ask yourself to be the doer you need to be that will make you be a great entrepreneur:
In this installment, I’m covering the last 2 questions, starting with…
How do you continue on your path and build your business/team?
Maybe a better question is do you need a team as you are building your business?
The answer is a big YES… unless you intend to keep wearing all the hats and handling all aspects of your business on your own.
That will get tiring pretty fast.
Think about it this way… what more could you accomplish if you had what my mentor calls “people for that”?
For example, right now you might be managing all the paperwork, the contracts, the billing, the acacianting AND you’re also the one talking to your customers/clients.
How effective is that and how exhausted are you by the end of the day?
ANSWERS: Not Very and VERY…
But if you build a team, you can accomplish your goals much faster. (Plus, you won’t feel so worn out.)
That’s what I did. At first I tried doing everything myself, but I was also working full-time and had limited hours each day to devote.
Then it hit me… what if I were to build a team where my properties are located so I could do more investing there and earn even more cashflow each month?
After some further contemplation, that’s what I did.
Now I have a legal team in the States and another in Barcelona where I reside. I have property management in place in the States to handle any size of property, too!
Similarly, it doesn’t take me much time to confer with my legal teams.
I don’t have to do create contracts on my own either. While I may go over the terms with my legal team, I don’t have to actually draft the contracts.
And I have help with my marketing, because I can’t do it all by myself… even if I do possess some of the skills.
As for the accounting aspects, well, there are definitely people who can do that part better than I can!
Also, I’m always on the lookout for new people to add to my team. (I’m not even sure who they are or the roles they’ll play yet, but I’m always “interviewing” potential additions to my team.)
I’m giving you a glimpse of my life as an investor so you can see how it should go.The bottom line is that if you want to grow your business you need to get used to the idea that you are not Superman (or Woman). You could use some assistance across the different areas of your business.
Sit down and write out all you do currently in your business. Which tasks might you outsource to other people either on a commission basis or per-hour basis?
Once you know what that looks like, you can play with your budget to see what you can afford to outsource today and what you will work toward outsourcing in the future.
While you may think you can’t afford it, the truth is that if you want to boost your income and achieve more every day you can’t afford not to delegate tasks!
What’s interesting is that you will actually start earning more income once you pay other people to do different parts of your plan. (Funny how that works, huh?)
Then you can serve even more people!
How do you serve more people?
Once you get your head around building a team to build your business and grow your income, you will be able to serve more people than you do right now.
Again, I’ll use myself as an example.
Before I started building my team and delegating operational tasks, I was a one-man band. I did it all… and I wasn’t able to serve many people.
Instead of educating others on how real estate investing works and just how many options one has when it comes to participating in deals, I was busy working, working, working IN my business.
It was hard to find time to do much more than handle a single property.
Once I added people to my team, I could look for more properties, talk to more sellers and investors, and make a lot more offers.
Things started working really well; I started adding properties to my portfolio!
I couldn’t ask for a better outcome than what I see happening in my business today.
What I’m saying is that as a real estate entrepreneur and investor, you should be serving others through your deals and transactions.
For example, let’s say you meet someone who needs to sell his/her property but is in arrears so much that if they sold in a traditional way they would walk out with nothing.
What if you could – through a creative acquisition strategy – take control of their property and give them enough money to start life anew?
You’d be serving that person in a big way, right?
Or what if you meet investors who have funds to invest but nothing safe to invest their money in?
If you could give them a position in your real estate deals that ensure them of really good returns? Wouldn’t that be serving those investors?
Well, that’s what I do these days… which I can because I freed up my time and mind-space.
But if you’re not quite there yet, that’s okay. Keep working on it.
In reality, you don’t have to be the one with the deals; you can work with people who have properties in need of investors.
That’s the beauty of real estate…
There are so many ways to participate that it boggles the brain. (In fact, that’s what keeps it exciting for me – I love coming up with creative ways to help different people through my transactions.)
Just like in the first installment of this 2-part article, this is your call to action I’m to believe that you can achieve what you set out to do in your business and life.
You just need to take the right action steps.