What a fun couple of weeks here in the Dallas/Fort Worth metroplex, NOT! It has basically rained every Thursday, Friday, and Saturday for the last three weeks, and it looks like this one will be no exception. Look, I’m not one to complain in general. I also almost never complain about the weather. I’m making an exception this time, because it is starting to interfere with my kids football! So, enough is enough! With that said, I thought I’d talk about the peaks and valleys of real estate investing. This business can be exhausting. I went two months this year (April and May) without buying a house, and then bought eight in June and another five in July. Of course the opportunity comes when I wanted to be on vacation for the summer, but you jut have to be ready for it when it happens. Here are some keys (in no particular order) I believe to be important to withstanding the ups and downs of being in an entrepreneurial business:
- Low monthly personal overhead: If you are going to be feeding your family with your business income, you need to make sure it is a small amount until the business has sufficient reserves.
- Low business overhead: Be careful what you sign up for, and this includes debt service. We entrepreneurs tend to get out over our skis, and the tumble can be rough.
- Continuous Marketing: Never, Ever, Stop. Stopping marketing to save money is like stopping breathing to save energy. It’s quite impossible and if you succeed, you are dead.
- Team: You must have a team in place in order to withstand the inevitable inconveniences of entrepreneurial life. I don’t think there has been a vacation in the last 15 years where either me or my wife didn’t have to sign some sort of closing paperwork while we were out-of-town and/or spend an afternoon in the hotel room putting out a fire. You have to have a back up in place.
- Results focused attitude: Stay focused on the results, not the process. It really doesn’t matter how you cross the finish line, if you cross it. Run your own race and focus on your goals.
- Be good: This one is simple. Just be a good person, friend, neighbor, spouse, parent, child, or whatever you are. Treat people kindly. These businesses are like circles that tend to re-intersect.
This post is all about perspective. In September, we had our second best month of the year. At the end of August, we were bored out of our minds because there was no activity. Now, I just want to watch my kids play an entire game without a lightning delay! be persistent, run your own race, and be nice. The rest will work itself out. But as you know,
That’s just the way I see it!