In this episode, I discuss how little things in your business can make the biggest difference. It’s the little tweaks, the little subtleties of how you run your business, how you find properties, how you evaluate them, or how you interact with your lenders that will separate you from the pack. Everyone knows the big picture steps, it’s all of the subtleties that will make you successful.
In yesterday’s show called “The Power of One,” I referenced a meeting that I had with a friend of mine who’s a very successful buy-and-hold real estate investor. This meeting was not only enjoyable because I truly enjoy the company of this person, but also because we shared a lot of really powerful nuggets regarding how we run our business and specifically how he runs his rental portfolio. As we talked, he started revealing some really powerful strategies that he uses as a buy-and-hold investor to manage his rentals and make sure that he’s not dealing with all the headaches that most people associate with rentals.
As a matter of fact, the more we talked the more he realized (and I agree) that he should create a comprehensive course teaching other real estate investors how to improve rental business. He absolutely is an expert on the subject, but he is such a down-to-earth, humble guy that he honestly didn’t consider teaching people what he knows until we sat down and started talking.
I really don’t want to reveal any of his powerful techniques here, because I truly believe he is going to come out with the course and it’s not right for me to spill the beans before he has an opportunity to present this product.
But this conversation really did get me thinking about how the details in your business matter. There’s a lot of ways that you can run a real estate investing business, but why is it that some people struggle and never really make a go of it, while others are absolutely crushing it in real estate? A lot of it has to do with aggressiveness and the willingness to take action and meet challenges head-on. Sometimes it has to do with work ethic and prioritizing your business over leisure activities like watching TV or playing games. It’s different for everyone, but understanding how to look for deals, evaluate rehabs, and then sell a house is enough to make you a fix-and-flip investor. But honestly, that’s just the basics. It is elementary school for real estate investing. In order to go to high school and then on to college, you have to always be refining the details of your business. Some of those details include things like:
- Creating systems that allow you to do more work than last time.
- Partnering with the right people, but more importantly avoiding people who are not good for your business.
- Your reputation; the way you treat others in your local market.
- Always trying to improve your process to make it more streamlined.
I realize that these are fairly general, but the details are different for everybody. All I’m saying is that you can’t run your business from the surface. You constantly have to be deep diving to find ways to tweak and improve. Networking and creating relationships with other real estate investors will help in this regard. That’s exactly what I did when I met with my friend. Neither one of us had a real agenda, I just wanted to pick his brain about his business. It was a great meeting. We laughed and had a good time. In the end, we both agreed to meet again soon and talk some more. Good things always come from these types of meetings and I am very inspired as a result!
Make sure that as you grow your business, you’re always looking to tweak and improve. That’s how we all get better!