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Build Your Business

Many come to real estate investing as a means to leave behind the cube farms of the corporate world or the spirit numbing monotony of the assembly line.  There is something fulfilling about finding deals and creating financing on one hand and taking an ugly house and making it a beautiful home on the other.  There can be great satisfaction in these and all the other aspects of the real estate business.

Yes, I said the real estate business!  It's not pushing papers from one side of the desk to the other or hawking the latest stock to unsuspecting clients - but it is a business.  As such, it needs to be treated like a business.  Keeping track of sellers and buyers.  Keeping records of properties.  Managing tenants... and contractors.  Knowing where the money is coming from and where it is going and how to keep it are essential parts of the business.

Managing Remodeling From A Distance

In June, I flew to Atlanta and toured a few of my rental units. This was the second visit I’ve made to these properties in four years.

During that visit, I met with my property manager and a few of my tenants, and I had lunch with my contractor. He and I met at a suburban Atlanta strip mall.

We ordered a basket of spicy chicken wings and fries, then took out a water-logged spiral notebook and planned a $20,000 renovation.

Here’s what the early brainstormed edition of those plans looked like:

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This purpose of page is not to give instruction on the finer points of these things - this writer is certainly not the model for everyone to follow.  I have struggles with some of these things myself... BUT there are some companies and services that make these things much easier.  Whether you are doing these things yourself or have progressed to the place where these tasks are delegated to others, just as having the right tools on the construction site is essential, so is having the right tools in your office.

Some of the items here will help you do your job and some will make it easier on the people you do business with - and easier on you.  Then there are the quotes among them.  They are not particularly about real estate, but they are about the person that becomes a success.

Because there are few lone wolves that become the real leaders in this business, acquiring various business and leadership skills will help carry you further toward your goals.  You do have goals, don't you.  The links below will help you develop some of the soft skill that make the job a whole lot easier.

16 First Time Flipper Mistakes

Congratulations on deciding to flip a house, intrepid investor! Now double down on your bright idea by avoiding these rookie blunders.

1. Forgetting about building permits

A little unlicensed construction might not seem like a big deal, but permit problems can lead to lawsuits if potential buyers (or their potential lenders) discover defects late in the process of a sale. If you’re working on your home’s structure, plumbing, gas or electrical systems, you’re probably going to need the city’s stamp of approval.

2. Skipping a conversation with a local real estate expert

The Internet is a marvelous source of market information, but it shouldn’t be your only source. A local pro can help you with everything from finding your flip in the first place to puzzling out its ARV (After-Repair Value). 

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A really great person is the person who makes every person feel great. ― G K Chesterton

Success is not final, failure is not fatal: it is the courage to continue that counts. ― Winston S. Churchill

It’s not whether you get knocked down, it’s whether you get up. –  Vince Lombardi

Failures, repeated failures, are finger posts on the road to achievement. One fails forward toward success.   C S Lewis

Tough times don’t last. Tough people do. – Robert H. Schuller

The way to get started is to quit talking and start doing.  – Walt Disney

To Think About...

It simply isn't an adventure worth telling if there aren't any dragons. --J R R Tolkien

Fairy tales are more than true: not because they tell us that dragons exist, but because they tell us that dragons can be beaten. ― Neil Gaiman

If you are working on something that you really care about, you don’t have to be pushed. The vision pulls you. – Steve Jobs