Taking it tothe Next Level!

[Tiara Murray]

I am planning on making 2010 a banner year, I am think that I am coming down with a bit of analysis paralysis. So to fight it, I am jumping head first into my real estate licensing class (access to the MLS) and I should be ready to take my test in about 3 or 4 weeks. In 2010 I want to focus on strictly Wholesaling and small rehab/flips. In 2011, I want to branch off into Short sales, Land flipping, and buy and holds. To do this, I know that I am going to need a strong team behind me. But how exactly do I take my business to the next level, meaning hiring people to run those specific departments of my business, hiring office interns and assistants, project managers, paying myself and others a salary, etc.

How did you go from novice investor to huge (or medium) sized company. How did you make that transition? Was it hard to give up control and delegate tasks? How did you decide on your organizational chart (what positions to create and who gets those positions). Sorry if I am babbling, but I really would like to know this.

Tiara :wink:

[J Scott]

Before you can start delegating tasks, you need to know what the tasks are. You need to create systems and processes that YOU use to run your business, you need to optimize you business, and you need to have a mid- to long-term plan.

Once you have these things in place, then you can start bringing in other people to follow your systems and processes and to carry out the strategy that you've defined.

I read in another thread that you plan to do 50 deals in 2010...if that's the case, there are more important things that you should be focusing on other than getting your RE license.

For example, where is the funding going to come from? Where will your buyers come from? Do you know how to estimate rehab costs and analyze deals? Do you have a team of contractors to do your rehabs?

Doing 50 deals in a year is LOT! Without proper planning and having that team in place, it will be nearly impossible. So, if that's really your goal, focus on the more important aspects of the business, not getting your RE license.

There are plenty of ways to get access to MLS data, so if that's the reason you want your license, there's no reason to rush it. At very least, do a couple deals before you spend months getting your license...