By Jenn LoConte
Are you a real estate investor looking to build a highly successful business? Don Wenner has done it many times over, and he’s willing to share his secrets.
Don is an expert when it comes to successfully building a real estate business. With over 12 years of experience, Don has closed more than 6,000 real estate transactions, totaling more than $1 billion. He directly owns and/or manages over 5,000 apartments and homes and has built a proven track record of being able to generate profits in all market conditions and cycles. And, he is ranked by The Wall Street Journal as one of the Top 10 Real Estate Professionals in the country, including #1 in all of PA and NJ.
Before building your business, you need to determine exactly what business you want to be in. Once you’ve decided, you need to become an expert at it, or find a partner to do it for you. Don stated, “When you go into real estate, there’s so many different sides to this business – flipping, building, teardowns, property management,… Each one is a stand alone business and if you try to do all of them at once, you won’t be good at any of them. The key is to pick one and master it.”
Don explained that the three most common business strategies that folks approach Direct Lending Partners with are: home flips, single family home purchases with the desire to turn them into rental properties, and the aspiration to become a multi-family operator.
“If you decide to focus on flipping properties, you’ll need to learn the businesses within that specific business. One business that people come to DLP for is raising capital. If you try to go it alone and raise your own capital, you’ll need to manage investors, set up accounting reports, create funds, and manage your capital. It can be overwhelming,” commented Don.
Next, you’ll need to find good deals, not an easy task. Since they’re not simply waiting for you to find them, you’ll need to build a sales and marketing business. And, if you’re not good at this particular business, you need to find someone who can bring the deals to you.
If you’re interested in becoming a successful property manager, you’ll need to manage your properties, minimize turnover, drive up your rents,… Again, if you’re not maximizing your efforts, you’re much better off by finding a great property management company to work with.
Only after you have completely mastered your business should you move on to build additional businesses. Don commented, “If you want to build wealth, you need to build a business. Unless you already have wealth, you’ll need to grow an elite business and become a great operator to build your wealth. And, you’ll need to outwork, outlearn, and outsmart your competition.”
By Jenn LoConte