Here’s a typical scenario. You decide to become a real estate investor – specifically a house flipper. You read a few books, learn all about the steps that a flipper needs to do then you start – systematically, attacking those tasks one by one.
This is an ambitious plan and anyone should be commended for attempting it. Making money as an investor is not for the faint of heart and requires lots of patience and discipline. However, it doesn’t require you to do all of the jobs and tasks that need to be done. Trying to do it all, just to save a few bucks is “penny-wise and pound foolish”. You see, you need to be spending your time doing what you do best. You need to be doing the things that will help grow your business. You shouldn’t be out on the street hammering in “For Sale” signs.
This is a mistake that most newbie investors make. They think they need to do it all. They have trouble letting go of even the most mundane tasks. This is a huge mistake and one that will cost you dearly in lost revenue.
You need to know the steps involved in your business. You can also make the case for doing everything at least once, just to get the feel for it. But on an ongoing basis, you need to be outsourcing as much as you can. Your focus needs to be on finding that next property and marketing the ones you already have. Everything else can and should be outsourced. This only makes sense, it’s the only way to grow your business.
