Unless you utter the words “I’m a full-time real estate investor, and I’ll I do is buy, fix, flip, wholesale, rent, and sell houses all day every day”, plus have a team of about 6 strong employees, it’s very difficult to implement 3 different investing strategies at one time with success. I wrote this article because every month, week, and day I speak with different REIA of Macomb members and they’re all over the place in terms of what they’re doing. They may be trying to do sandwich leases, wholesales, and full rehabs all at the same time. The most successful real estate investors around usually have the 1 thing that they’re focusing on right now in their business. When you’re first starting out it’s like trying to drink from a fire hose. Information’s coming in from all directions; National Guru’s who have their ultimate system, late night infomercials, and even the 30 year veteran agent in your town who’s trying to sell you their listing so they can get double the commission.
How do you realign your Focus to ensure your success?
It’s simple really. Think about what you’re naturally attracted to in this business of real estate investing.
Maybe you have some retirement money put away and you like the idea of real estate but have no clue where to buy, how to fix, and when to sell. In that case get out and meet some successful investors and find out what it takes to be the bank.
Maybe you’re broke as a joke and don’t have the confidence yet to secure private lenders to fund your deals. All you need to do is find some great deals out there and let investors like me who have the funds to close and the expertise to get them re-sold for a profit. There are dozens of investors at all of the networking events around southeast Michigan who are hungry for good properties all the time. So go out and find them.
Maybe you’re a contractor of some sort. You can offer to partner with investors who may have the pieces of the puzzle that you’re missing.
One things for sure…you can’t be all things to all people. Believe me, I’ve tried. I know where my strengths lie and I try to exploit them to best of my ability. First and foremost I understand and enjoy cultivating relationships with people, hence REIA of Macomb. I also enjoy rehabbing. Not just my own flips but I’ve been a consultant to many investors to help them make the right decisions which ultimately result in making them more money. Wholesaling is one of my favorite ways to sell houses which is based on getting properties cheap enough to re-market for a tidy immediate profit with little or no work.
What I’m not good at is being a landlord. That’s why I’d rather just flip to a person who’s better suited for it. How do I know? I had close to 20 tenants at one time. And I sucked at managing them. If you’ve known me for a while I’ve had gray hair since I was 25, tenants are the cause. What I’m also no good at is doing the construction work myself. That’s why I have a team who is able to turn my vision into a reality. HERE’S A LINK TO MY CURRENT REHAB.
So what’s it going to be for you? Are you going to let the SPAM emails for “tonight’s get rich quick webinar” blow you around like a leaf in the wind or are you going to start taking your business serious and stop treating it as a hobby?
The choice is yours,