Although many real estate professionals do tasks that they shouldn’t, real estate investors are notorious for trying to do everything themselves. In many cases, their investing business is more of a side business to their full time jobs so they’re working 40 to 60 hours at their jobs, handling everything for the investing business, and trying to make a little time for family and friends.
This isn’t sustainable!
There’s a reason that we buy most of our properties from tired landlords. It’s hard being a landlord without having good systems and people in place.
As soon as you can afford it (and it’s normally sooner than you think), hire a virtual assistant (check out Upwork.com) to help you with your real estate business. This person doesn’t need you to provide an office as he or she typically works from home. You can start him or her at 5 hours per week and just see how it goes. You’re talking about a small investment that can pay huge dividends!
So, what can the virtual assistant do for you? Just about anything that doesn’t require a physical presence in your office. I’d recommend starting out with either tasks that you hate to do or ones that directly make you more money so that the assistant immediately justifies his or her value.
These tasks could include drawing up all of your paperwork (lease agreements, offers to real estate agents or to sellers, eviction paperwork, mortgage documents for private investors, and the list goes on and on), handling your incoming phone calls from potential and current tenants, and marketing your vacant properties.
For tasks that directly make you money, have the assistant find more properties to buy in places you aren’t currently looking. Example: Call the For Rent section of Craigslist and ask these landlords if they’re interested in selling.
Anything that doesn’t need your direct involvement (which is probably less than 5% of what you’re currently working on) you should work to slowly delegate.
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