This is an area of property investment that is rarely taught at any depth by training companies when running property investment seminars. However, although is vital that you develop the skills of looking at property, negotiating and making the acquisition there is another major factor that influences the whole of your financial future – that is business systems. In short, you must learn how to run your property portfolio as a business.
The important thing to remember is that the reason you are developing your portfolio is, for most people, to create financial freedom & security, not to create another job.
As human beings we tend to gravitate to the areas where we are most comfortable and that we feel we are best at; and therefore somebody running their own business for the first time usually avoids all the elements of the business that they are least comfortable with.
For example the entrepreneur will go out and meet people, build great vision with others, write down their goals and the passion for building a large property business and yet when it comes to dealing with the paperwork and the administration related to mortgages and the sale or purchase of property they are not inspired and therefore try to avoid this area of the business. However they do still operate as a manager and a technician in order to get the work done but they are less inspired.