Align Yourself With Experts
One trap that a lot of people fall into as they build their investing business is becoming a one man/woman show. They start to get some momentum which they had to boot strap together by starting on their own. Instead of off loading tasks, they compound their activities and take them on themselves. One of the blind spots here is that many of these tasks are things the investor is not good at. For example - An investor might be good at finding deals and managing construction but their business also needs accounting and tenant management follow up. Because the investor does not off load these two weaker tasks, they spend an awful lot of time on them. Those weaker areas then are done at a sub par level and the time commitment makes the marketing and renovation tasks suffer. It becomes a juggle that takes more and more time. The best thing to do is to first identify the weak areas and align with experts in those fields. It might be slightly more money than doing it by themselves, but it actually saves money in the long run because the other areas of their business they are good at will thrive. If those strong skills are also skills directly related to business income, they will find their bank accounts flush with cash. The investor will also have the ability to rest assured the experts they hired have done the job right and helped them build a bullet proof business around them. Letting go of day to day activities can be very difficult but forcing yourself , in a controlled manner, out of your comfort zone can really allow the business to flourish.
Ian Walsh
215.839.3271
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