Tag: Steven Taylor

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How to Balance Business and Family Time as an Entrepreneur

LA Landlord Steven Taylor enjoying quality time with his family

As an entrepreneur, your business is your livelihood, and all responsibility ultimately falls on you. Entrepreneurs like Steven Taylor, share a lot of qualities, but the traits that stand above them all are drive and work ethic. When you’re your own boss, or landlord, there is no clear clock out time at 5 pm. When there is a crisis, or a deal on the line, any time can become work-mode. As a result, finding a work-life balance can be challenging for many business owners.

This dynamic is even more challenging for entrepreneurs who are married or have a family. I love my work, but my family always comes first. Finding a way to balance both and prioritize each of them at the right moment is a practice that takes time. It is important to create the space to have quality time with family, while running a business, and also taking care of your mental, physical, and emotional well-being. To successfully handle all of these aspects of life, you may need to adjust your daily routine and habits.

Here are 3 tips for balancing business and family as an entrepreneur:

1. Wake up early.

Get up early. I suggest getting up and starting your day before anyone else is awake. This will give you time for a morning routine, and let you set your intentions and priorities for the day. Beginning the day with exercise, journaling, praying or meditation, and any other activities that contribute to you mental well-being will get you in a healthy mindset. This mindset will prepare you to divide or focus your attention throughout the day when needed.

2. Family time doesn’t get rescheduled.

Whether it is a family dinner, weekend hike, or evening bedtime stories, it is essential to set routine family time that is a part of your schedule. It is important to me that I spend the weekends being active with my wife and kids so that I can stay closely connected to them, no matter how busy I get. That time is in the calendar, and it does not get cancelled or rescheduled.

It is equally important to be present during these times. It’s one thing to be physically with your family, but remind yourself to really be in the moment, and listen. When your business is growing and you are under a lot of pressure, it can be difficult not to let your mind wander towards work mode. Accept the challenge to give your family your undivided attention when you make the choice to spend your time with them.

3. Delegate.

Founders often struggle to develop a balance between business and family because they are either afraid or too stubborn to give up control of their business.

To truly be able to give your family your undivided attention when you switch into “home-mode” you’ll need to let others take on some responsibility. While you should certainly be selective of who you work with, don’t let the fear of passing off tasks to someone else hold you back from living your life. You ultimately need to be able to teach someone else to handle part of the workload to run a scalable business. Otherwise, you’ll be struggling to find balance for the rest of your life.

Wise entrepreneurs are always looking for opportunities to delegate to those around them so that they can focus on the bigger picture – in their business, and in their family life.

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4 Factors to Keep in Mind When Investing in Apartment Complexes

Apartment Steven Taylor Taylor Equities
Apartment Steven Taylor Taylor Equities

When considering investing in anything, according to Steven Taylor of Taylor Equities , the question you should always ask is: Why is this a good deal? A good deal isn’t just about numbers – a good deal has a compelling story and makes sense. Is the property mismanaged? Stressed? Under foreclosure? The facts should tell a story that explains why the property has value. Developing the instinct to recognize a good deal takes time, but with research, study, and experience you can learn to find the right investments.

Here are four factors to keep in mind when investing in apartment complexes.

1. Cash Flow

The probability of cash flow is a crucial factor to consider. It is important to evaluate how the property will generate cash flow in comparison to other potential properties. To start, ask yourself these questions:

  • What is the strength of the rental market in the area?
  • What type of market you are buying into (For example, C class buildings often have higher rates of tenant turnover. They can also call for more maintenance and repairs.)
  • Financing (How much money are you putting down? What is the interest rate? What type of loan?)

2. Equity

The next thing to consider is if the apartment complex you are purchasing holds equity. If the property doesn’t have equity, can you create it?  Equity in a property can take many forms. A few to look for are:

  • Discounted listing price
  • Foreclosure
  • Upside potential (Fixer-upper)
  • Poor management
  • Opportunity for rezoning

While there are ways to create equity, you are better off buying into it. Be on the lookout for motivated sellers who want out of their property – they are often willing to give up the building’s equity for less.

3. Appreciation

Purchasing in the right location and during the right time will result in profit and appreciation. But, evaluating timing can be tricky. The real estate cycle is often very uncertain. Therefore, if you purchase an apartment complex without the certainty of cash flow or equity, with the goal of short-term appreciation, you will be taking on a risky investment.

Often, aiming for moderate or long-term appreciation will be a safer bet. Study neighborhood and city trends over the long term to choose areas that hold their value and grow at a steady rate.

4. Risk

Those investing in apartment complexes often neglect to consider risk. Regardless of the amount of research you do, risk will always be a factor. Even if you have considered all the factors, you presumptions can be incorrect.

Have a backup plan for risk. If you are buying a building for appreciation, and the apartment complex does not appreciate, can you instead gain positive cash flow through renting units? If you have vacancies in some of your units, will you be able to balance the negative cash flow?  When investing in apartment complexes, you should expect a positive outcome, but always be prepared for your plan to take a turn. Real estate investment in a risky business, and if you want to play the game, you have to be ready to pivot when things go wrong. But, when things go right, investing in apartment complexes can be an exciting and rewarding endeavor. Steven Taylor Taylor Equities