Our guest today is Jay Redding, a successful real estate investor from Indiana. He shares with us how to create a business plan, how to be strategic over opportunistic in your investing, and why it’s important to stick to one strategy. If you’d like to know how to build your investment strategy and turn your side hustle into a scalable REI business then this episode is for you! To learn more about Jay and his journey, visit reiclarity.com!
“Pick a primary strategy to focus on and get proficient”
Jay did his first deal in 2004 and became a full-time real estate investor in 2007. Now he has 45 rental properties and buys and sells tax liens. He is also involved in some commercial deals and wholesaling. Jay never used bank financing on his deals as he raised private money from the start.
He developed his primary investing strategy right from the beginning, by thinking 5-10 years ahead. He shares with us how he built his business plan, why it’s important not to get distracted with the countless investing options, and sticking to your plan.
“You are essentially working on your business so that you do not have to be working in your business.“
According to Jay, you cannot be truly successful if you don’t niche down and develop a solid business strategy. His advice for business owners is to put their systems and processes in place from the very beginning. Write down the processes step-by-step and tweak them over time.
This is a good way to be able to delegate responsibilities, which is often a hard task for entrepreneurs. Jay suggests investing in a good team because that is the best way to scale a business fast. The goal is to always work on your business and not in your business.
“I could care less about what that property looks like. Will it make me money? That’s what I’m concerned.”
Jay recommends planning ahead 5-10 years down the line, and set specific benchmarks and milestones for the business. This can only be reached by being strategic in investing rather than opportunistic. He chooses his deals very carefully and doesn’t get involved with anything that doesn’t fit in his business plan long-term.
Jay shares with us his specific niche, how he differentiates between a good and a bad deal, and why seller financing might be the best thing to get into in the near future.
Jay Redding’s 3 pieces of advice for real estate investors to find REI clarity:
- Develop a strategy and don’t get distracted by all the other options.
- Set up benchmarks and milestones in your business and invest in a good team.
- Be strategic versus opportunistic. Understand the data and stay away from purely emotional buys.
Mentioned in the show:
Learn how to grow your portfolio and reach incredible success with real estate! Visit us for everything you need to know: www.shineinsurance.com/reiclarity.
Special thanks to Jay Redding for taking the time to share so many great insights with us
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