BiggerPockets

Eric,

I do run my business like a business, but I disagree with some of your assumptions. First, contrary to all the written nonsense, THERE IS NO AUTOPILOT. Business must be managed and no system, no autopilot is going to change that. A lot of this talk of Autopilot and Systems is just guru nonsense to make newbies believe that they can get rich without effort. Look at any successful person. How hard do they work? I'm not a big Donald Trump fan, but look at how hard he works. His business is certainly not on autopilot.

- Do you have all your activities scheduled in advance?

Impossible. The one constant thing is the rental property business is that it's unpredictable. Someone might call me in the next 5 minutes wanting to sell their $100K building for $40K. What should I say, " no, that's not on the schedule" . Many things can't be scheduled and the rental business is unpredictable. Be flexible.

- Do you have a written marketing plan?

Don't have one - don't need one. My marketing plan is to meet people and tell them I'm in business. I'll end up buying 22 rentals this year, all without a marketing plan.

- Do you have checklists to make sure things get done?

Yes, when I think of something that I must do tomorrow (like fix a toilet), I write in on a sticky note and put it by my wallet. Unfortunately, I often leave the sticky note right there stuck to the kitchen counter! UGH!

All I'm saying is don't get so caught up with systems, autopilots, planning, and checklists that you forget to run your business and actually make some money.

Mike

What I am really avoiding is closing the books for the year. I hate tax time.

Closing the books? Tax time? What are you trying to do, ruin Christmas?

Mike

Hey Mike, Thanks for the comments...

- THERE IS NO AUTOPILOT. Business must be managed and no system, no autopilot is going to change that. A lot of this talk of Autopilot and Systems is just guru nonsense to make newbies believe that they can get rich without effort.

I think we are almost thinking the same... I didn't mean like set up a system and head to an island and forget about the business. I meant to just organize the business like discussed in the book the Emyth. That way I can spend my time building the business, not running the business.

- Impossible. The one constant thing is the rental property business is that it's unpredictable. Someone might call me in the next 5 minutes wanting to sell their $100K building for $40K. What should I say, " no, that's not on the schedule" .

What I was trying to say was scheduling the things that are most important so they do get done and not put off. ie Marketing every Tuesday and Thursday from 10am to 12pm, bookkeeping Fridays at 2pm etc.

- Don't have one - don't need one. My marketing plan is to meet people and tell them I'm in business. I'll end up buying 22 rentals this year, all without a marketing plan.

Well... we will just have to disagree on this one. To me having a marketing plan and a business plan is like having a road map... you can drive around and find your way... but why not take the shortcuts and get there faster?

- Yes, when I think of something that I must do tomorrow (like fix a toilet), I write in on a sticky note and put it by my wallet. Unfortunately, I often leave the sticky note right there stuck to the kitchen counter!

You're a funny guy... but for the record, I stay away from toilets... It's not very fun.

Have a Merry Christmas and a profitable 2008!

Thanks for the comments and I will agree with that 100%!

Cant let the little stuff get you down... cause a week or so from now its all little stuff. :)