The Investor’s Guide to a Single-Family Rental Emergency Fund
As real estate investors, your emergency funds are a critical line of defense against unexpected costs. It prevents you from dipping into your budget to handle them. But what should you really use an emergency fund […]
Don’t Overlook This When Buying an Investment Property—Learn From My Mistake
Let’s get one thing straight: Real estate investing isn’t a get-rich-quick scheme. If you think you can just waltz in and start raking in cash without a solid game plan, you’re setting yourself up for a financial face-plant.
Read Miracle Morning Millionaire – This is the most important step and should be done first
Set two alarms for 4am and do not change them ever for any reason for 30 days *(Nurses you can choose a different time) – you can also set it for 4:01…if you are a pussy
Read through all attached documents in the Getting Started emails.
Complete Goal setting document
Stop one monthly subscription to anything at any price – Who needs audible anyway…
Download Karls Mortgage Calculator – it’s free…just do it. It’s a cool calculator
Download Adobe Fill and Sign App – Also free
Using BP Calculators, run numbers on 3 different properties that meet your criteria and send the one with the best ROI to your Five Pillars Agent to review with you.
Listen to 10 BP episodes
Fill out your profile on BP and add your Five Pillars Agent as a friend - Yay
Make one post on BP website – nothing to write about? Talk about this sheet
Write one blog on BP Website
Ask one question on BP website – asking your agent friend doesn’t count
Print out last month’s banking statements and read every line
Establish monthly expenses and determine how much it takes simply for you to survive. Write this number down. Mine is $2,100.00/mo
Call and try to get your insurance for your car and home reduced in price and ask how you might be able to get them reduced even further.
Stop all monthly subscriptions and only add things back as you find that you need them – and yes I do mean your gym, magazines, avon, amway… anything automated, we need to stop and just wait to see if you really need it again.
Read Rich Dad Poor Dad
Download Audible and use the free credit to listen to The Millionaire Real Estate Investor
Talk to a lender regardless of current investment goals. If you are planning to use financing then go through the pre approval process as well.
Send POF to your agent. This will help make your offers stronger.
Delete every app on your phone that does not serve your current goals i.e. SC, FB, Tinder, IG, Candy Crush
Delete your Netflix account – of course this means all movie accounts
Avoid the news at all cost for 30 days – You can be a good citizen and not watch the news every evening. George Washington didn’t have a TV.
Attend a local RE meetup in your area – BP is a great way to find these
Attend a different local RE meetup in your area – Make friends yay!
Go look at a property with an agent….A Five Pillars Agent… of course
Listen to a Podcast about wholesaling
Listen to a Podcast about Flipping
Listen to a Podcast about being a successful RE Agent – this applies even if you are not an agent and don’t plan to become one
Open a separate checking account for your RE investments at a local bank that you like
Talk to your local bank about how to get a Business LOC – Just walk in and say hi, I would like a business line of credit, who do I need to talk to.
Call and attempt to get the limits on all of your credit cards extended.
Plan and meal prep for an entire week and do not eat out at all for 7 days
Make a post on social media about what you are doing
Read How to Invest in Real Estate
Go on your state’s Secretary of State website and find the documents needed to start an LLC
Give away your TV – If you have more than one then give them all away
After you have finished This sheet, Repeat all repeatable steps, and for the reading only reread the Miracle Morning Millionaire. If you follow this sheet you will be very hard pressed to fail in Real Estate investing.
Comments (4)
For the credit card limits that is just to increase your leverage an spending power. CCs helped get me through my first rehab and even put half of a down payment on another one. Some you can use directly like that and others you just kind of ride while you build cash reserves.
and I actually had not thought about adding links but you are definitely right that it would help out a lot. Ill work on it and post the new one.
Comments (4)
For the credit card limits that is just to increase your leverage an spending power. CCs helped get me through my first rehab and even put half of a down payment on another one. Some you can use directly like that and others you just kind of ride while you build cash reserves.
and I actually had not thought about adding links but you are definitely right that it would help out a lot. Ill work on it and post the new one.
Daniel Kidd, almost 5 years ago
Scott Rogers, almost 5 years ago
This is great stuff, thanks.
Scott Rogers, almost 5 years ago
Great article, Daniel! Have you thought about adding links to the documents you reference?
Parker Stone, almost 5 years ago