How to avoid big financial mistakes in your real estate business

How to avoid big financial mistakes in your real estate business

Introduction:
Picture this: you're sailing through the vast ocean of real estate, your ship laden with dreams and aspirations. But suddenly, storm clouds gather on the horizon, deadlines loom like menacing waves, and complex mortgages threaten to capsize your vessel. Fear not, my intrepid real estate adventurers! In this captivating tale, we'll explore how to navigate critical situations in your real estate business, even when faced with these treacherous challenges. Join me as we embark on a thrilling journey with Andy Herrick and Meredith Cole, two financial support superheroes of the real estate industry.

Chapter 1: The Tale of the Troubled Client:
Amidst the crashing waves of uncertainty, Andie Herrick regales us with a gripping story of a client teetering on the brink of disaster. This intrepid entrepreneur had a mere 60 days left before their loans would be called, caught in the tempestuous currents of two locations and a tangled web of mortgages. But fear not, for Andie and her team emerged as their guiding lighthouse, shining a beacon of hope through the murky waters. With unwavering determination, they assisted the client in navigating the crisis, finding solutions to secure their family's well-being, even if it meant closing the business. Through their resourcefulness, they connected the client with refinancing options, bridge loans, and ultimately an SBA loan. This heartfelt tale showcases the personal and emotional nature of their work, where genuine care intertwines with the impact of real estate on people's lives.

Chapter 2: Decoding the Phases of Business Growth:
As the story unfolds, we ask Andie and Meredith to shed light on the mysterious phases of business growth. Meredith, our wise sage, illuminates three distinct phases: early, mid-game, and late. In the early phase, businesses are like sprouting seeds, just beginning to bloom and generating enough revenue to start outsourcing financial support. She advises seeking quarterly financial services from someone well-versed in management accounting, providing the sturdy scaffolding to nurture your budding enterprise.

In the mid-game phase, the sails of your business fill with gusts of growth, propelling you forward. At this stage, owners often seek more comprehensive support and tactical decision-making. Meredith urges real estate adventurers to consider partnering with professionals who can steer them through uncharted waters, ensuring a smooth voyage as they expand their empire.

Then, in the late phase, when the winds of change become tempestuous, businesses find themselves in critical situations. Time becomes scarce, options limited, and costs higher. But fret not, for Andie and Meredith are here to offer their expert guidance, even in the most treacherous conditions. They help navigate these perilous waters, steering you toward safe harbors and strategic solutions, where the value of their support shines brightest.

Chapter 3: Charting Your Financial Course:
Now that you understand the phases of business growth, let's set sail on the ever-important journey of financial support. As we delve into this chapter, Meredith unveils the treasure map that reveals when to transition from free resources to paid services. She advises real estate adventurers to consider embarking on this voyage once their business can afford around $150 per month. But don't just seek any financial professional—search for a guide who understands finance, capable of providing tactical guidance that goes beyond mere bookkeeping.

I, ever the curious traveler, raise the question of when to seek financial help based on revenue levels. Meredith unveils her secret compass, pointing out that it varies depending on the business and its profit margins. She unveils an example of businesses with different revenue streams, such as those in the software-as-a-service.

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Don't forget to reach out to Andie Herrick & Meredith Cole:
Linkedin: https://www.linkedin.com/in/andie-herrick-a6017528/
https://www.linkedin.com/in/meredithbcole/
Instagram: https://www.instagram.com/andieherrick/?hl=en
https://www.instagram.com/meredithbcole/

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