Brian Ellwood used to shake the hands of strangers and ask them what they did for living. He felt trapped in a job where he had no control of his own time. His strategy paid off and propelled him into property flipping and rental property investment. On this episode Brian shares his story and provides really valuable insight along the way.
Brian begins by discussing how he got started in the business. A stranger gave him the opportunity to get a lead for him. The guy closed on the deal and gave Brian a one thousand dollar check. At that moment it clicked for Brian and he realized there was a way to get paid for the value you add, instead of your time.
As far as an example of a mistake, Brian said for him it was not hiring someone soon enough to do what he does. He hired an acquisitions manager to deal with sellers and within months his business tripled.
For a Profit Master investing strategy, Brian talks about the book, Profit First by Mike Michalowicz. The traditional way to look at things is by sales minus expenses equals profit, but the book flips the script by using a different formula of sales minus profit equals expenses. Brian has put this theory into action and he explains how it helps him watch his profitability stack up while forcing him to be more frugal.
Brian offers his keys to running a successful real estate business. He believes in running it by the numbers and explains it in several points including:
- Define the key numbers that a business needs to be successful
- Assign numbers to the employees who handle those areas
- Hold a weekly scorecard meeting where everybody is accountable for their part
- If somebody is not performing where they should be in the numbers, determine why
Brian offers the advice of: shift your focus from looking for a job to creating a job and then, in theory, you’ll have more money and with that learn to invest well in one niche. Entrepreneurship and investing is the ultimate combination for him. Brian says he most enjoys helping other people achieve their goals and remove their roadblocks. As far as why Brian does what he does, he says he feels driven to improve himself every day and he loves to learn and create.
Brian has a blog and podcast available on his website, ignitelifestyledesign.com. He hopes you’ll stop by his website and reach out to him.
Please visit out our website, http://realestateinvestingprofits.com for the “Down and Dirty” Ultimate Real Estate Investing Quick Start Guide download.
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