Eating An Elephant 1 Bite at a Time

[Cameron Filbrandt]

A mentor of mine always says & big part of a past role in management consulting was to systematize > optimize > automate > hire (insource or outsource). I try to apply this mindset to both big and small tasks. A big task, for example, is real estate, specifically flipping a house. Please see the "system" below—a step-by-step flow of how I view the flipping process. This is a very high-level view, with each step containing its own system. Let me know your thoughts.

1. Finding Deals
2. Determine ARV
3. Determining Property Debt
4. Start the Estimate (Rough Estimate)
5. Skip Tracing
6. Contacting Deals
7. Walking the Property
8. Develop the Scope of Work & Spec Sheet
9. Contact Contractors & Suppliers
10. Completing the Estimate
11. Making the Offer
12. Negotiating the Deal
13. Financing the Deal
14. Completing Due Diligence
15. Closing
16. Rehabbing the Property
17. Selling Or Refinancing the Property
18. Property Management or Repeat

Seeing this helps me determine my priorities and assess where I’m at. There are definitely holes, but it's a great starting point. How would you change the process? What would you add or subtract?

[Drew Sygit]

Why don't you get back to us after you actually test your system out?

You're going to find that major changes will be needed...