What are some consistent daily actions you take for your REI biz

Question

Hello,

I am doing real estate part-time. I am dedicating 2 hours a day for my business. My goal right now is to do flips then rental properties down the line. My partners and I have gathered some leads for direct mail. So I'm finished with vetting the lists and we should be mailing out next week.

Now I'm trying to figure out what are some things I can do everyday consistently to keep the momentum and really start seeing the fruits of my labor.

I plan on learning facebook marketing soon. And one of my goals is to make an offer or analyze 2 houses a day (i'm starting low). And I'll probably start reading some real estate books (willing to take any recommendations, right now I'm finishing up David's Green long distance investing).

But I am interested in hearing what everyone else does or has done that has contributed to their success in real estate.

Thank you in advance! :)

Alex Huang · Answer

A few things I do in my daily routine:

1. Browse the new MLS listings in my markets - I think it's beneficial to keep a pulse of what is out there, prices, and quality of finishes. It gives me a good idea when I'm ready to do rehabs with regards to market expectations and market supply.

2. Simulated Analysis - I'll take atleast one of the above properties and do a quick analysis on it as both a flip and a rental property. Even though I might not be interested in the property, I think it is healthy to go through the exercise of figuring out its property taxes, estimating what the property could rent for, estimate what the property could ARV for, and then to see what the cash-on-cash return would be if I wanted to pursue it. This keeps me sharp on numbers.

3. Visit BP - Atleast once a day, I will head to the BP forums and read some of the newest / most active posts. It's amazing to see the different angles people can approach RE Investing, and there is no better way to grow individually than to read / learn about others' experiences.

Johnny Kang · Answer

@Nephtalie Pierre

Going by the title you used for this post, what you said in terms of wanting to see the fruits of your labor, and the time commitment you've decided on; what I suggest is, not to deceive yourself that reading books, meditating, exercising, etc will directly affect the results you're trying to achieve in your business from the time you've allotted. Yes, I believe in the "5 Fs" - Faith, Family, Fitness, Friends, Financial; but if you're saying you're going to dedicate 2 hours/day for your real estate business, do just that - Real Estate. There are 168 hours in a week. If you want to exercise, meditate, have family time, spiritual time, then allot those things at other times.

And this is not a dig to anyone who might post, or give you advice, since I don't know them, but I see too many new people talking about how they're going to "do real estate" and that they're reading/listening to such & such book/podcast. Expanding your mind by reading/listening to podcasts, eating right, exercising, working on being spiritually fulfilled, is a GIVEN.

Learn to Create & Convert Leads which will help you find & close deals. That's all you need to focus on. If your market is too small and you find that after doing this wholeheartedly 2 hours/day, everyday, then find another market within driving distance, and use those 2 hours to Create & Convert Leads to close deals there. Once you get good, find/hire people to delegate this to, so they can Create & Convert Leads for you, which will free up your time to do other things.

Let your inner drive outpace the average & ordinary.

Johnny Kang · Answer

@Nephtalie Pierre,

You're doing the right thing by targeting various categories (Probate, Litigation, Bankruptcy, Zoning, Absentee, Pre-foreclosures, etc), and looking to automate getting these leads.

Where my process differs from yours is that, I no longer do letters (for various reasons; too saturated with others sending out letters, too many manual steps involved with setting up drip campaign & returned letters, cost, response time, etc.), so I spent some time implementing procedures to basically create an assembly line to call prospects.

Once these leads are data-mined, I have our skip tracers look up #s, information is uploaded to our auto-dialer & CRM, then I have my cold caller(s) reach out to all the various categories I target.

So visually, it looks something like this:

All the lead source categories are complied in Google Drive's Sheet, and it's shared with people who are assigned to them; An assembly line to have leads go through our acquisition pipeline.

One thing that's really helped me was creating instructional videos for every task I want done, saving it in Google Drive and sharing only the necessary ones with the person assigned to that task. Initially it'll take a decent amount of time to do this, but once it's done you'll be glad you have them. I had to go through several VAs, but virtually had to spend zero time explaining things.

I'm not saying you have to change everything now from doing letters to cold calling prospects. I'm showing you my process so you can see which aspects you'd like to implement. It'll take you several months to create all this from scratch, so if it feels like it's taking awhile, just know you're on the right track. If you find yourself feeling overwhelmed, always come back to what's important: "How do I Create & Convert Leads?"

Elizabeth Wilson · Answer

@Nephtalie Pierre -  I love your goals and plans!  Definitely keep reading!  You'll find tons of recommendations.  (I just finished "Never Split the Difference" by Chris Voss).  I'd also add a networking goal to your list.  And time reading the forums: there is so much to learn from others' experiences.

Personally, my daily goals aren't business but are foundation to me as a person (I call them cornerstone goals).  I run at least one mile every day (Will reach 1,000 days in a row next Friday!!). Blog for 10 minutes every day (on day 33). Practice ASL for 10 minutes daily (just started classes last week).  Complete my Bible Study Fellowship lesson every day and memorize the weekly verse.

I've found having super small daily physical, mental, and spiritual goals make my business (and myself!) grow!

Please report back on how your daily goals brought you success!

Daniel Hyman · Answer

@Nephtalie Pierre

I try to stay as organized as possible. For me, that means updating my calendar, making checklists, leveraging the power of evernote and dropbox. I constantly need to access my historical records, so keeping a paperless office helps me to pull the data at the drop of a hat.

Nephtalie Pierre · Answer

@Johnny Kang wow. Thank you for sharing your process with me. This is really good stuff. It definitely makes me think how I may want to start setting up a system. I've considered cold calling sometimes it's finding the time when I get off work in the evening. I like the idea of getting a VA once a system is set with detailed instructions. This definitely has me thinking with the end in mind as far as scaling the business. I will definitely keep that question in mind. Thank you so much Johnny Kang!

Elizabeth Wilson · Answer

@Johnny Kang and @Alex Huang - Awesome points and suggestions!  Thank you for taking the time to share!  Love learning how others are rocking their REI game!

Nephtalie Pierre · Answer

@Elizabeth Wilson ThanK you for sharing your goals!  I have heard of that Chris Voss book and going to add it to my book list. I love your daily goals.  Mines are meditating, praying, and reading 15 minutes a day. I'm adding working out soon. All which I agree with you will help my business and myself grow. I will definitely report back on the progress and success. thank you :)

What are some consistent daily actions you take for your REI biz

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