A couple of blogs ago I asked the question, "Does Your Personality 'Fit' Your Real Estate Investing Strategy?" Now that is important, so that you can pick the strategy that will work best for you and allow you to enjoy your real estate investing.
But what about the skills necessary for each of the different strategies? Each one of us will have a different skill set and things that we can bring to the table as we invest. What skills do you have? Do you like to find deals - find properties in trouble either through bad management or some other reason? Or put deals together - matching the building with the go forward plan and financing?
Marketing is a skill that is needed on all deals and differs from actual sales. Skills can be technical or soft-skills.
These are just some of the many skills that come into play as you fix-and-flip, convert condos, engage in long-term rentals, or one of the other real estate strategies. Some skills are more important in some strategies than others, and skills come in to play at different stages of those strategies. For example, finding the deal is a skill that happens at the beginning of the process, while marketing is something that is started as soon as you take control of the property.
Just like having a bad fit between your personality and your strategy of choice will slow your progress and make you unhappy, so too will a bad fit between your skills and your strategy. You need to put your skills when and where they can serve you best, and delegate the skills you lack to other members of your team. Members that do have those skills.
I tried to be all things to all of my deals for too long. I was a lone wolf, thinking I could do everything myself, and my forward momentum suffered as a result. Be honest about who and what you are, and what you can bring to your team. You will enjoy the process of investing much more if you do.
For more tips like these or advice on which strategy might suit you best, please read my book on "Comparing Real Estate Strategies" It will give you an objective look at each of the major strategies and the pros and cons of each.
Or you can always contact me directly or "Book a Chat"
I look forward to hearing from you.