Time Management

[Kory Clark]

Hello Everyone,

I'm 23 years old college graduate looking for a job with a goal to become an investor. Having no real money to really go out and do anything I find myself spending a lot of my time goal setting, learning how to analyze deals and doing some personal development. I have started going to my local reia and meeting with mentors and different investors when I can but is there much else I could be doing with my time before I find a job? I network a lot online and in person. I'd love to hear some feedback/ insight!

[Jeff B.]

AHH the Time problem.  In another world I was a programmer and the tools to do the job as well as the environments in which the products were to be used were ALWAYS changing.  While working on project A, we had to keep current on tools, web standards and user interface changes.  So good managers required us to spend at least 10% of the week on personal improvement.

Something I don't see mentioned much is working backward, or reverse engineering from a known result back thru the steps that made that result a reality. 

Example, if we want to FLIP, we start with the final sale at ARV, require a margin of profit, work through the rehab expense, subtract costs of sales (one at each end) and the project the first purchase price. Add the concept to 'buy it right' we push the purchase as low as possible. "Profits are determined when the purchase was made" is a mantra to many.

For a buy & hold, there's a different path and numbers to be mastered.

If we wish to get good at this, we need to 

1. "master the majors, and not major in the minors".

That 10% on personal improvement - - learn the steps, learn the numbers, learn how to evaluate the market, neighborhood, a credit report, an application.  That's lots of stuff that's not deal related but will improve the quality of your deals.

(sorry for the lecture).