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If you’re interested in making your real estate business a scalable, passive-income machine, you simply can’t do it all yourself. It can be difficult to relinquish control, but it’s necessary for a successful business to outsource.
On this episode of Investing in Real Estate, Natali and I are discussion how to know when to outsource in your real estate business. We’re sharing a real-life example from our business, discussing the fears that accompany releasing control, and sharing resources to help set up an efficient, cash-flowing system. If you’re ready to make your real estate business scalable, this episode is for you!
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Deciding when to relinquish control of certain responsibilities in your business can be an emotional decision. For many of us, we care so deeply about our businesses, and are heavily invested in the inner workings. However, you cannot, and should not do it all.
In our business, we’re coming to the conclusion that perhaps it’s no longer the right decision for Natali to act as the bookkeeper. There are many responsibilities that she covers in that role—payroll, spreadsheets, banking duties. It’s beginning to feel overwhelming.
We feel ready to take those responsibilities off her plate, and put them into the hands of a professional. You might hesitate because you don’t want to spend a few hundred dollars per year on a bookkeeper, but it’s so worth it! A trained professional can actually save you money, as well as eliminate the headaches.
The same goes for taxes. As Tom Wheelwright mentioned on Monday’s show, if you are paying taxes as a real estate investor, you’re doing it wrong! We believe that outsourcing your taxes is crucial. You might think you’re saving money by doing it yourself, but a proper accountant can save you 10s of 1000s of dollars on your taxes.
You have to know when to let go, and relinquish control to the professionals. It can be hard to know exactly when the right time is, but if you’re beginning to feel overwhelm, that’s usually a sign. When you hire someone who is accountable and focused, it will make your business run much more smoothly, and alleviate much of your stress. After all, buy and hold real estate is supposed to be all about passive income.
On today's show, we'll go further in-depth about our decision to outsource a bookkeeper in our real estate business. We'll talk about how you can identify what duties you should take off your plate, and how to get in the right frame of mind to do so. We're also discussing many helpful resources, and talking about how to make sure outsourcing fits within your budget!
If you’re ready to begin building a passive income through rental real estate, book a FREE call with my team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- How can you account for outsourcing in your ROI formula?
- What is the first role you should outsource?
- How can you pinpoint the “leaky holes” in your business structure?
- The book you should read to scale up your business!
- And much more about real estate investing!
ProVision Wealth Strategists
Tax-Free Wealth by Tom Wheelwright
Traction by Gino Wickman
Getting the Money Course by Susan Lassiter-Lyons
Find Your Financial Freedom Number
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