Pride Generates Success

   Just over a year ago, my business partner and I purchased our first investment property, a distressed SFR.  We rehabbed this property and sold it for a profit…success!  Many of our family members, friends and acquaintances thought that was the first action we had taken towards real estate investing...they were wrong.  In reality, we spent almost one year planning and preparing our business.  We researched our market, got our real estate agent licenses, devised a business plan, prepared an operating agreement, registered our business entity, opened bank accounts, etc.  It is these processes that differentiate an investing business from a side job.

   I have always felt that if you run your business like a successful business, you will create a successful business.  If you neglect to do these things properly in the beginning, you are setting yourself up to fail.  I equate it with having a morning routine.  When I was young my father used to say to me “if you look good, you feel good”.  It took me a while to figure out what he meant, but I understand now.  When I wake up in the morning, go through my daily routine unrushed and take pride in myself, I feel good.  On the rare occasions where I am running behind and rush to get ready, I do not operate effectively.  While I have just a tiny real estate investment company (we own just a couple properties and have completed just a few deals), I take great pride in telling people that I own a real estate investing company.   I try to demonstrate this pride in all business related activities.  We developed a website which I believe presents the professionalism we try to achieve.  We interact with contractors, vendors, and customers in the same way.  We conduct a weekly “staff meeting” where we review financials, upcoming events, project statuses, milestones, etc.

   While some may feel like we are wasting time by taking these measures, we find them very important and they have proven effective thus far.  These procedures will allow us to grow efficiently, as we have systems in place to manage with expansion and change.  However, I understand that every person and every business is different, but I urge everyone to have pride in your business.  Display that pride in everything you do related to your business and you will find success.