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Updated almost 3 years ago on . Most recent reply
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Scaling suggestions, tips, and/or thoughts?
Hey BP, I feel I'm starting to get to the point where I need to seriously consider scaling and how to go about that? I am of course incredibly uncomfortable giving up control like I'm sure many others are, BUT I hear the advice loud and clear that you want to work ON your business not IN your business. And to not make it too lengthy everything I've had going the last month has made me realize that I need to do things to be able to step away. I'm a one man show right now and still working full time as an RN.
So my question to all of you is what things have you done to scale that have made a huge difference that maybe you wished you would have done sooner? Along with tips on doing so successfully would be appreciated. For example I'm seriously considering a book keeper, it's starting to get out of hand and too time consuming, but where do I turn to for that and how much of my financial info do they need? Do I go the Virtual Assistant route for that?
I have a very good property management company that I use for tenant placement, but I'm having trouble turning that aspect over because I just don't see the sense in giving them 10% of my money when I don't get that many phone calls, but I know that's another part of scaling. What other things could a Virtual Assistant do to help out? Or even hiring somebody that could maybe do acquisitions for me? Any other suggestions/tips?
I don't know, just curious on suggestions others have. I've also thought about joining a local mastermind, I've tried to join the ones here on BP, but haven't had much luck as of yet. Any help/feedback is appreciated. Happy to provide more details if there's questions you have that will help, just didn't want to get too long winded on the post with possibly irrelevant info
Most Popular Reply
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I would definitely hire an accountant if its getting difficult. First you do not want to make mistakes and owe the government money or do something accidentally illegal. So I would Hire the accountant and save more time for yourself. Then I would take that time research property management and look into doing your management yourself. This saves you the 10% which would cover your accountant and you would still make more money. Management is quite easy depending on the number of properties you have. Read Biggerpockets Managing rental properties. Buy it on this website and you get access to all their forms and other great stuff. That is the one book I read and It made managing my first property easy. I still did some things the wrong way initially but in my third year and doing very well and things are pretty streamlined.