How to make the perfect Real Estate business

How to make the perfect Real Estate business

Joshua D.Pro Member
Rental Property Investor · Pittsburgh, PA · Member since 2015 · 712 posts · 173 votes

So the business I have currently has 6 SFH and 1 duplex looking at more deals everyday and want to scale to say 50-1000 units one day. I have done this in a matter of about 14 months. We have a pretty good system in place now I find the deals and analyze deals, do a lot of marketing in my area with finding houses, and show properties for rent and some construction when my guy needs help I help in all the ways and more so the do it all guy and more the entrepreneur guy in my mind being that I had the idea of all this and formed a team around me. My wife keeps up with the bills and insurance stuff and online marketing and does the website stuff for are rentals. I also have a full time guy for remodeling and house calls and we bring some other guys in to help him when need be I have him on payroll but right now we are slow so I have him working for my father in law which my father in law pays him and when house calls come up he does those or until we find another deal which there are a couple brewing now. We also have a storage unit built into one of the houses right in the middle of all are rentals and its in the ally and it works out perfect we have pretty much have all construction materials needed for remodeling. My question here is what more can we do to make this perfect and more so it work and not us work for it being that my wife is over the entire business and thinks its coming into are marriage and relationship. She comes from a very very wealthy family and I basically come from nothing being a army brat growing up. Its tough because I see the change that has happened with are marriage but I have done this to create freedom and financial stability for us and its becoming to be hard and overcome us I want us to learn more everyday and so forth. I have created say rough estimate 500k in assets with only 130k in debt. Please help with my business model and possibly everything else its beginning to take its toll. But so worth it in my mind getting out of my dead end job. Thanks Joshua

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  • Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
    9y

    @Joshua D.,

    Do you have a business entity structure now?

    That would be a step to explore to get this under control and into some kind of organized structure.

  • Joshua D.Pro Member
    OP
    Rental Property Investor · Pittsburgh, PA · Member since 2015 · 712 posts · 173 votes
    9y
    Yes we have all the property's under llc
  • Joshua D.Pro Member
    OP
    Rental Property Investor · Pittsburgh, PA · Member since 2015 · 712 posts · 173 votes
    9y
    Any other advice?
  • Joshua D.Pro Member
    OP
    Rental Property Investor · Pittsburgh, PA · Member since 2015 · 712 posts · 173 votes
    9y
    Bump
  • Joshua D.Pro Member
    OP
    Rental Property Investor · Pittsburgh, PA · Member since 2015 · 712 posts · 173 votes
    9y

    bump

  • Scott HawleyPro Member
    Investor · Bellevue, WA · Member since 2016 · 65 posts · 36 votes
    9y
    Have a long talk with your wife and figure out what exactly is troubling her. It could be many things: 1) Not enough quality time together with you working a full time job and building a real estate portfolio. Maybe setting aside more time together. 2) Maybe she doesn't like her role in the business and you should hire out those tasks. 3) Many other possibilities My wife and I have had long talks about this ourselves. For us, the unhappiness was fixed just by changing how we communicate with each other and making it clear on what she was in charge of (and letting her run point on it) so she didn't feel like my employee. Best of luck to you! You portfolio building skills look impressive! Keep it up. Scott
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