February 12, 2014 by Dymphna 3 Comments

Fire Yourself And Hire Experts!

'You are Fired!'

It may sound a bit daft, but sometimes the worst person handling the details of your real estate career may just be…you.

Now before you turn the page on me, listen carefully to what I’m about to tell you…

No one can do it all. At least, no one can do it all well and still enjoy life.

Here’s a bit of wisdom that I have learned along the way that helped me and will help you as well…

A big part of being successful is knowing where your best talents lie…

But perhaps an even bigger part is admitting your greatest weaknesses.

That means being honest with yourself and your spouse.

It also means delegating certain tasks to others who are more skilled at it than you….

Focus on what you do well

Because the truth is, when you are not well trained or skilled to handle a task, you’re not going to do as good of a job as the person who is…

This is especially true if you don’t have the aptitude for that given task.

You can learn how to evaluate a property, for example, or how to negotiate a deal, or even set up your trust or corporation…

But you may not enjoy mastering all of those activities.

As an accountant, I handled the financial and tax duties for many successful clients.

In fact, that’s all I did!

And yes, I had—and still have—an aptitude for that sort of work; everybody who knows me knows that I’m a very detail orientated person.

But there were a couple of things I came to realize…

For one, I realized that what I was doing would never lead me to the life I wanted for myself and my children…

For another, I saw that my clients hired me because it allowed them to focus on what they did really well…

And focusing on what they did well is what made them rich.

At that time, I was a very accomplished accountant, it’s true…

But I also knew that that what I was doing would never make me rich.

Now let’s see how this applies to you…

What does ‘market ready’ mean?

For instance, I stress the importance of being market ready before you buy your first property.

By market ready, I obviously mean that you need to educate yourself about real estate investing through my Courses and Boot Camps…

That’s because you can and will learn what to do to be successful…

As well as what NOT to do.

Getting yourself educated will help you avoid most of the problems and difficulties that novice investors needlessly go through…

But being market ready is more than just having the knowledge about real estate investing, asset protection and all the rest…

Becoming market ready is also a result of actions you take, such as setting up the right trust or company before you buy your first investment property.

Because having the right structure in place can make the difference between success and failure, between holding onto your portfolio and losing it…

Get your experts around you

Being market ready is what will keep your portfolio profits in your hands and out of someone else’s…

But when you start to do your property searches, your price research, grid variance analysis, reno cost breakdowns, council negotiations and all the rest…

You find that your time becomes very limited.

Does that mean you can’t or shouldn’t personally handle your legal structures?

I would say ‘yes’ for two very good reasons.

The first reason is that you’re not in the legal business, are you?

Even if you are quite capable of handling it, you should let someone who does nothing else, do it for you.

This gives you a bit of legal protection should something go wrong.

But there’s another reason that’s just as compelling, if not more so…

Multiply your time

You are in the real estate investing business. You should be spending your time focusing on that!

Let your legal team handle your legal work.

That’s why you network with people at iLoveRealEstate Seminars and Boot Camps and getting to know real estate agents, contractors and potential investors…

You want to leverage other people’s expertise so that you multiply your time through those experts…

Otherwise, you’re dividing your time getting stuck in doing things that are important…

And more importantly, you are not spending your time wisely.

But one last part…

It all takes money to do that, right?

Some of your preparation to become market ready will cost you some money…

But it’s money well spent. And it will come back to you in the form of cash flow or equity…

The key point is to make the highest and best use of your time! Does that mean you should handle all your legal and accounting?

Maybe it does to begin with…but it shouldn’t for very long.

Because once you get going, you will need to have experts handling those duties as soon as possible…

After all, the whole point of getting into real estate investing is to set yourself free from doing the things that you don’t want to do!

When you get your experts around you it allows you to do what you should be doing…

Focusing on building your portfolio!