In this episode of Grab the Map podcast, we are giving you the 10 Things I did wrong when I started my real estate business:
· I didn't keep good books in the beginning [01:22]
You need to keep good books from the very beginning of your business. What I mean by good books is you need to account for every cent that moves hands in and out of your business, you need to keep accurate records. Have a system in place from the very beginning.
· I didn't take a profit first [02:21]
Taking a profit allows you to see real returns on all of your effort in business. It allows you to also save a pool of money so that when things get hard and things get tough, you have been keeping money.
· I thought I could handle all of the details myself [03:40]
You do not have to do it all yourself and the details may be helped may help you a lot if you get somebody that can help you manage the details. I hire contractors with no references.
· I destroyed good friendships over money [04:32]
Think long term with your relationships. Don't argue about money. Don't get so greedy that you lose friendships over money.
· I hire contractors with no references [05:18]
Find out who they've worked for recently and what they've done. And if that person is still happy with them.
· I tried to do things on the cheap all the time to save money [05:54]
You might find somebody who's really cheap, and they do a great job. But most of the time, if you find somebody who's really cheap, you get a really cheap job.
· I thought being humble and not sharing what I was doing was smart [06:46]
You've got to tell people what you're doing. It grows your business so much faster.
· I thought my credit wasn't important [08:07]
Your credit is important as a real estate investor. You've got to start getting it right from right now. You got to pay on time for stuff. You've got to know what your credit score is. And you've got to know what affects your credit score, and get an education about your credit.
· I partnered with the wrong person [09:03]
You don't want to partner with the wrong person. Spell out the rules correctly. But if you do not spell out things right partnerships can really be frustrating. Make sure that before you partner up with people that you have an energy that you have a synergy and that you can do what you're supposed to do to meet your obligations.
· I didn't focus on over delivering to my customers [09:57]
Over promise and over deliver and people will come back. People will do more business with you don't shortchange people.