3/9/2008
I don't know if anyone else does this, but I have my goals (short term and long term), written down, and I review them once a day (usually first thing in the morning, or right before I go to bed). I had always been advised to do this by those that were successful, but never followed through with it. I started doing this on a consistent basis in January, and I can say that it has really helped me to stay focused. I spent a lot of time this weekend reviewing my goals for 2008, and tweaking them a little.....
I had initially planned on selling other wholesaler's deals (1/month was the goal), but I've decided that my efforts would be better spent finding and selling my own. I've done 1 deal so far with another wholesaler this year, and made $500 on it (I was supposed to make 2k, but the buyer negotiated down, so there was very little profit left). Anyway, I just think my time would be better spent focusing on my own business as opposed to everyone else's.
Here are a few of the other goals I set for myself this year.......
-Complete at least 1 REO wholesale deal/month.
So far, I'm right on track, but I'd like to surpass my expectations this year, so I've really stepped up my efforts recently.
-Move into a downtown condo by April 1st.
Check.
-Run 20 miles/week (4 miles a day, 5 days a week).
There are a few weeks that I have fallen short, but for the most part, I've kicked ass. I'd like to say this has taken a lot of willpower, but I actually enjoy it. It's my Prozac.
-Make 100 offers/month.
Not so much.
One of the biggest problems I have is that once I have a deal going, I halt everything else until I get it wrapped up. Then, I tend to spend a few days afterwards celebrating. Next thing you know, a whole month has gone by, I haven't done shit, and I have to get the ball rolling all over again. I'm working really hard to break this habit. Really hard.
So, anyway, that's where I'm at...
P.S.
Set your clock ahead an hour. :)
Sunday, March 9, 2008
Reviewing my goals for 2008
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5 comments:
Review my goals once per day? No, I do it probably twice a year. That stinks. And, I like your way better! So, I might try to revamp my goals into "short term/long term" and put them into a place where I can look them over when I wake up everyday. If I do that before going to bed, I'll be restless all night.
100 offers/month? Dayam! That would be really time consuming. What percentage of those would you see being successful? Perhaps you could narrow it down to 50/month and figure out what makes a good deal tick. In other words, could you spend some time figuring out what type of sellers are most likely to accept and target them every month instead of trying to blanket all of Tampa with offers?
Hi Trisha,
I'm only going after REOs, so my sellers are always in the same place (the mls :)).
It only takes me about 3 minutes to put an offer together and fax it out, so it's really not that time consuming at all. I sent 5 out yesterday, and it took me less than 2 hours.
I know the market very well here, so I can pretty much look at a property on mls and know what I need to get it for- so there's not a lot of of research involved like there used to be.
I've made about 50 offers so far this year, and got 3 deals out of them. I'm sure my ratios will get better as I go along.
It's a numbers game, as they say.... The more offers I make, the more deals I'll get. :)
Steph,
I have been following your blog for a while........Great Job.
When submitting your offers, do you use a Buyers Agent, or do you Fax your offers directly to the Listing Agents?
Rich
One thing that I have found extremely helpful is to not waste my time or agent's time writing out random offers, instead try developing strong relationships with agents in your area who carry many of the REO's, then when the asset managers are ready to drop in price the agents will call you, rather than you needing to send out offers and hope that you catch a deal every once in a while.
I have picked up deals that the bank payed $92,000 at auction for, I paid them $12,000.
Hey Rich,
Sorry, I didn't see your question until now...
A good friend of mine is an agent, so I submit my offers through him.
Eric- I agree with you on that approach. I'm working really hard at establising myself as someone who closes. It will get easier, I think, the more and more deals I close.
Steph
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