187 Important Lessons Learned on REI Systems & Automation Steve Richards
When our guest, Steve Richards, started out in real estate investing, he pretty much built a corporate business. Starting in 2004-2005, he and a partner quickly built a full-scale rental property business. They even branched out into property management, as well as owning a brokerage. As he confesses, \u201cCorporate structure was all I knew.\u201d
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In more recent years, Steve pulled back and re-assessed all he was doing and his core values. In this episode, you\u2019ll hear him describe how he \u201cscaled back in order to grow.\u201d He could see that he was doing \u201call this stuff\u201d for everyone else. He began to lay it all down and went through a massive shift in direction. The money isn\u2019t in the labor, he realized, or in the doing.
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He also shares the strategic methods with which his company came through the 2008 crash virtually unscathed. Much has to do with watching and understanding the market swings. A strategy that all of us can learn from.
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Today, Steve is no longer willing to spend long hours at work. But his business is still growing. He warns against \u201cgrowing for the sake of growing.\u201d He no longer owns a brokerage; he no longer sits through a multitude of departmental meetings.
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While he and his partner both enjoy rehabbing (making old houses new again), they are concentrating on wholesaling because it\u2019s less labor intensive. He\u2019s now living his lifestyle.
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