Week 10 – Pareto Principal the 80/20 Rule

If you haven’t heard of the Pareto principal (often called the 80/20 rule), it is the idea that80-20_Rule_Blog_640x440 80% of all outcomes derives from 20% of all effort. I’ve known of this rule for a while yet find myself focusing my efforts on the 80% of crap that gets me only 20% results. My new focus is getting out of the “rat race” mentality of working on the non-essential items and instead focusing on the big picture items: tasks that will bring me deals, customers, or in other words PROFIT. This week, I officially started to batch things to make my life easier, in addition to working less so I can only focus on the big picture items.

Monday Feb. 29th – Sunday March 6th, 2016

Monday (1 hour)

  1. Invoice batching (pay all invoices from week before to vendors)
  2. Email vendors batching (send emails to vendors for update on all open assets that are still in workout phase).

Tuesday (2 hours)

  1. Conference with a potential seller that works in the nonprofit realm of non-performing assets. Very interesting phone call and can be a great new client for TapeTechs.com (online preliminary due diligence service that scrubs your tape for you).
  2. Called/signed up/emailed 5 new potential sellers. Worked on finding more sellers to call in coming days.

Wednesday (4 hours)

  1. Volunteered for my local REIA (CFRI). Great networking and hearing what others are doing in the real estate world.
  2. Put in 3 offers on FL assets.
  3. Contacted 3 new sellers.

Thursday (3 hours)

  1. Reviewed inventory sent from two of my sellers, put in an offer in on 2 assets (REO’s).
  2. Updated Invoices, Receipts, and added some backlogged receipts into Evernote for our new bookkeeper.
  3. Heard back on my 8 offers from last week. They were denied (they were expecting 70% and above) which is simply too high considering the cost associated with a non-performing asset!

Friday (day off)

I’m officially starting to take all Friday’s off and focusing my efforts for the business on M-Th to start to make my work week less each week.

Sunday (20 minutes)

  1. Finished this post.
  2. Read for 1 hour.

Total Income for this Week: $0.00
New Sellers Contacted: 9
Offers Accepted: 0
Total New Bids: 3

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