There are a lot of real estate investing and wholesaling books about building your business. But if your end goal is to escape the daily grind, gain profits, and recover your time, there is one book from our Top 10 List of Real Estate Investing Books that our Founder and CEO, Josh Miller recommends.
The book is Traction: Get a Grip on Your Business by Gino Wickman.
Wickman’s book gives you direction on how to get what you want from your real estate investing / wholesaling business, so one day you can be the CEO, or just the owner, instead of an “operator,” stuck in the daily grind.
In his book, Wickman teaches us three things – the three “How’s” if you will:
We won’t give away the entire plot, or scheme, of Wickman’s work, but we want to share a chart he created to help innovators and business starters, like yourself, organize their business through what he calls the EOS (Entrepreneurial Operating System).
Gary Harper of Sharper Business Solutions helps investors systemize and grow their business via the EOS. He took Wickman’s simple chart and expanded upon it to apply it to the real estate investing business specifically, as Josh shows in the video below, and as can be seen in the screenshots that follow.
https://youtu.be/1DZCO8gD1wY
The top of the chart begins with the Visionary / Integrator. This is the Business Owner, aka You! Beyond your role are those areas of business that are key to operations and sales, including those roles that are specific to the Real Estate Investing space.
Left to Right (above) are the first four areas of Business that need to be filled – Marketing, Acquisitions, Dispositions, and Title Company.
Left to Right (above) are the last three areas of Business – Project Management, Property Manager, and Finance – to be filled.
This chart illustrates the mechanics of a well-oiled Real Estate Investing Business. If you’re new to the industry, you may feel a bit unnerved looking at this chart, because it drives home the fact that you cannot fill every role without sacrificing a lot of your time and effort.
Most people get into real estate investing / wholesaling because they want to leave the 9-to-5 routine and earn a passive income. Instead, they find themselves trapped in an almost 24/7 job, with no holidays or vacation, and not a single break to make it work. So what can you do to avoid being stuck in the daily grind, burning out and losing deals?
The EOS helps you replace yourself in every role featured in Gary’s elaborate chart. You should be able to look at the chart and decide the role you best fit in – that is, beyond the Visionary / Integrator role.
For example: after his first house flip, Josh discovered that he was better at Marketing than Sales and Negotiations. So he took over the Marketing in his REI business and hired himself a Sales team to handle talking with sellers, paperwork, and acquisitions.
In the same way, you should find the role that best suits you, then hire the right people to fill the subsequent roles. This way, you free up your time and can focus on what you’re good at and what you enjoy doing in real estate investing / wholesaling.
To help your operations run more smoothly, and so you can close more deals a month, here is the chart our CEO, Josh Miller, created and used to streamline the disposition of his properties:
How does Josh’s chart work? An example: once a property comes under contract, each qualification (in a blue diamond) has to be answered with a “Yes” if the property is to become a rental. But let’s say the property is in a bad location. Then it becomes a question of whether or not the property can be a wholesale deal? If not, then can it be a wholetail? What about a flip? And finally, can it be a lease option?
It is always a good idea to have an exit strategy. This chart takes the guesswork out of deciding what to do with a property, even before you get it, allowing you and your team to do a lot more volume.
GoForClose is the only all-purpose marketing agency for real estate investors and wholesalers. We do all your marketing for you, including lead generation!
We become your marketing department and team, so you don’t have to worry about that aspect of your business, and we find you motivated seller leads.
If your market is available, we will pull and organize data to build you an exclusive motivated homeowner list. We can also use your list, though we do recommend using our skip tracing service for the best results. Afterwards, we do cross-channel marketing, including cold calling, SMS, RVM, and email.
Our Inside Sales Associates (ISA) live answer lead responses, prequalify, schedule appointments, and, if desired, provide warm transfers to you or your sales team.
Contact us to find out how we can help you grow your real estate business and help you escape the daily grind.
If you have questions or are curious to know more, request a free consultation below.