Forums and blogs will often ask this question. People are looking for inspiration when they are failing to find the motivation to keep going. I think it would be a great idea for someone to keep a ledger of what they did the previous day to keep them inspired and motivated to plug along day after day. Oh, wait, that’s what www.MyPathToRealEstateWealth.com is about!
Yesterday was one of those days that doesn’t come along often enough. It felt like I was firing on all cylinders until the end of the night. My day was full of meetings and appointments. I started at 9am and was out connecting until 9pm at night. We as investors need to put ourselves in the path of luck. I’m hoping that I did that yesterday.
Business Professional Meeting
– Oct 22nd 2014, 9am.
It all started with returning to a meetup that I hadn’t attended in a couple of months because of the 9-to-5 taking me out-of-town and off of my stride. It’s a Business Professional Meeting where they talk about mindset and business building basics usually great for Self Employed types. The topic was 3 Barriers to Revenue. I thought it was going a speaker talking about 3 mental blocks that kept us from maximizing our potential. Boy was I wrong! Basically it was a round-robin about hey, I have this project, what are 3 things I can do to make more money?
I was completely unprepared. So I started talking about Modesto. What it was about and how to go about the problem. Only three people were in attendance, me, a realtor, and a business coach who was once in real estate. So we looked at the property in different ways and talked about the number and how I could solve it, or change my mindset towards it. It was great, and we talked about how it should be priced as dirt. (Dammit, I made a mental note to myself about asking about dirt pricing later yesterday and forgot about it until just now!) Anyhow, this discussion lead to the business coach talking about a property that he is currently having a problem with, let’s call this the: Mission Property. As I investigate this property more, I’ll update you my dear readers about it. But this could be the property that takes me beyond my goals for next year.
– Oct 22nd, 2014, 12pm
Almost immediately after the business professional meeting I headed off to my ToastMasters meeting. If you aren’t aware of ToastMasters it’s a public speaking club, where you learn to improve the way you speak, and interact with people. It has helped me feel more confident in the way that I interact with people and has given me a better understanding of the different components of speech that I was missing.
On my way to my next appointment I called my Cousin who is my Partner/General Contractor on and Modesto flips that I do. I needed to find out when he was available so that I could set up an appointment with the Realtor to look at this possible flip. Currently it’s not anywhere near a deal. Here are the quick and dirty details:
But the agent insists that the seller is willing to look at any offers. So if I can lock it up at $70-75k it could fit into the 70% rule.
Spec Builder Meeting
– Oct 22nd, 2014, 2:10pm
An investor I met at a meetup last Friday invited me out to one of the properties that he is working on. It was great to see a Spec Build being built. It’s framed up with plumbing and some electrical wired. But still has a long way to go. The story is inspiring too. He’s a General Contractor who works with a bunch of Investors in the area, and this property was a fire damaged house, that was a tear down and custom build.
It sounds like the investor was running tight on money and sold the project to the GC! That’s one way to get deals, huh? So he took over the deal, and is running and funding it himself. The great part of this is that he let himself continue to be a GC for other investors and let this project sit and wallow. When he realized that it was costing him money 10’s of thousands of dollars. He decided to wrap up his last project and work exclusively on this project. Mentality like that is what drives successful investors.
Excited Visit to Mission Property
– Oct 22nd, 2014, 4:00pm
California traffic is the worst! The drive from the Spec Build to this property should have been at most a 30 minute drive, but with having to go around the “Silicone Valley”, traffic starts getting heavy at 3pm, apparently. But I was damned if I was going to drive over the hill again the next day. So I sat in traffic fuming!
When I finally found the property (hidden and private driveway) I was blown away. I wasn’t sure what I was expecting but it definitely was not this idyllic property that I saw. Sure there are some major opportunities for growth and development. But it’s not often to find such a unique and promising property in the area that we are in.
San Jose REIA Meeting
– Oct 22nd, 2014, 7pm
Traffic heading south was even worse than before! It took me 90 Minutes to get around all the traffic to my next meeting. I hate traffic. I hate it with a passion. Anyways, there were a couple of Investors from BiggerPockets at this meeting, and the guest speaker was talking about the fundamentals of Multifamily Investing. I began to lose interest in the meeting quickly after it started to get derailed in the lead up by the discussion about Home Affordability, and what the numbers on the handout actually meant.
The Speaker was pretty good about covering the points of his topic, but all I could hear was the Dave Lindahl boot camp talk. I’m pretty sure he covered everything in an hour and half that they cover in a 2-day boot camp. He used the same terminology that Dave and his team uses. Fortunately the speaker was unapologetic about the fact that he had found success with program and that was where he drew most of his knowledge.
By the time the speaker was done it was almost 9:30pm and I was exhausted. Instead of hanging around and trying to network with people, I packed up my bags and slunk away.
What did I do yesterday to improve my business?
Met a potential Partner/Deal Maker
Worked on improving my speaking abilities
Set up an appt. to walk-thru a house
Touched a potential future partner
Investigated a deal
Went to a networking event
If you could do this once a month, where would you business be?