Whether you’re just starting your business or you’ve been in the real estate game for years, every entrepreneur faces struggles, obstacles, and unexpected setbacks. Sometimes these challenges are due to making mistakes, and sometimes, they creep up due to mindset challenges or feeling like you need to perfect a system or process before implementing it.
On today’s episode, Don and Ryan share the challenges they have faced while starting and scaling their real estate investing businesses. They discuss why hiring help is often one of the hardest transitions for many new entrepreneurs, what systems are and how they enable you to free up your time and streamline your business, and the importance of being comfortable with reinvesting your profits back into your business to continue to grow and scale. They also discuss why it’s more important to take imperfect action instead of striving for perfection.
“A system is a boundary. You’re just setting a rule.” – Don Costa
This Week on FlipTalk’s Rookie Play Book:
- Challenges we faced while starting our real estate investing businesses.
- The importance of being comfortable with reinvesting your profits back into the business when you’re first getting started.
- The importance of learning how to manage your capital and cash flow.
- The benefits of creating a cash flow projection sheet.
- The importance of finding lenders that will lend 100% of the rehab cost, holding cost, and purchase cost.
- Overcoming challenges associated with scaling your business.
- How using one communication tool across your entire team can help streamline systems and processes.
- The importance of taking imperfect action instead of waiting for perfection.
- Tracking metrics and making mistakes in your marketing strategy.
- Take imperfect action.
- Put systems in place to free yourself and scale your business.
- Your “skin in the game” is your ability to run a solid, strong business.
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