After investing in real estate for almost three years now, I constantly find myself facing the decision to “do-it-myself” or “get help.” I probably notice this more often than not because my biggest weakness is being in control and doing everything myself – trying to be the hero and “do it right” or “save money”! In fact, I think most of us are naturally inclined to accomplish as much as possible on our own. If this sounds like you, I urge you to challenge yourself and try handing over the reigns for once.
In my case, this means not getting caught up in things that drain my most valuable asset – time. For example, when I’m rehabbing a rental property for a new tenant, I hire an electrician, HVAC specialist, and plumber to take care of my major repairs. Although I’ve had some success in fixing these things on my own, there just comes a time when it’s not worth the time and energy to fix these things yourself. Your time would be better spent at those things at which you’re more effective, such as searching for your next deal. Again, I am still very guilty of doing things myself, and sometimes my financial resources don’t allow me to hire others.
On a higher level, your most valuable team is likely your banker, realtor, insurance agent, accountant, and lawyer. These are the team members who can guide you in the right direction, whether it’s purchasing rental property or making a major business decision. With the help of these advisors you can make more informed decisions about your business and stay informed on any important changes that may affect you in the future.
I would be interested in hearing how you use your team to keep on top of your game. Please feel free to leave a comment……