When it comes to starting and sustaining a business or investing in real estate, Leverage is the most powerful tool used to grow the business and your real estate portfolio. There is no reason to do it alone plus you cannot know the details of every little thing so leveraging others makes sense.
What can be leveraged? OPE - Other People's Everything.
- Money - Cash, 401k's, IRA's, etc Time
- Skills - Labor, negotiating, etc
- Knowledge - I think you know my thoughts by now on this subject
- Contacts - and contacts of contacts
- Credit - Bring them in as a partner and give them a percentage of the deal
- Contracts - due diligence
Have these people in place before you get started, more will come along as you grow. This is also part of building your foundation to get started.
What real estate professionals on your team will you need? Skills & Knowledge
- Other Real Estate Investors
- Title Company - One that understands investing closings
- Attorney's - Choose those who are willing to represent your case in court if need be
- Hard Money Lenders
- Private Money Investors
- Appraisers
- Financing Professionals
- Rehab crew
- Realtors - work with those who are educated in investing. Reduces time
You have so many ways to leverage others. Henry Ford was a master at leveraging everything. He focused on producing results while letting everyone else do the thinking for him.
Leverage is key to continued growth!
Tony
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