Today’s REI Classroom Lesson
Justin Wilmot explains why you should focus on wearing 1 hat in your business instead of trying to do everything yourself. By wearing the Captain’s hat, you’re able to spend your time on important aspects of the business.
REI Classroom Summary
You have to understand that you can only do so much. Know your goals and plan out how to get there with your team.
Listen to this REI Classroom Lesson
Real Estate Investing Classroom Show Transcripts:
Mike:Welcome back to the flipnerd.com 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 from Atlantic Real Estate Connection, also known as The 10 Hour Wholesaler and Mobile Wholesaler. Today, I will be your teacher for the REI Classroom and we’ll be talking about wearing one hat, not multiple hats.
Mike:This show is sponsored by passiverental.com.
Justin:All right, so, wearing one hat in your business. Be the captain. Wear just the captain’s hat. I thought it was pretty . . . I don’t know. It just happened to be lucky that I’m wearing my anchor hat today. But wear one hat in your business, and that hat should be the captain’s hat.
Something I learned was, as a solopreneur when I was trying to do everything, there was . . . not only did I have a job for myself but there was a cap on my income, period. You can only do so much, and there are peaks and valleys, right, when you’re a solopreneur. But, when you bring a team on, whether that’s virtual and you can work with other maybe . . . sometimes you can even work with other agents and have them come on as a salesperson. Or, you could team up with other wholesalers or team up with other fix and flip guys.
But, however a team looks like for you, it must happen. You’ve got to wear the single hat and sit in the mindset of being, “Okay, what do I want my business to look like and what am I gonna do to accomplish that?” At the end of the day, you just have to replicate yourself as much as possible, whatever that looks like to you.
Dissect what you do in your business. If you’re not yet doing deals, dissect what your life really looks like. Are you working 9:00 to 5:00 right now and then also trying to be a real estate investor – buy, fix, flip, wholesale? If that’s the truth and if that’s the case, you’re going to need somebody to take inbound calls for seller leads if you’re doing any, like, seller lead campaign. You should not be wearing that hat.
You’re going to need to be posting ads and sending out direct mail and doing a variety of marketing things in order to get those inbound leads in the first place. Should you be posting those ads, or could you leverage the modern world and go to something like fiver.com and pay somebody $5 to post five ads for you throughout the entire freaking day that you would never even be able to do by yourself?
It’s really important and it’s something that I really try to tell everybody that I help and that I’m blessed enough to coach. I coach people all around the country. Wearing one hat and that hat needs to be the captain’s hat. That needs to be the captain of the ship. You need to sit down, take a sticky note, take a little sticky note and write down what’s more important to you for the week, what needs to get done, what needs to get accomplished. Think about it, and then think about, for you, how you can best make that happen.
Does it look like you can go out and maybe one of your friends would be looking for inspiration, and he would love to jump on board with you and become a real estate investor, and you can hire him as an operational manager? Or, maybe you don’t have that at all or don’t want to do that at all and you have a $5 budget. Well, start with your $5 budget and go to a website like fiver.com. I encourage you to stop wearing multiple hats. If you need to post ads and you need to set up direct mail campaigns and you need to make outbound calls to build your cash buyers list, all of those things, whatever it is that you need to do for the week, step back, think about who you can outsource that to.
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Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of flipnerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
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