For the first episode of 2019, Brian and John reflect on the successes and failures that their business experienced last year. Even though some mistakes were made, the guys believe that mistakes are necessary in order to learn and, therefore, grow the business even more this year. They begin with what they did right in 2018, much of which revolved around hiring new employees that allowed the business to evolve. Later, the guys get into some missteps that they made in the previous year, including expanding into a new market.
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This Episode is Sponsored by
Core Rentals offers full service, residential property management in Columbus, Ohio and surrounding areas. They are equipped to handle single-family and multi-family homes. Visit CoreRentalsOhio.com today to have the day-to-day operations of your rental property handled by professionals.
Covered Topics:
- The successes that Brian and John had in 2018.
- Areas in 2018 that have room for improvement this year.
- Networking and forecasting tips that are especially relevant at the beginning of the year.
Show Notes:
- 01:29 – What’s been going on lately.
- Forecasting for 2019 and using the 10x rule.
- Money becoming less of a motivator.
- The goal of purchasing six single-family homes per month this year.
- A high-profit deal in an up-and-coming neighborhood.
- Putting together performance reviews for employees.
- 05:13 – What the guys did right in 2018.
- Hiring an acquisitions manager, administrative assistant, and social media coordinator.
- How each new hire has benefited the business.
- Buying 32 multi-family units.
- Stabilizing single-family and multi-family rental properties.
- Refinancing properties for the long-term.
- Building relationships with many different types of people, starting with lenders.
- Advice for working with new wholesalers.
- 13:40 – Some of the things the guys didn’t do too well in 2018.
- Setting high goals, but also how this can be a positive thing to do.
- Buying properties in Dayton and not making much profit, if any.
- Units that the guys purchased in Heath and the uncertainty around them.
- Not having the right mindset and due diligence towards multi-family units.
- 20:04 – Closing thoughts.
- ”Building your network is building your net worth.”
Topic Takeaways
- It’s great to look back, analyze, and think about where you can change your actions in the coming year.
- Network with everyone, because you never know who is going to be successful.
- Make goals for this year to keep your business on the right track.
Tweetable Quotes
“Hiring as you grow is one of the hardest things you’ll do… You want to hire the right people, and you’ll find out pretty quickly if they’re manageable or not.” (Tweet This!)
“We’re not going to sacrifice profit and cashflow… We could have reached our goals as far as units go and paid too much, but that’s not a good investment.” (Tweet This!)
“With single-families, we got so used to them that it became very easy to go in and analyze them. When we started buying multi-family, we didn’t really switch our mindset to the scale that we were buying.” (Tweet This!)
