When you buy and sell real estate as an investment, you need to find a way to do that without micromanaging the day to day operations. Basically you need to develop systems in your real estate business so that you do pretty much the same thing every time you buy or sell a property.
Of course there will times when you need to deviate from the system because sometimes things happen that you could not have anticipated, but for the most part you can stick to the plan.
Investing in real estate is about having time to enjoy the good things in life and not being bogged down for 14 hours a day managing the smallest details of every transaction. You need to have a team of talented individuals that you can trust to do most of the the day to day work for you, so you can focus on the bigger picture. Things like what markets would you like to invest in next? Should you buy a home to fix and rent out, or should you flip it? What makes the most sense for that particular market at that particular time?
What about the tax considerations? Whether you are investing in Canada or the United States, you will have to figure out how much tax you will have to pay to the CRA or uncle Sam. You also need to spend your valuable time analyzing properties to see if you can be cash positive if you decide to rent them out long term.
Use your time wisely and you can life a great life while minimizing your stress levels if you follow a system. Watch the video for some more tips