A number of years after starting to invest in manufactured homes, and to a lesser extent single family homes, I was still under the impression that as a real estate investor not only do we have to know all aspects of our craft but we also have to be masters of all these areas at every given moment. I learned years later I was incorrect.
In reality a successful and happy real estate investor can become so by only truly mastering just a few aspects of his or her real estate investing scope-of-duties.
Allow me to clarify and hopefully bring some clarity and ease to your investing business.
As investors we ideally should know every step needed from start to finish with regards to properly investing in the types of real estate that excite us. A common expression that you must perform multiple duties is to “wear multiple hats” with regards to real estate investing.
While it is vitally important to have an understanding of each task needed you will not need to become an expert in every area. In fact your personality-type and natural propensity for handing situations may actually hurt certain areas of your business.
- Are you a people person?
- Do you understand numbers well?
- Can you estimate repairs?
- Do you consider yourself patient?
Let’s break real estate investing down into 2 areas of importance. Speaking only to investor that are not passive; your duties can be looked at as green for most important and red for least important. I use the word “important” to describe tasks that must be handled with the most care and skill. Ideally many investors would choose to handle these cash-producing tasks themselves.
While almost every area of your investing business can be outsourced keep in mind that the list below is designed for the average investor that has little money to hire …read more