What's your ONE THING?
Hi All,
I just finished reading a book, recommended by Brandon Turner, called, The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Gary Keller. If you haven't read it yet please pick up a copy!
I'm curious what other BP members consider the ONE thing you can do in 2015 for your RE investments such that by doing it everything else will be easier or unnecessary?
Look forward to hearing your thoughts.
Best,
Chad
Make sure you are looking at TODAY's deal and no what they use to be 2 years ago (the low) or 10 years ago the high. For us the hardest thing is remember that I can't remember what prices were at the bottom. I need to reevaluate and just see if the numbers still make sense. If they do go from there.
I evalaute the numbers based on my cash on cash returns.
@Elizabeth Colegrove you are 200% correct!!!
Originally posted by @Elizabeth Colegrove:
Make sure you are looking at TODAY's deal and no what they use to be 2 years ago (the low) or 10 years ago the high. For us the hardest thing is remember that I can't remember what prices were at the bottom. I need to reevaluate and just see if the numbers still make sense. If they do go from there.
I evalaute the numbers based on my cash on cash returns.
Elizabeth, that's really great advice (TODAY's deal) that I'm going to keep close at hand.
It is much easier "said" than done but so true! I probably lost out on some good deal these past 3-8 months because I couldn't get my head out of tush regarding price increases :) I spent the time going after short sales and deals that were "great" deals but could never close. Since than the markets rose another 10% so now I have no houses. So those who didn't look for a home run but went with a good deal have a house and I don't. so hopefully people can learn from my mistakes!
That seriously is easier said than done but I was laughing at people who "mentioned" this mistake 15 months ago. It is really hard to not bring prior experience into it. Because that is how we humans "learn". On the other hand that this environment is changing so much you have to be careful.
Chad, my one thing is to FOCUS on my REI criteria and not be tempted to look outside of it for any reason. By that criteria, I mean 7 things (also from a Keller book).
1. Location
2. Type of Housing
3. Economic (what are properties worth)
4. Condition
5. Construction
6. Features
7. Amenities
Really want to read The One Thing as well!
-Josh
@Chad Howard I think it is a great question to learn from each other regard where you are and what the thing that you need to focus on to get to the next level. I'm really surprised there are not more replies to this question. I listened to The One Thing on my commute to work and I am not sure that I drink the one thing Kool-aid, but I agree with the book that focussing on the next one thing has amazing power to achieve goals and move organizations. In RE there is so many parts of the whole that can consume our time and energy. A lot of which, have little impact to the bottom line.
What is the one thing that is currently hindering you from getting to where you want to be? What is the one thing that if you worked through this year would catapult you towards fulfilling your goals?
For me it is probably taking total control over our finances and getting to the point that I have six month reserves in the bank. Although we have acquired a large amount of equity, not having six month cash reserves is holding me back from creating the domino system for acquiring properties four through ten. I've thought about selling any one of our properties which have over 50k-100k in equity to instantly have the cash in the bank that lenders want, but I don't want to lose the long term benefits of keeping it. There are other ways to achieve having six months reserves in the bank than selling a property, it is just going to take focus.