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I A N R E E V E S @PathToFreedomWithIan

Right Size

When you are first getting started in your business you have more time to devote to each project. As you start scaling your business, your time available shrinks. The only thing you can do is delegate more and have better systems and processes in place. But there comes a point when it becomes very difficult maintain that level of business. At some point you have to determine what size your business really needs to be. (Listen Now)

Skills

When first starting in real estate, the hard skills are more important: being able to use spreadsheets, breaking down materials and labor & other numbers of the deal, how to complete tasks . . but as you grow, soft skills become more important. Real Estate is a people and relationship business and your soft skills will need to grow. Suggested reading "How to Win Friends and Influence People. (Listen Now)

Uncertainty & Adversity

One of the absolute, most important skills you can have as an entrepreneur and real estate investor is the ability to handle uncertainty and adversity. Being able to take a step back and calmly and objectively figure out how to solve your problem without getting emotional and making good decisions is very important. Being able to handle bad situations with grace and treat people well, even when you are under pressure is a skill set that one must have. Lots of people who crack under pressure end up making things far worse. True confidence comes from knowing that no matter what happens, you can find a solution. (Listen Now)

Social Media

While you can waste a lot of time on social media, but if you use it with intention, sharing useful information that others find helpful, you would be surprised at how much business you can generate. Get connected with investors, private lenders, wholesalers with deals, and more. When you share valuable content, people remember you the next time they have something you need. (Listen Now)

Bigger Not Better

Bigger is not always better in real estate. As you grow and take on more projects you have more overhead, more staff, and more support systems. This gives you less control over your projects, so quality starts to slide. You need to maintain deal flow so you take on projects that may not meet standards. But by limiting your deals you can cherry pick the best. (Listen Now)

NOT TO DO List

Sometimes you have just too many things to accomplish. There is just not enough time in the day and at some point you have to say now. There may be things you want to do or already do, but you should not be doing. So take time to figure out what you should not be doing - that you can just eliminate or delegate or say no to. (Listen Now)

Things Have Changed

If you are just getting started in real estate you are probably reading books that were written several years ago when numbers were a lot different. It's getting harder and harder to meet all those rules as prices have inflated and rentals have not kept up. Getting good cash flow out of long term rentals is getting much more difficult. That's not to say that rentals are not a good investment, they absolutely are. They will make you wealthy in the long run as you have someone else paying down your mortgage while the property appreciates in value. But the cash flow is not going to be as great, You will have to get creative. (Listen Now)

Enjoy the Ride

Don't get so caught up in future goals and future accomplishments. Every once in a while take a moment to reflect on where you were 5 years ago vs today, so you can get out of the future and be happy now. This helps you appreciate what you have, what you have accomplished, Enjoy the moment and the journey. (Listen Now)