I need advice on scaling
Hi all!
So I need some advice on what I should do next to scale. I’ve been doing one deal at a time with nonstop Lowes trips. I’m wanting to start growing and now I just bought 3 properties that I will close on in the next couple weeks. What is the best way to get these renovations working on their own where I can let go of the reigns a bit so I can focus on acquiring new properties and partners?
Find a contractor you can trust and who can manage a crew at multiple locations.
At some point, in order to really scale, you may want to look at Multifamily vs SFR.
With larger Multifamily, you can afford to hire your own crew and leasing staff.
Of course, this comes with the need to scale your skills, infrastructure and capital raising ability as well.
Consider a JV on a large m-family property with a high net worth investor or fund whereby you put down little to no money upfront but put yourself in a position to make a very large incentive or promote payment if the property sale results in a high return to the investor.
- Investor
- Austin, TX
- 5,503
- Votes |
- 9,861
- Posts
Hire a project manager and pay them weekly. They will allow you to focus on what you love and not having to do Nick nack stuff. Build a relationship before you hire them, make sure they have good construction experience and can lead a crew
- Investor
- Austin, TX
- 5,503
- Votes |
- 9,861
- Posts
Make a list of the things you love to do and the things you hate. Source out what you hate. Either you work for your business or your business works for you
Build relationships with reputable contractors, communication is key! A good contractor should be sticking to a schedule. Also, taking another newbie under your wing who is looking to learn can help you with some of your tasks, like an intern relationship.