Organization

Organization

Contractor · Cleveland, OH · Member since 2014 · 123 posts · 115 votes

As you build your business, you need to be able to change your approach to continue to be successful.  I used to be able to focus on just one task/project, but as I grow my business, I need to change my approach to be successful.

For example, I am currently growing my portfolio of private lenders to grow my flipping business more rapidly, have 2 flips being rehabbed, 2 rental properties being rehabbed, and 2 evictions in process. Without planning and organizing, I would not be able to manage all of these at the same time. 

I spend at least an hour every day planning. My mantra is plan the work, then work the plan. Without the planning process to keep me in line, things fall through the cracks. It's easy to get out of balance when finding the right amount of time to plan and the right amount of time to take action. Action without planning rarely produces the desired result, and planning without action amounts to wasting too much time.

I have found between 1-2 hours of planning a day is necessary to keep me on task and all the projects advancing at an acceptable pace. Any less and I miss things I should not miss, any more and I wind up too far in the rabbit hole and not accomplishing what I need to accomplish.

Find good people that can help you with things. I have 2 great realtors that help with comps and remodeling/interior design ideas, my wife does a great job shopping prices to keep costs down on materials and she herself is a talented designer, I have an insurance agent who handles everything online and same day, a great real estate attorney who keeps costs down but gets things done quickly and professionally, and a great guys that runs my rehab work who spends only what is necessary and keeps the projects moving forward.

With all that said - you gotta do something! Too much time is spent analyzing, thinking, debating, and worrying. Keep meeting people, keep looking for deals, and most important - keep taking action! Action is what separates successful from unsuccessful people.

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  • Flipper/Rehabber · Portland, OR · Member since 2014 · 120 posts · 80 votes
    10y

    @Account Closed you have a great plan laid out and I want to congratulate you on executing it. The biggest issue our local operators often have is that they aren't planning and they need a greater support structure. We built our model around the fact that local investors need more than just capital. Even great investors need manpower if nothing else and that kind of good support is hard to find.

    Both as a real estate broker and then as a mortgage broker I had mentors who constantly reminded me to touch every file every day. Just move them forward. Do what you can that day on each property and then work on building your business. If you're diligent and do that first thing, you'll sometimes be amazed at how much time you can free up to find the next profitable venture.

  • Contractor · Cleveland, OH · Member since 2014 · 123 posts · 115 votes
    10y

    @Evan Wiesner Great comments! I checked out the Gorilla program some time ago and it looks like a great way for less experienced investors to collaborate with a real partner, not just a lender. Also - I am a native Portlander. I was born and raised there. Great city - I have a ton of family still there.

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