When you need help with your business, its ok to ask for it

work2bfree · #1 (**permalink**) 10-04-2007, 10:03 PM

Last week, I ran into trouble with one of my properties. I have a real estate investment business and I own 6 properties. When I was confronted with this problems, I really started stressing. My real estate investment business is only supposed to be a part-time thing. I had no intentions of spending a lot of my time managing my properties. So, it ws really disappointing when I was finding myself engaged with my real estate investment business more than I wanted to. It was taking time out not only from my job, but also from my work from home business. So, i decided to get some help. I hired a property management company to take over 2 of my properties. Why just 2? Well the other 4 are lease-purchases or rent-to-own so the tenants are responsible for the upkeep of the homes. Since hiring this company, I have been able to sleep better and ease some of the stress. So, in conclusion, when things become too overwhelming with your business or businesses, it is best to go on ahead and delegate some of the responsibility to others who either know as much if not even more than you on a certain topic. This will give you more time to tend to more important things. Plus, it is also a good idea to step away from your business for at least a day and go have some fun. I am sure your businesses will be waiting for you when you return.

Jpolk74 · #2 (**permalink**) 10-04-2007, 10:51 PM

That is so true Lawren, Kudo's to you!!

rkasso · #3 (**permalink**) 10-05-2007, 04:51 AM

Nice find Lawren.
Thank you

vabeaty · #4 (**permalink**) 10-05-2007, 08:28 AM

That's a really good idea, Lawren. By the way, I'm getting into Real Estate also. It's such a small world

work2bfree · #5 (**permalink**) 10-05-2007, 11:56 PM

One piece of advice Vebeatty, any home you want to purchase, be sure to have it inspected first. It may cost between $200 to $300 dollars, but it will be well worth the money. Also, when you purchase a home as an investment, try to get the home for 25% - 20% below the price the home is being sold. Once you do this, you will have lots of room to play with when you rent it out. For now, lease purchases are the best approach for renting your homes. I have year leases for my lease-purchases. After a year, they can buy the home, if they decide not to, they lose their down-payment which could be anywhere between 3%-5% of the price of the home, which for me is about $2000, $3000, $5000 or more that they put down on the home. This money is non-refundable. If they buy the home, the tenant can use the money to put down on the home. If the tenant does not buy the home, well I keep the money. I make my money up-front and in the end with a little cash flow in between. Do your due diligence and real estate investment can be an enjoyable experience. You will be confronted with problems, like tenant issues, but problems will always arise with any type of business you have. Problems are just stepping stones to success.