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Systemizing My Real Estate Business
Compounding My Efforts
I often find myself reflecting on how I am able to accomplish so much while I travel. Here I am sitting in Panera after spending the morning with one investor, lunch and the afternoon with another, while I have successfully leased one of my houses for 12 months, raised another $500K in private money for my own investments, and found another property in Austin to purchase below 70% of current market value. I'm sitting here in Panera Bakery (yes, its Panera again. Is anyone really surprised by this?) reviewing my Big Rocks List and I realize that I've somehow figured out a way to duplicate or clone myself. Well, not all of myself. That would be something interesting and makes me think about the movie "Multiplicty" with Andie MacDowell and Michael Keaton. That's is a scary idea, just ask my ex wife and a few of my friends! Anyway, back to today.
For those of you that know me (and for those that don't) you know that I travel two to three weeks out of the month while still maintaining a fully functional real estate investment firm back home in Austin while I am jet setting from Cali to Florida and everywhere in between. I get a lot of questions, especially from my students on the road, "How do you do it?" Well, I have to thank two parties. Well, make that three! The first one is my mentor, Bob Leonetti, who I've watched become 1000% more efficient within the last twelve months as he has learned to or grow to trust his staff and has delegated more responsibility to. Not only does Bob hand things off to people, he has two personal assistants that split his responsibilities (from paying bills and shipping product to answering phones and managing the marketing and webinars). Along with this, he is buying property and has his business partner, Jayme Kahla (one of my many adopted moms) handling the construction (of which she has delegated to a general contractor to tackle) and rehab of several properties. Along with this, they are also raising a private equity group along with speaking several times a month at local real estate investment clubs and seminars along with writing several new seminars and books. Just the thought of it can make some people tired! Whew! Anyway, after seeing Bob completely transform and exponentionally grow his business, I decided to take note and add a few of his ideas and suggestions to my business.
I guess the biggest point that I have to thank Bob for is teaching me to focus on the Big Rocks and the items that are income producing. I think that every entrepreneur has a hard time focusing on this. This obviously became a lot more aware to me after reading "The E-Myth Revisited" by Michael Gerber and how he discusses how Entrepreneurs struggle with the three hats or roles that they are constantly trying to juggle (The Entrepreneur, The Manager, and The Technician). I look back at my business a year ago and I see how I was struggling with each of these. There would be days when I would get so much done, but fail in working towards new deals. There would be other days where I would get so much paperwork done and fail in not managing my pipeline and finally there would be days where I was so creative, but my deals and paperwork would haunt me. Luckily, I learned that closing more deals and making less money was a whole lot better than making 100% of nothing and watching my deals die on the vine!