Today’s REI Classroom Lesson

In the classroom today, Justin Wilmot explains how to determine where you need help in your business so that your strengths are your concentration.

REI Classroom Summary

Propel your business forward by delegating your weaknesses to a team member who can take your place.

Listen to this REI Classroom Lesson

Real Estate Investing Classroom Show Transcripts:

Mike: Welcome back to the REI Classroom where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Justin: How are you today, guys? My name is Justin Wilmot, The 10 Hour Wholesaler and The Mobile Wholesaler. Today I will be your host for the REI Classroom, and I’m going to be talking about duplicating yourself and duplicating yourself often.
Mike: This REI Classroom real estate lesson is sponsored by the, FlipNerd’s private investor coaching program and your blueprint to investing success.
Justin: All right, today I want to talk about duplicating yourself. What the heck does that mean? Well, obviously we can’t clone ourselves. Some issues with that these days. But, we can get close to it.
One thing I like to do for myself and that I encourage my students to do is we take a sheet of paper and we just draw my strengths, my weaknesses, and a line down the middle, just literally a line down the middle. Strengths, weaknesses. You sit in a room.
Get super honest with yourself and decide to be honest, and decide to go I . . . these are the things that I believe that I’m really strong in when it comes to the tasks that I know need to be done in order to become a successful real estate investor, fix and flip, rehabber, landlord, whatever your model is at the time. I’m known as a virtual real estate wholesaler. We buy and sell properties from afar.
If you’re doing what I do, you would sit back and go what do I need to do. I don’t love speaking to cash buyers because I’m nervous. I can pull it off but I don’t love it, and the truth is I procrastinate it. I’m making this up because that’s actually not the truth for me. But, it is for a lot of people that I run into. If that’s what it is, a weakness of yours is having the consistency to do what you need to do as a real estate wholesaler which is to build relationships with other cash investors, if there’s any procrastination in that, you need to find a way to get someone else to do it.
When I say duplicate yourself, I’m talking about, like, smoke and mirrors. Who can substitute what you can’t do or don’t want to do? If you had a bunch of yous then you would just have a bunch of people running in circles. Everybody would just be following each other’s tail and everybody would want to be the chief.
It can sound a little almost like conflicting, duplicate yourself, but it’s because I want it to be like in your face, that “Wait a minute, that makes no sense. Why would I have to duplicate myself if I understand that my weakness is making outbound calls to cash buyers?” Well, if I hired somebody like me then I guess that wouldn’t make any sense. Oh, click.
It’s a cool little hack and a cool little trick that I’ve learned. I’ve been blessed to teach people all around the country. It’s one of those things that I tell people yeah let’s duplicate yourself. Write down your strengths and your weaknesses. My strength would be I’m extremely organized. But, my weakness is I don’t always take action on that. When we’re looking at these columns, do you want another person that does the same? No. Smoke and mirrors.
Be honest with yourself. That’s where we figure out what’s really going to propel our business forward is by being honest, writing it down on paper, and just going out there and doing whatever it takes to get that other person. Start with one person. Cultivate them. If it doesn’t work out, move on to the next. Don’t waste your time. Move on to the next.
Once you find that person, compensate them well. Make them part of your business. Whatever it takes to keep that person, I highly recommend that you do that, and then so on and so on and so on. Duplicate yourself and do it often.
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