There are a lot of skills you need to master in order to run a successful real estate investing business. Perhaps the biggest skill you MUST master is the ability to make mistakes, correct them quickly, and move on. Managing your mistakes (you will make some at some point) must be learned early in your career.
Management of people, process and a slew of various products. It all combines and the outcome can be either terrific – or costly and terrifying when done wrong.
People will include the various contractors who help renovate the home, but don’t forget the inspectors from the county, state, and the home inspector that may recommend other more specialized inspectors to follow up on their work. It’s a lot of people focused on finding defects, which is easy to do in older homes.
Process involves keeping everything on track and moving forward. Nothing drives me crazy like having a foot of snow on the ground and being trapped inside for a week or more. Knowing that our projects are out there without anyone paying attention to them, nothing getting done, and everything just sitting at a standstill – it just makes my skin crawl.
Aside from keeping things moving though, you job is also to make sure things are happening in a logical and thought through way. Painting walls is silly if you are going to tear them down to open up a room – yet I see new renovators do this more often that you might believe.
And the long list of projects that go into a renovation project? Hundreds of different pieces. All of it chosen and installed by dozens of people from various backgrounds. It’s an amazing moment when a project is done and it all comes together nicely. It’s a disaster if you don’t keep a close eye on things and you get a “mish/mash” of various styles and skills.
This month at our monthly WREIA meeting you will have a chance to listen and talk with some of the areas top renovators. These people actually make a living going through the process we just described. They keep track of all the people, choose all the products and keep everything moving in a logical process.
Everyone brings their own experience to this business. You will too. As your business grows, you will make your own process and choose your own products. A great short cut to growing your business faster is to simply hear what these experienced business people are doing correctly, and learn from their mistakes as well.
Mistakes – we all make them. It’s how you handle them that makes the difference in your ultimate success or failure. The easiest thing you can do Monday night is ask questions, listen and learn from other peoples successes and failures. We say it all the time – “Sometimes avoiding a mistake could save you thousands of dollars.”
If you have attended a wedding or other social event lately, you know that the roundtable setting makes it pretty easy to get to know someone new. Especially if the music isn’t playing too loud.
I was sitting at a wedding table recently and one of the gentlemen we were sitting with told us a little story about King Arthur and why he created a roundtable system for all of his Barons and Knights to meet and hold discussions.
King Arthur knew that his various Knights would not enjoy being set at a lower “station” than the Knight next to him. In fact, at one of his Christmas or Yuletide celebrations a riot broke out, based in part on the social seating at the event. So rather than have a head or foot of a table, he used round tables for seating at his future events.
Problem solved. No more riots at Christmas parties.
Roundtable Discussion at WREIA This Month
We have never had a riot at a WREIA meeting, but we will be having a round table discussion at WREIA this month – and you are welcome to join us.
Roundtable discussions are based on the idea that everyone is equal, and can bring new and fresh ideas to the topic of discussion. In modern times we have a Mastermind and a Board of Directors meeting based on this same concept. Everyone can bring new ideas to the discussion, and the combined effort should bring new proposals and direction to the effort.
You can reserve a seat at WREIA this month by clicking Here or at
Last month we had a local attorney come and share with us various strategies for financing properties in the DC area. This month, we are taking it a bit closer to home and bringing some of our WREIA members to the front of the room to discuss recent successes – and failures.
Just like King Arthurs court, no matter how long you have been in this business, you can learn a lot from these roundtable discussions. The What, How’s and Why’s of someone else’s everyday business can spark an idea for YOUR business and maybe help you get back on track. And just like King Arthur, we will be discussing what is working right along side what is NOT working in our local area. This will give you some things to focus on, as well as some pitfalls to avoid.
You can leave your 15th century costumes at home, but come on out and join us this next Monday at our WREIA May meeting.
Reserve your seat for the May 2015 WREIA meeting Here.
I hope to see you at our next WREIA meeting just one week away on May 18th.
301-881-5541Washington REIA Network, President
Profitable Property, Founder