Seven Rules of Real Estate Investing

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Rule Four: Treat this like a business.

If you don’t already run a business, take time to understand how a business works. We see this mistake made often. Someone will drop in and casually announce, “okay, I'm a real estate investor.” They might even have business cards, a logo, office space, and embroidered shirts, but they don't have a plan. Most of these people are doing something else within a few months. The plan can be for this to be a side-hustle or part time gig to begin with. In fact it probably should. But that doesn’t mean you should treat it like a hobby. 

A real business has deal flow, income and expenses, overhead, profits and losses, processes, systems, evaluation, performance metrics, and hopefully profit. 

Many of the national hotel-room gurus will have their students focusing on business cards, logo design, websites, and asset protection. These things will be necessary, but they are not first. They DO create an opportunity for the guru to upsell you. Focus on these things is often a form of procrastination keeping you from the REAL business - deals. 

The bottom line in the real estate business is deal flow.