Surround Yourself With The Right People
Who influences you on a daily basis has as much to do with your success as anything else you do as an investor. If you are surrounded by people who have a negative attitude and perpetuate a similar atmosphere, you will ultimately adopt their perspective in one way or another. Conversely, if you are around positive people who look at solutions rather than the problem, you and your business will benefit greatly. Your realtor, attorney, contractor and business partner are much more than members of your team. The people you associate with on a daily basis impact how you work and, more importantly, how you think. Give yourself an advantage by working with like-minded individuals.
Your realtor should have a definite idea of what kind of properties you like, in what area they should reside and what price range you prefer. You should be on the same page regarding investing strategy and how you will make offers. If they are constantly telling you not to waste your time with lowball offers instead of looking for a way to get that offer accepted, you are working with the wrong realtor. You don’t need to be given unrealistic expectations for every deal, but you also don’t need to be told you can’t do something if the option really does exist.
When dealing with your attorney, you need to feel comfortable that you are being given the best advice at all times. They are the experts and know the ins and outs of the contract better than you. If you feel like they are not working for you and are instead looking for the easiest possible solution, it is time to get a new attorney. You should never feel that you are bothering your attorney with a question. You can’t expect every text or email to be returned immediately, but by days end is not unfair to assume. Your attorney is the last person on your team to be involved in the deal. You need to know that they are working for you and that they will do whatever it takes to solve any problems.
Your realtor and attorney can help you find and close deals, but your contractor holds the key to any profits. The quality, cost and efficiency of their work is often what separates a good deal from a great one. Does your contractor show up when they say they will? Do you feel comfortable that when you receive a quote they will stand by it? Are they constantly making excuses or changes once the work is started? If you are not handy and don’t know what your contractor is doing, ask for a breakdown of all the work and costs associated. A good contractor that you can trust and has superior work quality is worth their weight in gold. You don’t know how fortunate you are until you don’t have one.
If you are constantly hearing that you can’t or shouldn’t do something, you will eventually start to perceive it as reality. This doesn’t mean you shouldn’t listen to everyone’s advice, but you are the final decision maker. The people on your team don’t make money from you unless you close deals. You should all be on the same page and have the same outlook. Surround yourself with people who aren’t afraid to give their opinions, but aren’t afraid to chase your goals with you.
By: Paul Esajian