There are lots of directions you can go with real estate investing. Wholesaling, fix and flips, multi-family, REITs, turn-key – you name it, there’s a way to make it happen. But when you get pulled between multiple areas of focus you run into trouble every time. Steve Richards’ story is an example of exactly that. In this conversation, he tells how he started off with great success as a fix and flip and wholesale operator but soon found that his efforts were diluted as he jumped into too many opportunities. Hear what Steve did to reign in the problem and focus on his strengths, on this episode of The Time Is Now.
When Steve Richards first got started in real estate investing he was very good at finding the right opportunities, leveraging the profits into another opportunity, and building from there. But he did so without putting the business structure in place that would be able to support and sustain the volume and type of business he was doing. It was only a matter of time before that liability came back to bite him. Listen to how Steve addressed the problem and what it takes to be successful in the real estate business, on this episode.
Steve Richards had a number of real estate oriented businesses running at one time – but over time, the bandwidth, number of people, and sheer cost of doing so made it apparent that he was into way too much stuff. What tipped him off was when he noticed himself dreading coming into the office each day. That’s when he decided that he had to make a change – and he shut down one of his most profitable companies because it didn’t fulfill his personal desires. You can hear how Steve navigated the waters and rebounded to become even more successful by listening to this episode.
One of the things that Steve Richards enjoys about having his own business is that he’s got the ability to help others – his family, friends, and the people on his team. But he realized at one point that he was consumed with giving to the people within his businesses and was not keeping himself healthy – to the point that some on his team began to take advantage of him. He learned one of the hardest but most vital lessons: If you don’t make sure that you are staying at your personal best, you won’t be able to help anyone else.
When Kent asked Steve how his wholesaling business works, Steve said that he’s learned that one of the biggest skills any wholesaler needs is the skill to uncover the needs that the seller and the investor have in any transaction. When you clearly know what each person in the situation is looking for, you’re able to find the right opportunities and structure the deal in ways that will meet those needs. That’s when you have no trouble finding or selling properties. You can hear Steve explain it himself on this episode of The Time Is Now.
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