I was lucky enough to be asked to participate in the Real Estate Power Hour Podcast hosted by Mark Evans, DM. The Mark Evans, DM is a very successful real estate investor and entrepreneur and he is a car guy as well! He runs a very successful turn-key rental property company, owns hundreds of rental properties and has multiple business. I love doing podcasts, because they give me a chance to speak in a different medium other than writing blog posts. I think this podcast was great, because we talked about getting started in real estate, the importance of real estate agents, the importance of knowing the market you are investing in and how and when to hire help.
Important links from the Real Estate Power Hour podcast
Mark and I talk about many different subjects in this podcast, but some of the most important subjects are hiring help, finding or being a real estate agent and knowing you local market.
Why hiring an assistant made me happier and more successful
When I hired my first assistant it was a game changer. I went from working 60 to 70 hours a week to working about 50. The biggest change was not the time I was able to save and spend with my family, it was the quality of time spent at work. Instead of spending half of my time on busy tasks and tasks I hated doing, I was able to delegate those tasks to my assistant. She was able to do the things I did not like doing and that made work so much more fun.
When I had more time I was able to concentrate on more important work tasks and that made me more successful. Since I was not stuck working on busy work, I was able to think about the big picture. Previously I had spent 90 percent of my time on selling house as a REO agent. Once I had an assistant I was able to concentrate more on flipping and investing in rental properties. By concentrating on flipping more houses I was able to increase my income significantly.
As I get busier and busier I have hired more and more people. It has allowed me to delegate tasks and work on new projects without sacrificing current income streams.
Finding a great real estate agent
As a beginning investor you probably are not going to get your license right away. I think it is smart to do a few deals first to make sure you like real estate investing and want to pursue the business before you get your license. If you do not have your real estate license you have to find a great real estate agent. Real estate investors need a special kind of agent that will work fast. Getting deals from the MLS takes speed and a slow Realtor will make it tough to get those deals.
I don’t think you must have the most experienced agent as a real estate investor. Most agents do not know exactly what a real estate investor needs and experience does not always help. Often times the most experienced agents are the busiest and that means they won’t act fast. It may be wise to pursue a new real estate agent who is hungry and willing to work very hard for investors. They will also have time available to work fast for investors.
Here is an article that goes into more detail on finding an investor friendly real estate agent.
If you are a successful real estate agent or are looking for a career change, I think real estate is one of the best ways to make a lot of money. Not only does being an agent get me more deals, save me money on commissions, but I sell a lot of houses and make a great living as a real estate agent.
Here is an article that describes how much money a real estate agent can make.
You have to know your market as a real estate investor
I recently wrote an article on how to analyze a real estate deal. The keys to analyzing a deal are knowing market values and market rents. The only way to know those numbers is to know your market intimately. You have to spend time researching your market, driving around your market and looking at houses. Know you market prices and rents and it will become much easier to analyze deals.
Here is an article on how to value a property and how to determine market rents.
Learning about real estate investing is difficult, because there are so many opinions and view points on what to do. I think Mark Evans, DM and I have similar view points on success and real estate. This podcast and his show is a great resource for investors.