When ready to scale, think big but start small. Begin to plan for growth, but take it step by step. If you add too many properties too quickly, you will likely run out of money, energy and time. This approach is a recipe for failure.
Planning for growth is as important as coming up with capital to finance more deals. Most investors start and scale with residential rental property. Many investors choose a single family house or townhouse first. They then graduate to a duplex or four-plex, getting their landlord feet wet with fewer tenants and less maintenance.
The important part is to quit analyzing and get started on the first property. It’s often said, ” the first property is the hardest”. Once you get going, you refine your process and things get easier.
This is the time to get your systems set up for screening tenants, getting leases signed, collecting rents, arranging for repairs and maintenance, and more. You can’t manage a growing business without these systems in place, and it’s a terrific opportunity to gain the experience and develop the skills you will need when you begin to scale your real estate portfolio. Get educated and trained in the beginning and you can build a profitable, cash-flowing passive income business very quickly. LeAnn Riley’s Proven Profit Formula Coaching Program is a great place to learn the ropes of starting and growing a real estate portfolio.