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10 Real Estate Investor Business Commandments To Live or Die By | By: Jon Iannotti

10 Real Estate Investor Business Commandments To Live or Die By

With 14 years each experience under our belts,  we are certainly not the most experienced Real Estate Investors out there that make their living buying, fixing, reselling and flipping  homes for cash-flow. However,  with our many years of combined experience, we feel quite certain that we can  provide you with a set of very important business-building commandments to abide by with regards to your Real Estate Investing Business.  They literally can help you achieve your goals or if not followed will lead to your demise as a Real Estate Investor. 

This list is of 10 commandments are what we follow to the tee in order to run our business and is exactly what we teach our students to follow as well.

We believe in these statements so strongly they are called our “10 Business Commandments to Live or Die by”!

  1. Always have a “Mindset” of helping others.  Treat others as you would like to have them treat you!  Remember, to be patient, kind, understanding and willing to help everyone that wants your help!  “Do NOT make promises that you can’t keep!
  2. Always know what is happening in each area that you call your farm areas.  Be on the lookout for areas where drugs and other crimes are becoming more frequent, know your war zones and only do deals in these areas that you can get in and get out without you or any of your people having to go into the areas.  Besides anyone wanting these properties know very well how to get in and view them to see if they want to purchase.  
  3. Become proficient at explaining (and then using) multiple strategies for purchasing a seller’s home.  Always keep up on your education as thing change quite often in our business including laws, trends, strategies, etc.
  4. Be prudent in your spending to purchase a property for your own portfolio.  Prudent is defined as, “Acting with or showing care and thought
    for the future.”   Make sure that if you want to keep a property that the cash flow is there and the numbers work, as we all know there is always the unexpected!  If you can get owner financing on the property that’s really the best way to purchase, just make sure to follow Dodd Frank rules. 
  5. Always use Other People’s money for your investingif you can’t get terms from your seller and you want to purchase a property to fix and flip….Don’t write a check unless you can easily and quickly recover your investment. 
  6. Marketing, Marketing and more Marketing will cause your business to grow.  Without Marketing, you have NO Business! Test….Test..Test and know what is working and what is not working and quickly adapt to what is working!
  7. Always  know your numbers and your EXIT STRATEGY!   It’s all about the numbers!!!!!!!!
  8. lways give your future tenant-buyers, your sellers and yourself attractive Win-Win Terms. You always want everyone in the transaction to WIN!
  9. Always meet your CASH FLOW needs first.  Being without Cash Flow is like living without Oxygen!  Once your Cash Flow needs are met then you can work on building your Empire!
  10. HIRE SLOW and FIRE FAST!     Make sure you and your team members are all on the same page, don’t assume they understand their part in the equation, you must train them well, have a meeting of the minds to make sure they understand what you need and then give them what they need and let them do their job.  Don’t micro manage!   AUTOMATE and DELEGATE!!!!!!!

We hope these commandments help you and guide you throughout your Real Estate Investing endeavors…..

Stephanie and Jon Iannotti

 

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