Recently, we discussed the magic of your first deal – how it opens the floodgates because now you know the process. But what about getting that first one done? Why are you holding back from taking action?
I’ll say this: Analysis paralysis isn’t your problem.
Because Multifamily success requires many skills.
Just to name a few, there are:
- Meeting brokers
- Finding deals
- Underwriting deals
- Getting a mortgage
- Raising the equity
- Finding investors
- Doing the syndication
- Asset management
- Investor reporting
Unfortunately, most of these are things you don’t know how to do or don’t want to do.
So, what happens?
You do nothing.
This is where Dan Sullivan’s idea of Who Not How can get you unstuck.
Rather than figure out how you will get all this stuff done, you figure out who’s the best person to do it.
Some of these “who’s” will be internal to your team and others will be vendors.
Either way, you’re not responsible for doing everything.
When you realize this, you’re free to take action without the overwhelm.
In fact, this is exactly how I did my first hotel deal, even though I hadn’t yet discovered Who Not How.
I found a hotel deal I just had to do.
But I didn’t know how to evaluate a hotel deal or run a hotel.
So I found someone who did – my now partner, Shiv.
That allowed me to focus on my strengths – getting the deal closed, raising the money, building out the business plan and the vision.
Shiv focused on his strengths – overseeing the renovation, getting operations humming, hiring the right staff, etc.
We’re both able to focus on what we’re good at and enjoy, and leave the other things to other people.
Every person I’ve seen who’s successful in real estate has stumbled onto this system eventually.
That’s why everyone keeps saying “Real estate is a team sport.”
It’s not just people to help you raise capital or your lawyers and accountants.
You actually need internal people with different strengths.
So go and find those people who love to do the things you hate.
It will be a lot more fun.
And you will finally get started.