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One of the things you need to do in real estate investing is you want to make sure that you are specializing in something. 🏠🪡⚒️
I meet a lot of people and when I start talking about real estate investing and I ask them, “so what real estate investing, what type of real estate investing are you in? Are you in wholesaling? Are you in rent to own? Or do you do fix some flips? Are you in rentals?” 🏠🏷️⚒️
A lot of them, strangely enough, say “I do whatever transaction comes along”.
And that may be the case but it's going to really make you think.
What's going to happen is you're not going to become an expert in any one thing.
There are two things you need to be doing as a real estate investor. You need to be looking for motivated sellers and you need to be looking for joint venture partners, people with money.👨💼⤴️🤝👬💰
What you want to do when you're out there looking for properties is you're looking for a motivated seller 👀🏠👨💼
There are four things you can do with any property.
- You can bring it on as a lease option. 💲⚒️
- You can wholesale it to a cash buyer.💲👨💼
- You can fix it and flip it, or ⚒️
- You can fix and hold it. ⚒️✊
What you need to do is you want to specialize in one of those things.
For example, my specialty was lease options. What I would do is I would find a seller that would be willing to do a lease option with me. But if that property was run down too much, I wouldn't be able to do anything with it because I didn't have a team in place to fix it up.💰👨💼🏠⚒️
What I had is I had a partner or I had people that I would assign this property to. So I would get it under contract, I'd flip it over to them and they would fix it up and then they would just sell it. And I'd get a commission for that. 👨💼🏠📜💲
I didn't have to worry about building a team to do fix and flips for the odd fix and flip.
In fact, if you're doing fix and flips, you want to make sure that if that's your specialty, you build a team or two or three teams, depending on how fast you want to scale. Because fix and flips can take anywhere from three to six months. You want to make sure you can rotate your teams through these different transactions. 👬📊⚒️⏳💲
I know people that have done a hundred deals in one or two years, I know a guy who's done a thousand transactions, but the key is having a specialty and then find other people that can do the work that you don't want to do or that you don't need to do.👬🤝⏳
Then you can work with them and they can become your partner in the transactions that are not your specialty.