Originally Posted by Wreck
Can you tell me more about this?
I have a big time "do-it-yourself" mentality, so much so that I see it sometimes being a hinderance.
I'm sure you do fine, you seem really intelligent. What would you like to know? It's a pretty broad topic. And I'm still trying to transition myself.
Here's an example, if you want. A friend of mine is 100 times more successful than I am in real estate. He mostly does residential flips and rentals. He has a whole team of people who are a part of his business. Realtors, contractors, accountants, lawyers, property managers etc... I don't think the guy's ever hammered a nail in his life! But his fixer uppers are some of the most beautiful homes I have ever seen. And he doesn't even find the houses himself, he uses "bird dogs" to find them. Bird Dogs are people you give you search criteria to and they go and look for homes for you. I think that he pays them around $500, if he closes the deal on the house they pointed him to. The money he gets for his deals is from other people too, they are from banks, other investors (a little from myself on a couple of occasions), even sellers of the property he wants to buy! Him and all his people make profit from each deal. But, IMO he's the one that works the least, but he'll probably won't admit that.
But in a conversation we had over drinks, he stated he probably only works about 15 hrs a week on average, and he doesn't really even consider that work!
It's all about sales and leadership skills, I think. That's what he's insanely good at. He's the type of person that could sell you a pet rock for $100,000 and you'll still leave thinking you got a great deal for it!