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Updated about 6 years ago, 09/21/2018
"It's 2018. Whatcha Gonna Do About It?" - February Recap
Excited to provide this month's update.
At the beginning of January, Brian Burke started a thread titled "It's 2018. Whatcha gonna do about it?" In an effort to keep myself accountable to the goals I set in Brian's thread, at the beginning of each month, I am going to start a thread recapping my previous month with the purpose of reviewing:
- What I accomplished in the previous month to help me achieve my goals.
- Where I fell short of my goals last month.
- What I plan to tactically do this month to drive towards my goals.
I invite others to join me in posting each month as a way for us to hold ourselves accountable and to also know that others will see what we have achieved, where we have fallen short, and what we plan to do going forward.
First, what I accomplished in February:
- Got connected with several wholesalers in Atlanta. I'm starting realizing what I've heard people say for a while: the MLS may have some opportunities, but most of the stuff on the MLS isn't going to work.
- Viewed several properties in person with my agent and brought one contractor onsite to give a quote (working on getting another one there to get a second opinion, but I don't think the numbers will end up making sense)
- Figured out financing and how I will be able to make a deal work when I find a deal.
- Purchased and began my online real estate license course (via Kaplan).
- Started getting connected with contractors for when I do find an opportunity.
- Got connected with a few more folks on BP and am meeting up with someone soon to chat about real estate.
Second, where I fell short:
- Did not do a good job attending local Atlanta REIA events. For some I was out of town, but there were at least 1 or 2 which could have gone to but just didn't. At the end of the day, I need to be more disciplined and go if I am able, even if I don't necessarily feel like it that day in particular.
- Wasn't quite as active on the BP forums the second half of the month. Part of this was because I was focusing on other RE activities, but it could still be better.
Third, goals for next month:
- "Analyze" (at a very high level) at least 10 properties per week, be it MLS deals or deals I'm getting from a wholesaler.
- Visit at least 4 properties over the month to seriously evaluate the opportunity (hopefully it will be more than 4, but this is the minimum).
- Get connected with at least 1 more wholesaler and 3 more contractors to improve deal flow and increase likelihood of being able to move on an opportunity.
- Complete at least 10 more hours on my real estate license course.
- Be a little more active on the BP forums - a few hours a week.
@Damir Kamber and @Erik Anderson: how'd you guys do?
Thanks for the reminder @Michael Ehmann!
First, what I accomplished in February:
- Started my direct mail campaign (small batch, since I'm only sending to the addresses I collect by driving for dollars versus buying lists). Goal is to create a list of around 100 addresses and send every 3 weeks.
- Spent more 1-on-1 with my daughters as well my wife.
Second, where I fell short:
- I did not spend enough time on my tax documents and have not turned them in yet to my accountant (making that a priority now).
- I only sent 15 letters, wanted to send at least 30. That will change for this Thursday.
Third, goals for March:
- Start sending 40+ letters every three weeks.
- Spend more 1-on-1 time with each daughter separately.
- Complete kitchen/floor renos at my primary residence.
Cheers!
Hi Michael,
February was a pretty good month for me overall. I successfully closed on a property. That was the major goal of the month. I feel I paid a good price for the property. I had a home inspection done and requested the seller's fix a leaking boiler. The boiler could not be fixed, so they had to install a new one. The cost: $6400. That's a huge Capex expense I don't have to worry about for a while now.
Since I closed I have been working nearly non-stop after my day job on the property. Everything always takes longer than expected, but it's nice to see the property beginning to shine.
I fell short on developing a process for finding great tenants. I have an overall decent idea in my head, but I have not formally written it down. This is due to the work I am doing on the house.
My goal for March is:
To finish the work that needs to be done on the house.
Formally write down a process for finding great tenants.
Complete the lease and other related documents.
I think it's so important to have goals to work towards. They really help me to succeed and to take action.
Thanks for the update and for reminding me to post mine.
I read the 12 Week Year by Michael Lennington and Brian Moran and it really helped me plan, and keep track of my goals.
@Damir Kamber: glad to hear you're making progress, and I love the fact that you're also tracking goals in your personal life, too.
@Erik Anderson: way to go on the property!!! I'll be interested in hearing how the tenant search goes. Have you looked at The Ultimate Guide to Screening Tenants? I've heard it mentioned on some of the podcasts. I haven't read it myself, so I cant vouch for it personally. But I wonder if it has anything about finding tenants, not just screening them?
@Monica Pina: thanks for the recommendation!
Great post @Michael Ehmann
I feel its always good to keep tabs on active goals and actions completed / about to do.
What i accomplished in February:
Started doing the maths on deals in my area and began to familiarise myself with various different aspects RE .
Listened to 1 BP podcast a day in work continually learning.
Went to the gym 3 day+ each week, (helps me with energy levels and concentration which has a positive knock-on effect on every area of my life)
Where I fell short
Could have ran the numbers on more deals
Plans for march
View more properties in my area to get a feel for the market. Viewed 3 last week and plan on viewing 3 again this week and every week going forward.
Network and become active here in BP.
Continue to go through the numbers and explore creative financing possibilities available here (Ireland)
@Erik Anderson great job on the deal! Is it a SFR? Let me know if you need some tips on finding great tenants. I have a bit of personal experience with 2 SFRs under my belt and my full time day gig is at a property management company, managing large apartment complexes.
Happy goals to you all! Dream big, live bigger!
Cheers!
Damir
@Joe McCarthy - good stuff! I like your approach on plans for March. From personal experience, viewing properties in person definitely helps get a feel for the area (it's amazing how things can appear online vs. in person). Looking forward to hearing how things go over the next few weeks!
I'm jumping onto this thread!~~
I love accountability groups, cause it pushes everybody to do more. Thanks @Michael Ehmann!
February:
- Started a data services business related to RE.
- Went to see 3 off market properties (all wanted too much to make the #s work).
- Set up 2 contracting job appointments for a GC I know who pays referral fees.
Where I fell short: (Unclog bottlenecks)
- Did not tighten up the process of handling my lead verticals to flow automatically, in volume. (current goal is create & convert 1000 leads/mth and close at least 1 transaction/mth).
- Have not been able to find the right telemarketer to call the leads I'm currently generating.
Goals for March:
- Acquire clients for data service business.
- Today, we bid on 6 NPNs (1st liens), waiting on copies of collateral to perform due diligence.
- Consistently go see 2 off market properties/wk for acquisition.
- Consistently set 2 renovation jobs/wk for the GC.
- Revamp my 2 web sites.
Hi everyone. Newest thread is here! I'll be curious to see how everyone did last month if you have anything you want to share.
@Damir Kamber @Erik Anderson @Monica Pina @Joe McCarthy @Johnny Kang
Hey @Michael Ehmann how was your month?
March:
- Revamped my 2 web sites.
- Started acquiring customers for the data service business
- In due diligence period on 3 notes we were able to cherry pick
- Brought on 2 cold callers
- Possible vacant lot deal
Where I fell short:
- Did not have 2 off-market & 2 renovation jobs to go see every week
Goals for April:
- Bring on 1 more cold caller so we can convert more leads we are generating (eventually want us to talk to 2000 prospects/month. We are talking to about 400~500/mth. Not nearly enough).
- Network with more contractors
Hi @Michael Ehmann - thanks for asking! How are you?
March:
- Two properties under contract
-Hired a company for website, hosting, CRM management
-Found an investor who needed a broker
- A couple of possible deals in the pipeline
Where I fell short:
-Still not finished with a brochure and other marketing
-Still working on taxes
-Need additional investors to work with and need to focus on off-market deals
Goals for April:
-More vendor networking
-Focus on off-market prospects
-Focus on business work, not busy work
Greetings everyone ! @Michael Ehmann @Johnny Kang @Monica Pina @Erik Anderson
Figured we give this fun threat a restart...
September:
Accomplished:
- Had our annual consultation with our accountant
- Got another LLC going to purchase a Duplex with
- Finalizing an application for pre-approval with Lima Capital
- Collected about a dozen Duplex addresses by Driving for Dollars
Fell short:
- Only made one offer for a Duplex in the past few months
- Did not do enough Driving for Dollars
Plans for October:
- Submit more offers
- Analyze more Duplex deals
- More Driving for Dollars and sending out direct mail to the owners
Looking forward to hearing from everyone!
Cheers!
Damir
