Post #8 - Stop [whining]! HAMMER TIME!

Investors,

I was outbid at the auction (last week) for a property I'd been focused on for a while.  So what do I do now?  I'm focusing on setting myself up for the next deal, looking at my time allocation, and of course filling my pipeline.

When I find the next deal, I want to know that everything is already in place.  I have two people who are interested in being partners for long-term holds and I really want to make sure our goals and strategies are the same before the next deal comes along.  And if they are, we need to form the applicable business entities to protect ourselves and our interests.  I have a few lawyers I'm going to be meeting with in the next month and I'll get all my questions answered very soon.  My wife and I just paid off our last consumer loan so we have freed up some cash flow from our personal budget (YAY!!!).  This will result in a percentage being set aside to provide a down payment, closing costs, marketing, etc. on future deals.  Raising/saving capital is always a good thing.  I am also taking a magnifying glass to my existing systems.  I know I'm just starting out but I can see the little improvements to my processes every time I make a positive adjustment (saving 5 minutes here and there really adds up).  

Also, I'm trying to deal with the on-going life balances and time-allocation challenges that come with having a family, a full-time job, and still finding time for REI.  I've been mapping out every minute of every week for about 4 weeks now.  Literally, laying out everything we have planned for family BBQs, meals, commutes, church services & activities, etc.  I've had some success with this.  It is very difficult because, of course, my week doesn't go exactly as I planned it on Sunday night; however, I've found a few pockets of "dead time" that I didn't realize were in my day-to-day routine (pretty sure this is from a leadership book--need to find out which one).  I'm filling those pockets with REI learning & dealing.  I'm listening to 2-3 real estate podcasts during my commute every day, I'm getting up & staying up an hour earlier to take advantage of the quieter hours (when the fam is still snoozing) and checking websites/email and writing direct mail letters, I'm spending every other Saturday morning Driving-for-Dollars (when I would otherwise be sleeping in).  Don't get me wrong, I'm still getting to spend a lot of time with my family which is the big picture goal anyway right.  And when I am hanging out with my son, wife, parents, sister, in-laws, etc, my email is off, I'm not texting my colleagues about real estate, and I try not to think about it either.  This has made that precious time even better and I'm able to enjoy it more too.  Ok, on to the last category of what I'm doing now.

What do I do?  The deal I was watching just went to someone else.  What do I do?  My phone isn't ringing...No hits on my last post...No replies to my Craigslist ad...No emails from direct mail efforts.  What do I do?

STOP [whining]!  HAMMER TIME!

Here's what I'm doing (rapid-fire style):

• I'm doing "The Miracle Morning" (thanks Hal) every morning.  
• I'm funneling leads and getting to know my "farm" like the back of my hand.  
• I'm passing out business cards like they're candy at a parade.  
• I'm spreading the word to everyone I know and lots of strangers that I'm investing in real estate.  
• I am still Driving-for-Dollars as I said before and I've met people in my neighborhoods who know somebody who knows somebody.  
• I'm on a first name basis with a few local bankers and agents (which is great considering I do not own a property yet).  
• I'm also keeping the letters flowing every 2-3 months.  

Persistence, persistence, persistence.  That's what I've heard on the BP Podcast "Famous Four" so many times.  And that's what I'm striving for.

So there it is.  My snowball is small but it's starting to roll.  If you have any suggestions or encouragement, please leave it in the comments.

Thanks,

Trent