How to Build Your Own Power Team
Successful real estate investors and business owners have one thing in common: they always have a team of experts at their disposal. Creating a ‘power team’ is vital to your wealth building strategy, and you will certainly be lost without experts to advise and guide you on your entrepreneurial journey. Your allies will protect you from financial harm, speed up your wealth creation and help you attain your goals whilst avoiding obstacles along the way.
Here are a few tips on how to find the right people to join your team.
How to find an excellent CPA
• They are not afraid to use creative, aggressive strategies to save you a TON on your taxes
• They have taken advanced tax courses
• They own real estate and continue to invest on a regular basis.
• They attend real estate conferences and boot camps to stay informed.
• They have written articles, white papers, and reports on tax-saving strategies.
• They have a long-standing reputation for being ethical and knowledgeable.
• They are competent, hungry, energetic, and willing to do what it takes to help you build your wealth legally.
You can get a free consultation with Ebere HERE
What to Expect with a Great Real Estate Acquisition Specialist
They will:
• Locate the undervalued property
• Perform a cash flow analysis
• Determine the cost of renovation
• Estimate the after-repair value
• Renovate the property
• Facilitate property management
• List property if it is a flip
How to Pick the Right Real Estate Investing Strategy
Choosing a real estate investing strategy can be a huge dilemma, especially when you are just starting out. Should you invest in short sales, note sales, or flips? Should you invest for cash flow or appreciation? Do you invest in your hometown or nationally? Trying to decide where to start can be difficult and confusing. Every ‘guru’ promises to deliver never-ending riches with their strategy, but at the end of the day, it all comes down to what you are ready to take on, and how you want real estate investing to fit into your lifestyle.
Here are some points you may want to consider first:
Cash available
Some strategies, like buying foreclosures, require huge amounts of cash. Others, like wholesaling or buying at builder auctions, require little or no cash. In general, cash makes your investment life much easier.
Play to your Strengths
If you cannot handle stressful rehabbing situations or hate negotiating with contractors, then rehabbing may not be the right strategy for you. Always play to your strengths and hire others to help you with your weaknesses
Time available
Different strategies require different amounts of time or require that you be available for particular hours of the week. For example, rehab is extremely time-consuming. Anything involving the government, like buying at sheriff’s sales or appearing in court, generally requires that you be available during business hours on weekdays. If you have a full-time job or do not want to give up all of your after-work hours for real estate, you must not choose a time-consuming investment strategy. If you work at a regular salaried or hourly job during business hours, you probably cannot pursue a strategy that requires you to do real estate stuff during business hours.
What do you want your life to look like?
Take a minute to think about this. It’s incredibly important to get this right, or you may regret ever investing when it takes over your life in a way you cannot control.
• What do you want your day to look like?
• How do you want to get your income – in large chunks, or monthly payments?
• Do you want employees, or do you want to go it alone?
Once you write down your ‘vision’ for the future, you are taking control of your life and business and you’ll have a better idea of what you should and should not do with your investments. It’s important to narrow down the options to really fit your life.
What are your objectives?
• Do you want something short term or long term?
• Do you want cash flow or equity growth?
• Do you want to be hands on or hands off?
• How much time and effort can you put into your investments?
These are all important considerations that should be thought out in advance of your first transaction. Once you get clear on what you’re looking to get out of your investment, you can start to seek out the right strategy.
Why Marketing is a Driving Force for Success in Any Business
Marketing, marketing, marketing. Yes, you may be used to hearing ‘location, location, location, but if you don’t have a marketing strategy in place, your business will die. The businesses that survive economic downturns are usually the ones that ramp up their marketing when everyone else is running scared.
It doesn’t matter what kind of entrepreneur you are, you must invest in both online and offline marketing to keep the ‘Top of Mind Awareness’, which means you want to be in front of your prospects ALL THE TIME. There are many ways to do this without breaking the bank and you can either do it yourself or hire a marketing assistant. I hire marketing strategists to help me keep Wealth Building CPA in front of my prospects all the time. If I stopped marketing, I would definitely not be able to grow as a business.
Here are some marketing tips and strategies on how you can implement powerful techniques to keep you on top of your game.
Seven Ways to Stay in Front of your Prospects
Have you ever signed up for a newsletter or membership group to get access to special information that you want and need? Do you get regular social media updates from groups you belong to on Facebook or Linked In? Are you a fan of particular real estate blogs or blogs in your industry?
These are all marketing strategies designed to capture your information and build a relationship with you over time, so that eventually, you become a customer or client. Marketing is all about relationships. People want to do business with those they know, like, and trust and this takes time, but if you are not building these relationships, your competition will snap up your prospects and leave you empty-handed.
Here are some sure-fire ways to stay in front of your prospects at all times:
• Capture their information: Offer something they want and need on your website so you can capture their email or mailing address (such as a free report or consultation). This way you can continue to market to them forever.
• Use Social Media: You don’t have to join all the networks, but pick one or two and master them. Be consistent and deliver regular, informative tips. The key to success in social media is to get your audience engaged with questions, polls, competitions, and events. Be social and enjoy it. Nobody wants boring updates.
• Blog: Google loves blogs because it’s fresh content. Without getting technical, the more you blog, the more you increase your chances of being found when prospects are looking for your service or product. Blog about what your customers care about in your industry and promote your blog posts on social media and Linked In Groups, or even participate in busy REI forums like BiggerPockets. If you don’t like to write, hire someone else to do it. You can find good, reasonable writers on sites like Guru.com – just make sure you check for good reviews and samples of work first.
• Be an Expert: You already are an expert in your field, so share your knowledge with others and drive traffic to your site. It’s as simple as answering questions in your industry on blogs, forums, and chat groups. Once people see you as a good source of information, they will likely follow your links back to your site.
• Network: I don’t mean just any old rubber chicken dinner! Be selective and only attend events where you can connect with other connectors and highly qualified prospects. Once you exchange information, make sure you follow up the next day with an invitation to connect and meet. Virtual networking is still at an all time high. Make sure you introduce yourself online during the networking portion of events – let people know what you do and how they can contact you.
• Direct Mail: This seems to have gone out of fashion, perhaps because it’s more expensive than email, but it’s still a perfectly viable way to reach your prospects using postcards and other special offers. Be sure to mail qualified leads only and give them an incredible offer that will drive them back to your site to sign up.
• Be Unique: There is only one YOU. Play to your strengths and stand out from your competition. If you love video, then make short 2 minute videos for YouTube or TikTok. If you love to talk and interview people, start your own podcast. There are many ways to make your mark in your industry.
I address many of these issues in my Wealth Building Plan. Make sure you are getting the best tax advice. Let me evaluate your financial and tax situation, then develop a customized tax strategy just for you. Together, we will come up with a strategic plan designed to answer your questions as you build your own customized wealth-building plan. You can get more information at Wealth Building Plan.
