All Forum Posts by: Jacob Evans

I typically text all of my "to do" tasks from my brain to my email. I then move the text message IE: "dump runs at Cedar St" to my to do list. At the end of each day I prioritize and organize each item to complete for the following day. I spend the next day and every subsequent day working on those items that have been texted and prioritized into my to do list.

Texts generally include: putting out "fires", additional business systems to create/implement (marketing, buying, personnel, etc), my daily "power hour" (affirmations, exercise, viatmins, weekly goal review, etc), inputting reminders and calendar events/obligations, things to remember, ideas/inventions/systems to organize, book suggests, shopping items, daily tasks, phone calls to return, etc, etc. Anything and everything that doesn't require immediate attention (99% of life doesn't) gets texted to my email to be copy and pasted into my to do list aka work log.

Other tasks on my to do list are relatively regular, such as: analyze deals and make offers (once or twice a week), work on buying systems (1 hour per day), visit job sites (twice a month), pay contractor a,b,c (daily), etc, etc.

I typically text all of my "to do" tasks from my brain to my email. I then move the text message IE: "dump runs at Cedar St" to my to do list. At the end of each day I prioritize and organize each item to complete for the following day. I spend the next day and every subsequent day working on those items that have been texted and prioritized into my to do list.

Texts generally include: putting out "fires", additional business systems to create/implement (marketing, buying, personnel, etc), my daily "power hour" (affirmations, exercise, viatmins, weekly goal review, etc), inputting reminders and calendar events/obligations, things to remember, ideas/inventions/systems to organize, book suggests, shopping items, daily tasks, phone calls to return, etc, etc. Anything and everything that doesn't require immediate attention (99% of life doesn't) gets texted to my email to be copy and pasted into my to do list aka work log.

Other tasks on my to do list are relatively regular, such as: analyze deals and make offers (once or twice a week), work on buying systems (1 hour per day), visit job sites (twice a month), pay contractor a,b,c (daily), etc, etc.

I read an article on this sites blog recently that suggested joining/creating a mastermind group of individuals from different real estate markets who email, facebook or phone conference together once or twice a month with the intent to share ideas, resources, incites, and generally keep each other growing and accountable to their goals.

With that in mind I'd like to connect regularly with full time, experienced rehabbers/wholesalers on a regular basis who are committed to familiarizing themselves with their group members businesses and sharing and learning as much as possible about growing their own rei businesses. I'd prefer to connect via Facebook as the group function there is straight forward. I just think it'd be awesome to share resources, business strategies, business systems, successes, failures, forms, strategies, etc, etc and it could be a place for us to proclaim or bounce around our real estate goals.

If this sounds like a good idea to you, I'd like to know more about you.
I'm specifically looking for rehabbers and/or wholesalers who flip/assign 8 or more houses per year. No new investors or mentees please. Ideally its a group of experienced investors trying to take their games to the NEXT LEVEL!

About me - I have been flipping houses since 2007 and currently flip around 20 houses per year and have been wholesaling one REO per month since Nov 12'. I'm big into business systems, delegation, automation and growth and self development.

I'd like to hear your thoughts or if you're interested in joining the master mind group. Please include your rei stats and anything else pertinent.

Thx for reading!

Dumpsters in my area are off the charts expensive. I've looked into them numerous times and concluded that it was cheaper to pay a guy to make dump runs. Because of waste managements crazy dumpster rental fees there are a lot of these companies in town.

Anyway, UPDATE - I bought a 12x6' dump trailer on craigslist for $3,500. I then gave it to my head contractor for unlimited usage. Bids have come down accordingly, but I'm still uncertain because I couldn't find insurance for this type of "scenario" so I don't have any on it right now...

Any suggestions? Dump trailer is necessary, but I'm wondering if I'm at unnecessary risk and how I prevent it? It's also a little unclear who maintains the dump trailer and I'm sure it's being treated like a rental =P

If you haven't noticed, I'm kind of a shoot twice, get around aiming at some point, kind of guy. lol

I'd say I have successfully structured this exact thing, but I'm having minor issues with motivation/personnel.

I hired a girl I knew, who claimed to be "passionate about real estate". She signed a non-compete, I agreed to pay her 2k per closed deal and I trained her on how to use my acquisitions system. Then I turned her loose and gave her advice when needed.

In three months she has facilitated three deals. 1 wholesale and 2 others that easily could have been wholesales, but I decided to flip instead. It has worked out great, I just wish she had more motivation/focus.

1k of her commission is built into her offers. Meaning her offers are 1k less than my previous offers to accommodate her commission. I forwarded all of my leads to her to analyze. She works with my realtor, who is paid $15 per cma and a $200 bonus if we buy/resell for his projected resale value. She fills out standardized offer forms that I pre-filled, uses a generic proof of funds letter when needed and I don't care how my signature gets on the page. If something is excepted she passes the info along to me and I take it from there. Inspection, due diligence, etc to make sure my earnest money isn't at risk and it's not something I need to back out of.

Let me know if you have any specific questions. Hope that helps.

I stopped getting notices about this thread at some point. Hope you guys are all still with me.

Laurie - My first hire was my assistant. I've read, and strongly agree with, the idea that an entrepreneur should never perform a task that he/she could hire someone to do for minimum wage. Minimum wage tasks are a great place to start for any new manager/entrepreneur. From there I began hiring out more and more expensive tasks as my hourly rate continued to increase.

Chris - I worry about including an hourly rate because it would be impossible for me uphold integrity with her hours and I want to avoid the added management involved in having employees. IRS, L&I, reviews, raises, etc, etc.

J Scott - You probably have a point about the IRS issue, but I'll wait to find out what my accountant has to say at our next meeting since I've been cutting her commission checks.

Brian - She works at her leisure. If she were hitting my desired bench marks I'm sure she'd be working 40 hrs per week.
- I'd like for her to do 4 acquisitions per month. I'll wholesale 2-3 and flip the others
- I set up a simple 2k per deal structure with half of her commission built into her offers spreadsheet. She can offer a seller 100k, I can offer them 101k, if that makes sense. Essentially, half of her commission is built into her offers to sellers. My problem now is getting her to get'r done! She's proven to herself that it works three times now, but she's still lacking motivation for some reason... I think she's the type that works because she has to and not because she has the time/ability...

So, here's an update - I decided to hire her on and pay her $2,000 per closed transaction given she meets my "under writing" requirements (cma, contractor bid, specific buying guidelines - area, condition, etc). I've been working with my new "acquisitions gal", as I like to call her, since November, 2012. She has facilitated 3 purchases for my company and it's working out GREAT. She found great deals at great prices and the rehabs are well under way. One of them also resulted in a nice quick 5k wholesale check for me and 2k for her. The best part about these deals is that I barely have to lift a finger. The only problem is that she's not as motivated as I'd like her to be and deals/leads are falling through the cracks.

Since training concluded in December she has averaged 1 deal per month. To give you an idea, while I was performing her duties I averaged 2.5 deals per month, so the reduction in inventory for my business is a bit annoying, especially considering that I was able to secure 2.5 deals per month while only devoting 12 hours per week to the task because of my other business obligations.

Can someone answer, or point me to the post that answers the question of how to compensate a property acquisitions manager?

I recently trained a woman to analyze and make offers on reo properties. I gave her all of the tools and training needed, put her in touch with my cma expert to give her resale values, my contractor to verify rehab budgets and my realtor key to tour the properties on her own. I had her sign a non compete agreement and turned her loose with ALL of my auto-notification leads from the mls.

The only problem is that I'm not sure exactly how to pay her when she finds me a deal...

I told her to look for a target profit equal to or greater than the cost of the rehab, with a minimum net profit of $12,000. IE: 15k rehab = 15k net profit, 20k rehab = 20k profit, 5k rehab = 12k profit, etc...

I think I would be comfortable paying her $2,000 for every deal she was able to find in this way, but I'd also like to give her an incentive to find better deals than that as well...

I'm thinking of drafting a document agreeing to a $2,000 commission on any acceptable deal that meets company buying guidelines as well as a bonus 25% of potential profits in excess of minimum net profit guidelines. Of course, all projected resale figures must be verified by management and the cma expert as well as all rehab costs verified by the project manager and/or GC.

What do you think? What were you able to do? How have you structured the delegation of property acquisitions in your own investment business?

I'm anxiously awaiting your replies :-)
Thx for reading!

I just trained an acquisitions gal and it went pretty well... I'm also searching this site to find out exactly how to compensate her though...
I set her up with my mls access, realtor key, lead database and other such tools to help her get a few deals put together, HOWEVER, I didn't train her on selling AT ALL and she knows very little about the paperwork and processes I'm using to have her put these deals together so making the leap to wholesaler/flipper would be a big one for a person with an employee mindset.

In addition, I also had her sign a non-compete agreement which would make it unlawful for her to flip her own properties/contracts without my companies approval. I feel that it will be a VERY beneficial relationship for us both as there is plenty of cash on the platter to divvey out, but I'm still just a little uncertain of how to compensate her... Was hoping this thread would be more fruitful.

Where are the big timers at? I think this is something we should ALL be doing!

Yesterday my contractor told me I'm paying $1,000 per month to rent a dump trailer for trash outs on our flips. I assume I could save that $1,000 per month rental fee if I just bought a uhaul or dump trailer of my own and rented it to him myself, however I'm not sure how to strucure something like this and I'm not at all interested in getting into the truck rental business or in spending my time making sure the truck isn't abused.

How have some of you rehabbers been able to save on rehabbing costs without adding additional work load to your own plate?

Hey Matt K. how are you finding your deals without the competition? I've tried marketing, but haven't had much luck. Maybe because I'm terrible at it idk. What's your secret?
Thanks!