If you haven’t heard of the Pareto principal (often called the 80/20 rule), it is the idea that 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)
- Invoice batching (pay all invoices from week before to vendors)
- Email vendors batching (send emails to vendors for update on all open assets that are still in workout phase).
Tuesday (2 hours)
- 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).
- Called/signed up/emailed 5 new potential sellers. Worked on finding more sellers to call in coming days.
Wednesday (4 hours)
- Volunteered for my local REIA (CFRI). Great networking and hearing what others are doing in the real estate world.
- Put in 3 offers on FL assets.
- Contacted 3 new sellers.
Thursday (3 hours)
- Reviewed inventory sent from two of my sellers, put in an offer in on 2 assets (REO’s).
- Updated Invoices, Receipts, and added some backlogged receipts into Evernote for our new bookkeeper.
- 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)
- Finished this post.
- Read for 1 hour.
Total Income for this Week: $0.00
New Sellers Contacted: 9
Offers Accepted: 0
Total New Bids: 3