Entrepreneurs make money in many ways, but most of it can be traced back to one thing. They create value! How? Some solve problems, some create widgets that make life easier, some streamline processes, others provide a commodity at a lower price, or convenience. They all add value.
I often listen to podcasts where gurus talk about recipes for success. Most of the time there is good content in their remarks, but it revolves around creating value. I’m a real estate investor. I create value where ever possible. Because I am a buy and hold investor, I rehab my properties to a “higher” standard than the norm. Why? So that when it comes time to lease the property its the first on the block to get a tenant. My tenants enjoy nicer properties than their peers, and the quality of my rehabs is reflected in my turnover rates. My tenants don’t want to leave my homes for less attractive homes nearby.
Occasionally I flip a home to generate cash. Again, I focus on value. My flips are investor flips, in other words, I sell them to investors once the home has been rehab’d, has a tenant, and I warranty my homes for one year. My buyers are both new and seasoned investors, they know the product they are getting will provided the cashflow under most circumstances. I mitigate many risks including large expenses within the first year, top notch third party property management, and guaranteed repairs. This means I add value to the deal in every way I can, which is why I don’t advertise, buyers find me.
One of my favorite threads in real estate is that if you find a “deal” the money will find you. I’d like to change it up a bit, if you add value, someone will compensate you for the value you added. Your market might vary, however the rules are the same, if you can help someone make or save money, time or energy, you will profit!
Now get going and Build Something Bigger!