If you spend any time at all networking with other real estate investors, you already know that business has changed over the past couple of years for just about everyone. Not only has the way folks are finding deals changed, but the spread on those deals is not the same for most real estate investors today as it was a couple of years ago. Good deals are a lot harder to come by in many areas of the country. So what do we need to do?
How I Bought, Rehabbed, Rented, Refinanced, and Repeated for 14 Rental Properties
This is the dream right? Going from zero to 10+ rental properties, providing stable cash flow and long-term wealth for you and your family, and building a scalable business model to boot! Learn how this investor did just that, in this exclusive story featured on BiggerPockets!
Be Ready To Adapt Quickly
The speed of implementation or how quickly you can “change with the times” will be critical to your success. Let’s face it; that can be tough to do. Most people spend a great deal of time creating a business model that works for them and for their business. So when a rough patch comes along, it’s usually not our first thought to “jump ship” and quickly change everything. Our natural inclination is often to take a “wait and see” attitude. Is this just something in the market that is temporary? Or is this something that is here to stay at least in the foreseeable future? Not everyone is good a spotting those early trends.
Learning to Make Changes More Quickly
I have just established a new Monday morning routine for 2013. It is something that I think will help me make those needed changes more quickly. This process isn’t just for real estate investors, but will work for any type of business. The first appointment of the day every Monday will be with “me”. Since I am a “solopreneur” that is the way it will work in my business. If you have a partner (or two), then you should schedule this time with them.
Every week for the next 12 months I have committed to having this meeting. You might ask why I chose the first thing Monday morning. Monday mornings tend to be busy times in almost every business, and it is probably the least likely time you might be inclined to choose yourself. But it’s important to understand why I chose Monday. I chose this day and time for one reason; you can begin immediately to implement the changes you decide to make, and you have the whole week to put everything into place.
The Process for Making Quick Changes in My Business
The process I use is really very simple. I take out a legal pad of paper and draw a line down the middle of the page. On the left side I list all of the things that either aren’t working in my business or aren’t working the way I would like them to work. Then on the right side of the paper, I begin listing possible solutions. You can also turn the paper over and make a list of desired outcomes and begin to work backwards toward solutions.
One important thing to note about this process is that you have to let go of preconceived notions about what is possible and what will work. Just begin making a list. If the first thing that pops into your mind is, “that won’t work”, you have to push those thoughts aside. Remember that what you are doing every day in your business is no longer working, so you have to be ready to change.
When an idea doesn’t seem feasible instead of dismissing it ask yourself:
What isn’t this possible? What can I do to make this idea work? You will need to ask yourself better questions in order to find the answers. Open your mind to new possibilities and see where that takes you. We all remember the old saying:
“If you keep on doing what you have always done, you will get what you have always gotten”.
If things are not going the way you would like in your business, you have to change. There is no other way.