39 min
EP170: Tracy Royce on Transitioning to Real Estate Full-Time, Building a Rock Star Team, & Other Valuable Advice You Must Hear The Flip Empire Show
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- Investing
Tracy Royce is the Owner of Royce of Real Estate and she is currently based out of Arizona. For a long time, Tracy worked behind the scenes in real estate before branching out and doing her own business. On today’s show, Tracy shares advice on how to safely quit your day job and transition yourself into real estate full-time without living paycheck to paycheck. We go into business for ourselves to build a lifestyle we want, so be smart and find creative ways to get things done with the time you have.
Key Takeaways:
Who is Tracy and how did she get started in real estate? If you want to level up in this business, don’t be afraid to reach out to other investors. We’re nice! It’s about developing a give and take relationship. You can’t be the one just taking and taking. When should someone go full-time in this business and leave their job? Think about your future before you quit. If two to three deals don’t go through, will you still be okay financially? Instead of quitting your job, get creative with your time. Don’t put yourself in a position where you need the money so badly that you are willing to make bad decisions. Don’t get too comfortable with the automation. Knock on some doors and get yourself physically out there. TV shows might make this appear sexy, but at the end of the day it’s still a business and you do sometimes have to grind through to get what you want. How does Tracy structure her team and business? Tracy loves hiring virtual assistants. Tracy has processes and standard operating procedures (SOPs) in place to help set her employees up for success. Before Alex knew better, he hired fast and fired slow. This approach obviously ended up to be very costly for him. What were some of the mistakes Tracy made along the way when it came to hiring and building a team? Sometimes people are really great on paper, but end up being a mess when they get their feet running. It’s so easy to grind and hustle on the business, but remember why you opened one in the first place… to have freedom! You only get one life, so set yourself up so that you enjoy the journey and what you do. What’s the one piece of advice Tracy would give to her 20-year-old self?
Mentioned in This Episode:
Here's Tracy's site: RoyceOfRealEstate.com
Connect with Tracy on Instagram
Themfceo.com
Good to Great, by Jim Collins
The Four Hour Work Week, by Tim Ferris
Leave us a review here: Flip Empire on iTunes
Email Alex: Alex@FlipEmpire.com
Tweetables:
“You never want to be in a position where you’re so motivated to get something where you start making bad decisions.”
“Can you afford not to get paid for 6 months?”
“I believe Andy Frisella said something like, ‘It took me 3,000-something days to become an overnight success.’”
Ask Alex A Question:
Have a question you want featured on an upcoming Flip Empire Show?
Head over to the Ask Alex page, and record your question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!
Did you get your FREE Online Course?
Text the word EMPIRE to 67076, and we’ll send you a link to get instant access to the “5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
Subscribe To The Flip Empire Show, and Leave a Rating & Review!
Tracy Royce is the Owner of Royce of Real Estate and she is currently based out of Arizona. For a long time, Tracy worked behind the scenes in real estate before branching out and doing her own business. On today’s show, Tracy shares advice on how to safely quit your day job and transition yourself into real estate full-time without living paycheck to paycheck. We go into business for ourselves to build a lifestyle we want, so be smart and find creative ways to get things done with the time you have.
Key Takeaways:
Who is Tracy and how did she get started in real estate? If you want to level up in this business, don’t be afraid to reach out to other investors. We’re nice! It’s about developing a give and take relationship. You can’t be the one just taking and taking. When should someone go full-time in this business and leave their job? Think about your future before you quit. If two to three deals don’t go through, will you still be okay financially? Instead of quitting your job, get creative with your time. Don’t put yourself in a position where you need the money so badly that you are willing to make bad decisions. Don’t get too comfortable with the automation. Knock on some doors and get yourself physically out there. TV shows might make this appear sexy, but at the end of the day it’s still a business and you do sometimes have to grind through to get what you want. How does Tracy structure her team and business? Tracy loves hiring virtual assistants. Tracy has processes and standard operating procedures (SOPs) in place to help set her employees up for success. Before Alex knew better, he hired fast and fired slow. This approach obviously ended up to be very costly for him. What were some of the mistakes Tracy made along the way when it came to hiring and building a team? Sometimes people are really great on paper, but end up being a mess when they get their feet running. It’s so easy to grind and hustle on the business, but remember why you opened one in the first place… to have freedom! You only get one life, so set yourself up so that you enjoy the journey and what you do. What’s the one piece of advice Tracy would give to her 20-year-old self?
Mentioned in This Episode:
Here's Tracy's site: RoyceOfRealEstate.com
Connect with Tracy on Instagram
Themfceo.com
Good to Great, by Jim Collins
The Four Hour Work Week, by Tim Ferris
Leave us a review here: Flip Empire on iTunes
Email Alex: Alex@FlipEmpire.com
Tweetables:
“You never want to be in a position where you’re so motivated to get something where you start making bad decisions.”
“Can you afford not to get paid for 6 months?”
“I believe Andy Frisella said something like, ‘It took me 3,000-something days to become an overnight success.’”
Ask Alex A Question:
Have a question you want featured on an upcoming Flip Empire Show?
Head over to the Ask Alex page, and record your question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!
Did you get your FREE Online Course?
Text the word EMPIRE to 67076, and we’ll send you a link to get instant access to the “5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
Subscribe To The Flip Empire Show, and Leave a Rating & Review!
39 min