Today I want to talk about something that has really made a difference in my business in the past year or so, and I waited way too long to do it. I think that every real estate investor, from the new to the experienced, should think about when to hire help in their business.
For a long time, my business was a one-family show. My wife and I did everything, and I thought that I couldn’t hire somebody to help me unless I was making crazy money. I couldn’t understand why to hire someone to do something I can do on my own. Technically, I could do everything on my own, but if I do that, I am going to be very limited. One person can only do so much. If you don’t have anyone helping you, you’re going to be working in your business rather than on your business.
This isn’t intended to be a long, detailed discussion about the topic, but I want to make you think about when is a good time to hire somebody. Do you wait until you’re flipping many houses a month, or even if you’re just flipping one house every three or four months.
The easy and quick answer is: it depends. It depends on what your goals are. If you want to ramp up your business in some way, I think you need to hire someone sooner rather than later. I’m still guilty of doing things that I should not be doing instead of hiring someone to help me or just assigning tasks to the people who already work for me. But if you want to ramp up your business, or if you still have a full-time job, you absolutely need someone to have someone working for you when you can’t.
Of course, there are high-level things that you should be doing yourself; you have to steer the boat. But if you’re constantly driving around to meet contractors or writing up contracts and agreements, you’re going to be severely limited in what you can get done in the course of a week, or a month, or a year.
Usually, you’ll find that the money you spend leveraging somebody else’s time, energy, and skill-set is going to come back to you ten-fold. I would suggest hiring someone who has skills that complement yours, so they can take care of things that you’re not good at, or just keep putting off because you don’t like doing them.
When do you do it? If your goal is to flip one or two houses a year, maybe you don’t need to hire someone. But if you want to ramp this into a full-time business and want to have time to work on your business, hire people and train them sooner rather than later. It could even just be a virtual assistant who helps you with paperwork. Take that step, make that leap of faith, and I think you will see your business grow as a result.