As Real Estate Investors who quit their jobs to focus on investing full time, we know all too well how easy it is to quit one job for a lower paying “other job”. Its like you quit a 40-50 hour a week job to work 100 hours a week for less pay. This is the life of most entrepreneurs, and sadly, it can continue for years, or even worse, it could fail, and you have to go back to a job you didn’t like in the first place. This also goes for many of you who are still working, but also putting in many hours for your real estate investments, or even other ventures
There is something to be said about doing something you love, and it doesn’t seem like you are doing work at all. We buy into this somewhat, but truth be told, most of us take action on something to eventually have the choice of not having to work. We only quit our jobs several years ago, although we became multi-millionaires through our investing, we now have the choice of working or not working, and that is the key…CHOICE. In order to grow a business you need to strive to work ON your business, not IN your business.
With 3 children each, we know how difficult it is to balance all the things going on in life, but below we have pointed out a few things that have helped us push forward and grow quicker (some things we are still in the process of learning and doing 😊)
- You are not an Island: No business was built by one person, the team involved is likely the most important relationships you will have. These include, Accountants, Lawyers, coaches, etc. and for real estate investing it could be your Realtor, property manager, contractor, mortgage broker, etc….the list goes on and on. Make sure your team is knowledgeable in what you are looking to do (ie: many brokers or realtors are not set up to help investors grow).
- Don’t Spend a Dime to save a Nickle: We see this so often with new investors. Many try to become contractors, property managers, accountants, etc, all to save a few bucks. We always advise to ensure your investments can handle expenses, so they are done professionally. You may also want to ask yourself how much are you worth? Part of investing is to strive to not do all of the work yourself, and we see so many spend countless hours at their properties. Most times you may have saved a few dollars, but it may have taken much longer to do, was not as good a job, and cost much more in the process.
- Don’t be a Perfectionist! Perfectionism is the killer of speed and abundance. We remember being younger and proud that we were profectionists and making sure all was done perfectly. As we started to do our investing, we needed to ensure we could grow, that means getting marketing in order, renovating properties, accounting, bookkeeping, etc. we rely heavily on our team for what they do, and ensure they are catching the things we do not. And if you are doing the work, then sometimes it means just getting things done to ensure you could do more. One of our favorite quotes by Grant Cardone is “I’m a Best-Seller, NOT a Best-Speller”.
- Have Grit: Nobody said it was going to be easy. Anything worthwhile is usually not easy and will make you uncomfortable. The great thing with Real Estate investing is that you can outsource as little or as much of it as you like, and still get double digit returns. Being a passive investor, sometimes is smarter than being active, as you can really spend time doing the things you want to do and provide yourself with multiple streams of income. On the other hand, being an active investor could have great rewards, but you need to push through and deal with unexpected things, and be flexible that virtually no plan executes exactly as it is laid out.
- Your Network is your Net Worth: when we first started out investing, there weren’t many meetups or investor communities available. Now they are many in cities across the globe, and we are happy to host our own in the Greater Toronto Area. We have many millionaires in our group that learn and grow off of each other. We actually met each other at a real estate meetup, and now we’re partners. You never know who you will meet.
Speaking of networking, our next meetup is fast approaching Next Wednesday on March 20th. We will have Andy Tran from Suite Additions and Cherry Chan from Real Estate Tax Tips coming in to share their investment knowledge. Andy Tran will be using real life success stories and discussing how you can use the Second Suite Profit Formula as a long term investment strategy. Cherry is an accountant that specializes in Real Estate Investment. Although Tax Planning is not viewed as a very fun topic, it can get very fun , very fast when you are saving thousands of dollars each and every year. Tax Planning takes many investors a long time to actually implement in their investments (ourselves included!). click here for a link on where you can RSVP and get tickets.
Visit us at www.VenturePropertyInvestments.com and our pages on facebook or LinkedIn to learn more about how we invest in real estate to profit in both an increasing or decreasing housing market. Or contact us if you would like to learn how we are providing double digit returns for our partner’s and clients year over year.
Until Next Time,
Build Wealth. Live Life
If you haven’t come out to one of our events, feel free to visit our events page on our site at https://venturepropertyinvestments.com/events/. If you are just starting out, or a seasoned pro, come out to Learn and Network with others like you.
Martin Kuev & Chris Shebib are full time Real Estate Investors, Realtors and Wealth Coaches who have over 20 years experience in Real Estate. With multi-million-dollar real estate portfolios and a team built over the past decade, they left the corporate world to have the flexibility to spend time with family, continue their own real estate investments and help others build long-term wealth.
Both Chris & Martin are first and foremost Husbands, and Fathers. Both are actively involved with their families and each have 3 daughters keeping home life full of surprises.