Getting Started in the Real Estate Investing Game in Illinois: What Works, How to Implement It, & Why?

At Onyx Homes, we understand that among an investor’s best tools you will find determination, diligence, and location. And no investor, no entrepreneur, has ever achieved success without putting in the work with those tools, and others. However, when you are just getting started it can be overwhelming as you try to figure out just what that work- and those tools – should look like – and just as important, how to keep all of those tools organized!

We have been lucky to partner with Podcast Pete – a successful local investor here in Elmwood Park, IL who has put in that work, with many of those tools, and shares, on his podcast, his knowledge, and experience on how to get started on that success from the ground up.

Let’s take a closer look at some of the fundamental tools that Pete – and we at Onyx Homes – believe should be in the toolbox of every person/business who is just starting up.

Determination – Two Important Definitions

Let’s talk for a minute about determination because actually, there are two different definitions of this word that apply to an investor’s success. Each of those two definitions has a very specific role in an entrepreneur’s “toolbox”.

The first of those defines determination as, “a firm or fixed intention to achieve the desired end.” In non-dictionary speak, that just means that you have a great idea and are committed to making it happen.

To make that great idea happen, we have to break down the process and figure out the individual steps necessary to succeed. That’s the simple explanation of the second definition of determination: “the process of establishing something exactly by calculation or research”….which takes diligence on the part of the investor.

Diligence – It May FEEL Slow, But Can SAVE Time Instead

Diligence is defined as careful, persistent work or effort, which is important throughout the entire process of getting started, but especially as you are putting the foundation in place for the structure of your business. “Being careful” sometimes feels like it should translate as “being slow”, but persistence and careful effort at this stage helps prevent a lot of mistakes that really would slow you down substantially if you had to stop forward progress to correct them later on.

Systemization – Organizing your Toolbox

So basically you have a great idea, you’re committed to making it happen and now you need to figure out the steps and the tools necessary to accomplish that. You’re being diligent in your efforts in those areas but there just aren’t enough hours in the day to get everything done!

This is where another important tool becomes vital! A major tool that can not only organize your toolbox but can potentially BECOME your toolbox! That tool is systemization – putting systems into place that will help you be more efficient, more effective and, more consistent essentially more professional and, ultimately, more successful!

A system is defined as” a specific repeatable process”. In plain English, a system helps you achieve the same result time after time – which means you can work smarter instead of harder! Remember the “not enough hours in the day” complaint??? With good systems in place, a lot of time-consuming tasks can just about run on their own, which frees your time for more pressing matters – like continuing to build and refine your dream!

Avoiding the Rabbit Hole – Where to Start

Here is where, if you’re not careful, you could easily step off into that research “rabbit hole”! There are so many good tools out there for systemizing your venture, and it is hard to know which ones are the best ones for you.

You could do random searches all day long, but…. rabbit hole… really easy to get lost and confused that way. Asking another trusted, successful investor is a much better place to start. We at Onyx Homes, along with Podcast Pete, would like to share some basic tools that we have found beneficial – and easy to use! We will add that list at the end of this chapter. To determine which areas you should focus on, and ask about, first for implementing these systems tools, you need to answer two questions:

1. What tasks are regularly performed over and over and over again?
2. Which of those repetitive tasks take the most time. When you identify the answers to those two questions, THAT is where you plug in your system tools and THAT is how you put hours back into your workday!

Conclusion: But does systemization work? Can I implement it successfully for my venture?

It worked for us!

At Onyx Homes, our mission is to rejuvenate neighborhoods and increase the standard of living by improving the overall quality of housing for the residents. We pride ourselves on our reputation for working one-on-one with each customer to handle their specific situations. We buy any home, in any condition and, can make a cash offer on those homes. We also sell homes – many of which are completely renovated and in move-in condition.

This is who we are, this IS the dream. Going back to the “not enough hours” dilemma…how much of that successful dream would never have come to pass if we were stuck in the office manually balancing bank accounts, entering timesheets and invoices and work orders, and the countless other repetitive tasks that are now handled by the tools we put in our toolbox?

So….. What tools are you going to put in yours?

This is just a list to get you started, and we will revisit some of these tools more in-depth in later chapters.

Accounting	Quickbooks or FreshBooks
Budget	QuickBooks, Wave, Toshl
Payroll Processor	Paychex Flex, Relay, QuickBooks Online Payroll
Billing & Invoicing	QuickBooks Payments, FreshBooks
Business Planning	BizPlan, LivePlan
Project Management	Asana, Monday.com
Social Media Marketing	Grammarly if you are managing your own, or a digital marketing firm like SocialSoaring.com if you want outside management