PLAN YOUR WORK AND WORK YOUR PLAN

It is true what they say that the person who is not aiming at anything is sure to hit it.  As you get going in your real estate investing career it is easy to get lost in the myriad of ways to make money.  Are you going to do apartment buildings, land, single family houses, duplexes or self storage units, etc?  Even after you get a focus as to what you want to buy, then you have to decide, “Do I try and get owner financing, lease options, subject to, REO, etc.?” The key is to find what you want and focus.  You will find as you focus on one thing you will still have opportunities come to you for other things.  Get started on something simple that you can understand and have success in doing.  Single family homes are great because everyone understands them and people will always need a place to live, so buy property for investment in good neighborhoods where 90% of America can afford  to live and would want to live.

Once you have determined your area of focus have a plan that is specific, measureable and doable.  If you want a subject to property and you want realtors helping you with overleveraged property, expired listings or with property that they run across with no equity that the seller could not pay a realtor commission then meet with 2 realtors a week.  THEN FOLLOW UP once a month with each by phone or, my favorite, over coffee.  If you want to put signs out or flyers then plan for 3-5 a week in target areas and schedule when you will do it.  If you are calling through rental properties to seek subject to opportunities then commit to 10 calls a week and schedule when these will be done.  My favorite time is right after dinner.  A basic plan should have calls per week and a scheduled time to do it, appointment times to meet with realtors or potential investors scheduled or other focused activities.  It is not just busy work that makes it happen but focused, planned implementation of what you know to do.  Each week you can review your results—do more of what is working and less of what is not.  You will be well on your way to getting the financial results you want.  Dogged determined focused effort is the key.

 

 

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