This week has been productive and business focused. I’m reading a new book, The Four Hour Work Week by Tim Ferriss (if you haven’t read it you need to now). I’m about 1/2 way into and finding a ton of ideas to help myself cut back on work time and have a lot more me/play/family/free time. While it doesn’t happen over night, I’m starting to implement some of the ideas little by little and am focusing on the tasks that I can outsource now.
Monday Feb. 8th – Sunday Feb. 14th, 2016
Monday (2 hours) w/o reading
- Read for 1 hour.
- Called 6 banks that I found were high candidates for selling non-performing loans using distressedpro.com. I got a live person or email contact with 3 banks. I left voicemails for 3 additional and 1 indicated they are not selling currently.
- Received updates from many of our vendors. Found out one borrower that was repaying didn’t make Feb. payment. Disappointing news, but the name of the game. Knowing it was always a possibility we are prepared to foreclose if needed.
Tuesday (1 hour)
- Got a new loan boarded with my servicing company and made sure the paperwork transition went smoothly.
- My attorney confirmed we have officially filed the 45 day demand letter for a borrower in NC. I also received a letter of indemnification from the original title issuer. After my attorney pulled title in preparation to foreclose, they found there were title issues that needed to be rectified before moving forward. I contacted the original title policy company, opened a claim and received the letter about 4 weeks later. It was definitely a set back in the timeline, but all is well and on track now.
- Read for 30 minutes.
Wednesday (4 hours)
- Closed on our newest deal in Pittsburgh, PA. Smooth, easy, and a $3,000 upfront pay day for us.
- Looked at new inventory and submitted offers on 4 assets. 1 was rejected (our pricing was way to far off from each other). The other 3 I should hear back from in a week or two.
- Started an account on EverNote (I know I’m way late to the game). I will be using this to store my business receipts, paid invoices, etc. for my new bookkeeper to easily have access to without a paper trail and conveniently located in the cloud!
- Hired a new assistant to help set up my bookkeeping using Xero. I found an extremely qualified and highly recommended bookkeeper on ODesk. I will be using them on a trail basis at first in hopes all will go well!
- Outsourced searching for qualified bank leads to sell inventory on distressedpro.com to one of my best VA’s. This will save me at least 1 – 2 hours per week.
- Inspection was completed for the sale of our property in Tipton, IN.
- Read for 30 minutes.
Thursday (3 hours)
- Monitored the work of our VA’s on a new tape that was submitted to us from a client on tapetechs.com.
Friday – Sunday (VACATION!)
Total Income for this Week: $3,152.59