Focus Weekly Recap

Another wonderful week in the books and I continue to grow my investing business. Every day there is a positive step forward, which means every week there are at least seven steps in the right direction. Everything is a learning opportunity. Win or lose, you continue moving. Never let a mishap, lost bid, or missed call get you down.

This week I revised my planning and outlook slightly due to changes I continue to implement for my investing business. My goals are similar, but my road map is changing slightly. I’m hoping that by trying to implement certain items in very specific phases, it will help me achieve smart growth. What I found with my original outlook, I was rushing through certain items which didn’t allow me to focus well enough to be my best.

The major first phase goal is to double my current net cash flow from passive rental activities. I currently own a multiple use building in a small community. It includes an office space and church on the lower level, and an apartment on the upper level. The current rents are $1000 right now, and will be going up to $1,250 shortly once additional space is fixed up for the church. Expenses range of $800 to $850 right now, but with a refinance of building related debts, the expenses will drop significantly. It will allow me a chance to clear $500 once everything is completed.

So, the plan is to find an additional unit in which I will be able to have an additional $500 per month free cash flow. If that happens, I will be up to $1,000, which is 25% of my goal of $4,000 minimum per month in passive income. What makes me optimistic about this next step is that in my market, the opportunity to find a rental unit which can clear that is not difficult.

My focus for the week was on deals. Found a few possibilities, and want it to get rolling. Three of them are full retail flips. If the bids are competitive, even with conservative construction/rehab budgets with built in contingencies, profit potential of $30k are possible. And these are with homes in the $90k to $120k sale price range. Not a bad way to build wealth!

This weekend is a wind down, but still busy! Since I am a Realtor, I have my retail clients to care for with several showings the next 48 hours. I also have a meeting with a partner to explore more possible deals and continue to grow his business. But, with the weekend and my wife off from her Monday through Friday employment, Saturday night will be spent at a Toledo Walleye hockey game with great seats! Also a chance to meet up with my wife’s best friend in town from Florida.

As mentioned in a previous blog, making time for family is most important. Everything else has its place, but time with family and with your personal items is of utmost importance. The deals will be there. The projects will be completed. The sales will close. But time with family just doesn’t and shouldn’t just happen. Life is too short to be greedy and chase every dollar, and miss out on what is important.

What went well for this week? On boarded a new retail prospect. Will be showing a home this weekend, and will get them pre-approved so that we can get them into the house that perfectly meets their needs. As well, getting more processes in place to be efficient with my administrative time, so that I have more time for relationship development, investor relations, property management, project management (when we get some new deals in place), and sales.

What didn’t go so well? Deals haven’t been plentiful, so the search has dedicated more time. Cold calls have had to increase. The potential deals and bids haven’t landed as planned on a few properties. But these are only minor hurdles so long as I stick to the plan, stick to my calendar and tasks, and do the right things on a routine basis.

Hope everyone has a wonderful weekend! Happy investing!