When you are building a property portfolio, trying to do everything yourself, is only going to slow you down. Your focus should always be on building your business and getting as much value out the time you put in as possible. If you get bogged down in the day-to-day management of your property projects or in having to constantly build your personal skillset then your progress is going to be slow.
1/ Doing It All Yourself Is Time Consuming
2/ You Will Make Mistakes
3/ Three Ways You Can Help Yourself Get Started
4/ Work With A Property Mentor
6/ Learn From The Success (and Failure) of Others
7/ Sign Up For Our FREE Property Training Today
8/ Any Questions?
Doing It All Yourself Is Time Consuming
Trying to take responsibility for everything in a portfolio is something that I see investors doing time and time again and it was something that I fell foul of when I first started out.
I tried to do it all myself. I managed all my lets and my refurbishment projects. I took it upon myself to find my tenants and manage the day to day running of my properties.
The truth is, that by trying to do everything myself I was slowed down and didn’t get anything like the results that I could see my competitors were getting.
You Will Make Mistakes
Another problem with working alone is that it requires you to be an expert in things that you are perhaps not an expert in.
Of course, with all new endeavours, there is a learning curve. The question you need to ask yourself is just how steep you want that learning curve to be. Because if you want to master lettings, refurbishments, property sourcing and all the other disciplines related to investing in property, it is going to take you a long time and you will make mistakes along the way.
Mistakes, when it comes to property investing, can be very expensive. But what’s more, trying to master all those different skills is an inefficient use of your time.
Three Ways You Can Help Yourself Get Started
Today I want to talk about three things you can do right off the bat, to improve your chances of success.
These are working with a property mentor, having a plan in place for personal development and copying success.
1/ Work With A Property Mentor
Working with a property investment mentor is an investment that can really pay off. But, a property mentor doesn’t necessarily mean someone that you have to pay.
A property mentor might just be someone that you know. They might be someone in your peer group or a friend. It could be anybody, so long as they have experience in growing a property portfolio or working on development projects.
You just need someone you can work with or put questions to; maybe someone who is willing to work with you on a project.
Working with someone who has more experience than yourself is going to help you grow your business much faster and avoid those expensive mistakes.
Read More About Property Investment Mentors:
You need to first think very hard about what your time is worth and very careful in evaluating what you are spending your time on. The trick to success making sure that you are focussing on the most efficient tasks and by efficient what I mean is those tasks that generate the highest amount of income.
Once you know which tasks bring in the most money, you should focus on them. And, for all your other tasks, I suggest that you outsource them.
So if you experience (and skillset) is in sourcing property then you should consider hiring someone to do your bookkeeping. The same would be also true for your refurbishments or for managing tenants.
The point is, if you spread yourself too thin, then your results will suffer for it.
Bring in the experts in key areas. Focus on what you are good at; where your skillset is.
My advice is, instead of trying to learn everything, invite people in that compliment what you already know. Then you can focus on growth rather than the day-to-day.
3/ Learn From The Success (and Failure) of Others
Finally, to achieve fast growth in your property business I suggest that you try and learn as much as possible from other people’s successes (and failures).
Success leaves clues. When you find someone who has achieved what you want to achieve you should be thinking about copying exactly what they did to get there.
So, if you want to grow a large property portfolio you should be going out and finding people who have grown a large portfolio. Ask them questions. I guarantee that you will be surprised at how honest, open and willing to help, a lot of people are.
Just ask. When you find people who are successful in the field in which you want to work, approach them, tell them where you are at and what you want to achieve. Ask for their advice or even their help.
If you want to be a developer, then go and speak to developers. If you want to be a property sourcer, then go out and find successful property sourcers.
But focus always on growth and the best use of your time and try and make that learning curve as short and as risk-free as possible.
Sign Up For Our FREE Property Training Today
Sign up for our free online property training course today.
In there we cover a range of different property strategies to help you get started on building a long-term property portfolio or creating a cash flowing property business.
We also look at ways to increase your return on investment with any of the properties you may be considering and we also have a couple of cheat sheets and downloadable documents.
Just click the image below to join our free training course today.
We have also put together a FREE 1.5 hr webinar on how to get started in property and find deals right now on your doorstep which you can watch here.
Or, if you prefer to read rather than watch you can access the full transcript here
If you have any questions or thoughts about working alone in the property industry then leave them in the comments section below.
Alternatively, you can get in touch via our Facebook page.
We’d love to hear from you and as always we’re happy to help.