If you get into a business just to make money, you are going to get bored with property management. It is going to be stressful for you. You will not put in the passion needed to make it profitable. You will actually start to lose money.
Do not do this if you are just going after the money. If you have a real passion for it, if you see the purpose, if this is aligned with God’s intention for your life, by all means, pursue it. However, you have to think like a business person: income, expense, asset, liability.
You need to keep your assets and liabilities in check. In other words, you should never owe more than two-thirds of what you own when it comes to your own properties.
Build your business on cash, not credit. Do not go in debt to build a brokerage business or a property management business. Do it from the cash flow you already have coming in from representing other Investors and owning your own rental properties. This is always where to start. This gives you a steady income every day regardless of what happens in the economy. You build from there.
Having said this, there are plenty of you guys out there, Investors and Agents alike, who happen to already be in business as a painter or plumber or electrician or you name it. How would you like to leverage what you are already doing there to service other Investors? Do you think other Investors would need a painter, a plumber, or an electrician? You bet they do!
When you are in the investing business with your Agent’s license, and you have a client who is a very good painter, you can joint venture or partner with them to build a painter-contracting business. Go to the local investor groups and promote it there. Put it in your newsletters and in the local Penny Saver.
You can build a related business. The bottom line is that you always want to think in terms of how this is related to real estate. How is it related to your current brokerage business or your current property management business or your current investment business?
When you can do this, when you can tie these together to something you are already involved in, you will have a much higher probability of succeeding. You will have other Investors coming to you because they know you. There is rapport built. They trust you, they like you, and they respect you. If you are a painter, they will use you.
It is the same with an electrician or a plumber. I know plumbers who do really well in the investment game. They actually take on a lot of other Investors to do their plumbing work. You can build a related business. It does not have to be a Real Estate brokerage business. It does not have to be a Real Estate property management business. It can be a related business.
Perhaps you want to get into home inspecting. Well, that is not as easy as it was years ago. Now you have to follow the American Society of Home Inspectors (ASHI) rules. Typically you have to be mentored by an existing inspector for up to three years. It is not as easy as it used to be.
If you know somebody who is good with electrical work or painting or plumbing, maybe even already licensed and insured, you can build a business which is related to what you both are already doing.
Hopefully, this makes sense to you.
Well, you just have to get started. Years ago, in my grandmother’s church, they decided to have a campaign. They called it the “To-it” Campaign. Everyone always says, “I’ll get to it.” We say, “I know I need to get to that. I’ll do my marketing when I get a break in the action. I will get to it then.”
The church members created round to-its. These were round pieces of crocheted cloth, and in the middle was “to it.” I have always kept one with me all these years. It has served as a reminder to me for 38 years to always take action.
So far in this course, you have been given the education and the information. However, I cannot make you take action. You have to do that for yourself.
If tomorrow you find yourself not taking action, I promise you that a day will turn into a week and a week will turn into a month. A month will turn into a year and you will be no further ahead.
This is why I always recommend people who take this course independently to follow up with the instructor-led course. This requires an investment, but if you have bought this course, you already have it partially paid for. An instructor-led course will get you involved with other students where you work together jointly. You will work through your transactions at the same time and develop community groups which I set up for you to communicate with each other so you can help each other out.
You can also get involved with personal one-to-one coaching. There is an application before you can be coached one-on-one. Call Beverly at 1-800-931-260, or click on MyInvestmentServices.com and go to Members’ Area to get the application for personal one-to-one coaching.
You can also do group coaching. If you are a real go-getter, a self-starter and self-motivated, you could succeed with the group coaching. However, most people prefer the personal, one-on-one, problem-solving, guru-level type coaching.
In any case, I want you to see that there are at least eight ways to leverage your license as an income-producing asset by working with Investors. When you work with owner-occupants, you typically work with the owner-occupant on a single transaction. Maybe you can get one referral.
Investors there are at least eight ways to make money, and I suggest you do three of them.
In lean times such as winter, you will always be okay when you work with Investors and establishing multiple streams of income. You will not have to worry about where your next ship is coming from. I can promise you that.
I hope you have enjoyed this course. I enjoyed teaching it, and I thank you very much. This program is built on my own experience. Owning all those rental properties allowed me to build a brokerage company, a property management company, and eventually this teaching company.
This is my true passion; this is what is fulfilling to me. I do not just have a full day—I have a fulfilling day. You are part of that and I am eternally grateful.
Thank you very much, and please reach out to us. We look forward to seeing you again!
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