Knowing when to recognize an opportunity is a key piece to becoming a successful investor, and practice is required. After recognizing the opportunity, know the key pieces of a puzzle and how they can be leveraged with one another to start the deal flow. Key pieces for Short term Rentals are Capital, Property, Software and Systems, Time, Knowledge, Scalability. Once you learn how to fit these pieces together, you can craft your solution and grow into the role of solutions architect. There is no shortage of what you can accomplish, and to that point, what you can leverage. That itself is one of the most powerful attributes within Real Estate and Real Estate Investing.
Capital
The age-old adage, “it takes money to make money” is false.
Money is needed for deals, though it doesn’t need to be your money. As shared earlier, success does not equal money and money doesn’t equal success either; appropriate allocation of funds can make or break a deal.
Knowledge
Understanding deal criteria for a more secure investment of funds helps to ensure profitable investment. Experience builds strength of judgment, so it is important to use prior knowledge (leverage past experiences of your own and the experiences of others to help guide your investment journey raft past the eddies).
Also, leverage the power of a mastermind group. Here you can overcome obstacles more easily; you can solve or avoid problems because your network of coaches, mentors, and peers was there to help.
Properties
Leverage a property by understanding what the best use for a property is. [Dynamic.RE] (http://dynamic.re/)can help you with that by analyzing the strategies for you. Again, key criteria will allow you to identify appropriate investment strategies and discard strategies that are not a good fit. You don’t want to fit a square peg into a round hole. When you know what the best use of a property is, you can offer that for your own home, for the home of others, or for general properties for sale.
Systems & Software
This is a key leverage technique to garner the mass knowledge of others and also the time they have put into developing tools to save you time and provide solutions for each component of your business.
Creating your own personal systems to maximize efficiency, should be clockwork.
Time
In Michael Gerber’s book The E-Myth – A great way to start a business is by first understanding the roles of technician, manager, entrepreneur. Reading this book before starting will in itself save you time in the future.
Gerber’s advice is to build a training manual for every process. Dynamic.RE can give you the training manual for the technician role of Airbnb Superhost. When starting from scratch, you can become of value by being the technician for someone who may not have the time to run the day-to-day. This is a great example of how becoming a co-host can be beneficial. Click here to more about Short-Term Rental Strategies.
Scalability
Hiring and scale your business team to become the managers. Once everything is running smoothly, you can shift toward entrepreneurship and work ON the business and not IN it.
Difference between a Small Business owner and an Entrepreneur. Business owners just own and operate their businesses.
The role of an entrepreneur is to create solutions.
Keep in mind, these are some of the core principles at the foundation of Dynamic.RE. Dynamic.RE is a software to save you time by uncovering real estate opportunities. How you make the most of these opportunities is up to you.
Once a balance is met in leveraging all of the above components together, a flow of using all elements to benefit the others can be reached. A special note in time management is also worth touching on in that prioritizing important items first and then filling in the less important but still needed items can be quite beneficial in keeping priorities straight and also getting things done. It takes practice to work these tasks into your habits and awareness for professional and personal balance. Remember to keep your mindset and mindful approaches present as you embark on developing these new skills.
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