How many properties would be too many properties for you? That depends on who you are, what you know, the resources you have, and the people on your team.
After a great conversation with one of our newest investors last week, I realized how much more important it was to help protect my investors from buying too many properties. By guiding them in the right direction and by sometimes encouraging them to slow down and not buy so many properties, I can save them incredible amounts of stress, frustration and ultimately money, just by simply helping them to think things through a little bit more effectively and slowly.
I frequently find investors who have gotten in over their heads with far more properties than they can manage and the pressure and work has become unmanageable. Unrealistic expectations, poor planning, and a lack of resources have lead to serious problems in the real estate market and investors all over the country are suffering from it.
It’s absolutely vital for every investor to understand their own limitations so that they don’t find themselves knocking on foreclosures door.
So…
Read.
Talk with your accountant.
Fill your pool of resources.
Build your team.
Tuesday’s Tip: As my Dad would say, make sure your eyes aren’t bigger than your stomach.
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