Innovative Strategies

User Stats

53
Posts
10
Votes
Christian Walker
  • Investor
  • South East Texas
10
Votes |
53
Posts

I need advice on scaling

Christian Walker
  • Investor
  • South East Texas
Posted May 31 2022, 07:20

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?

Houston, Texas

User Stats

1,945
Posts
833
Votes
Percy N.
  • Developer
  • Philadelphia, PA
833
Votes |
1,945
Posts
Percy N.
  • Developer
  • Philadelphia, PA
Replied May 31 2022, 08:24

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.

User Stats

24
Posts
7
Votes
John Herold
  • Lender
  • Rogers, AR
7
Votes |
24
Posts
John Herold
  • Lender
  • Rogers, AR
Replied Jun 2 2022, 13:55

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.

User Stats

1,779
Posts
981
Votes
Eliott Elias
  • Realtor
  • Austin, TX
981
Votes |
1,779
Posts
Eliott Elias
  • Realtor
  • Austin, TX
Replied Jun 7 2022, 07:46

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 

User Stats

1,779
Posts
981
Votes
Eliott Elias
  • Realtor
  • Austin, TX
981
Votes |
1,779
Posts
Eliott Elias
  • Realtor
  • Austin, TX
Replied Jun 19 2022, 09:25

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

User Stats

42
Posts
29
Votes
Crisselda Clark
  • Investor
  • Colorado Springs
29
Votes |
42
Posts
Crisselda Clark
  • Investor
  • Colorado Springs
Replied Jun 21 2022, 08:22

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.