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Updated over 7 years ago,
What *systems* do you use for Buy and Hold to scale up?
A year ago I was a hobby landlord. My hubby works full time and I'm wheelchair bound, so I thought that managing a large rental portfolio was unrealistic, but we were doing ok with 3 houses.
Then I joined BP, and a whole new way of looking at the world has been opened to me. I got excited about real estate investing. But still, I had a modest view for the future which didn't match up to my WHY: to have enough passive income so that I can remain in my home in retirement despite my limitations.
Then the epiphany struck, when a few things happened at once: I got a house under contract using techniques I learned here even though everybody laughed at me at first; my agent took me on a tour of that house using video conferencing and i was able to actually see the house well enough to make an informed decision; I went to an REI meeting and felt naked without a business card; and finally a mentor asked me to prepare a business plan. Business plan? We're trying to get a few rental houses on the lease market, I don't need no stinkin' business plan!
A few podcasts later, the lightening bolt struck and I could see a whole new path ahead. We could actually have a real business, and I could have a real important role in it! We could reach my WHY! I've felt more useful and productive in these last few months than I have in the entire 12 years I've been in this chair. But the key to scaling up has got to be our systems. And this is where I hope to draw on the experiences of other BPers who have successfully scaled their buy and hold portfolios.
What *systems* have you put in place that have had a positive impact on your business? What do you do to get a house on the market? What have you done to reduce the administrivia so that you can focus on the bigger picture? What is the most important thing you did to push your business to the next level? People talk about having systems, but don't usually describe what they are and how they work. This is what I hope to learn from you!