Being #Basic - Deal 3
Tuesday, May 16
Summer of 2015 had us quickly marching down our 20-year plan as we held two row-homes in VA Beach and had saved enough for a third. Our mentor who had helped guide us through purchasing #2 was also game to participate on #3 and we felt well prepared to move forward. However, as many others were...
Setting a strategy, goals, and plans
Wednesday, April 26
I’m going to be unpopular for a few minutes. You’re not installing systems in your business when you get organized. You’re defining and developing processes. Systems involve automation like computation, analysis, or decision-making. Is it a big deal? No, but words matter as they shape our mi...
Realizing when to sell & Deal #2 – We buy a REO
Monday, January 30
As outlined in blog post #1 here, our focus had been to obtain doors. 10 doors and one of us could quit our day job. This goal of doors was misguided in our nascent understanding of how to calculate true holding costs and profitability. The goal was also fixated on methods rather than the end...
Finding a Good Property Manager
Thursday, August 04
Our first deal brought us to the decision to get a property manager. Primary reason was to accomplish showings, tenant screenings, and be the first line of defense for issues when they arose. For Deal #1, we started with a simple internet search of local companies, read reviews, held a few phon...
Deal 1: Financing Setup
Thursday, August 04
I didn't add (read forgot to) comments on how we financed deal #1 and wanted to clarify since I may have made it seem overly simple. While it wasn't that difficult, I want to quickly state how this process shouldn't be daunting or scary. Yes, it's like turning in your paperwork to be graded and...
Deal #1: Indirect Mentorship
Tuesday, July 26
Having our attention focused on breaking through the action barrier, we were determined to take action. Fall of 2014 we dove in and Zillowed our way into a list of 10-12 properties to look at as potential deals. Initial analysis yielded positive cashflow so we were intrigued. We lacked access ...