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Posted almost 4 years ago

Pool Floaties?! 90 Days of Intention - A Case Study: Day 7

Wow, what a week!  I made my first cold calls to potential sellers!!!  It was a real sink or swim moment and let's just say I could have used some pool floaties.  More on that later...

Normal 1587927578 Pool FloatiesI didn't quite swim but I didn't drown either...

It's crazy how fast the days fly by when trying to manage a full time job (with work from home), an Amazon business and learning about real estate.

The Intention Journal has helped me to set a plan for each day but it's tough to stick to the plan when life gets thrown in the mix.  I feel like I'm doing the exact opposite of what's recommended in "The One Thing" by Gary Keller and Jay Papasan.  My focus is currently on three different areas and it's difficult to be effective in all of them.

My proposed solution is to delegate more of my duties at work.  Also, Amazon should be requiring less attention as the ripple effects of COVID 19 calm down.  In the long run, I'm setting myself up to be able to dedicate more time to real estate but for now, it will require extra hustle and proper task prioritization to continue to make progress while not letting my day job slip.

With that in mind, here's my weekly run down:

WHAT I'VE DONE:

I've determined my target properties.

Target Properties:

  • SFR
  • 3 or 4 br
  • 1200-3000 sq ft
  • built after 1990
  • $350k ARV or less
  • A-/B Neighborhoods (Northwest, West, Southwest, Henderson)

I realize that there are probably more deals in C/D class neighborhoods but with COVID-19, I anticipate an increase in opportunities to help distressed property owners in A-/B areas. My hypothesis is that cash buyers/flippers will be more willing to take a risk on a deal in these areas than with a deal in a C/D area especially with the uncertainty of COVID. Additionally I see more potential in the long term if I can figure out how to generate leads and establish deal flow in these areas rather than in C/D areas.

I've selected my lead sources.

  • MLS - Already set up an automated email filter for the MLS with a RE agent
  • CraigsList - reach out to landlords posting on craigslist and see if they'd be interested in selling instead
  • STR Listings - reach out to STR owners and see if there's a deal to be made
  • Facebook/instagram marketing - I've seen good results with my other business using digital ads, I'm going to set up a fairly small budget and tinker around with ad copy to see if this is worth it.
    Driving For Dollars/Handwritten direct mail - not scale-able but I've got time and hustle
  • Networking - if you're reading this, it's already working!

I've also continued blogging and networking on BP.  I've already had 2 buyers reach out on BP asking to analyze any potential deals I have.  I also got assigned to a mastermind group on BP.  Shout out to my new found friends; Rhonda, Nate, Payton and Paul!!!

But by far the coolest thing I've done this week is talk to two potential sellers!

The hardest part of any new business endeavor is taking action so this past week I put and end to the analysis paralysis and I made my first two cold calls!  One seller was somewhat interested in selling but frankly I had no idea where to lead the conversation!  It was exhilarating to jump in to the deep end of the real estate wholesaling swimming pool but I also realized I've only READ about how to swim.  It was a learning experience but the good news is I didn't drown.  This week it's time to doggy paddle!

WHAT I WILL DO THIS WEEK:

I anticipate another busy week of work and Amazon but I need to also make time for Real Estate.  The biggest priority this week is education.  I need to learn what to do and say when I get another interested seller!  Here's the action plan:

  • Make an additional 10 cold calls using leads from craigslist
  • Learn how to prepare an all cash offer
  • Learn how to use a three option letter of intent
  • Research cold calling scripts for real estate
  • Continue blogging and networking on BP

WHAT I'VE LEARNED:

1. I need to delegate more at work to free up time to focus on Real Estate.  This will take a few weeks but it will be worth the time now for much more free time in the future.

2. Lead generation is awesome but if I don't know what to say after contacting a lead, it's just wasting both of our time.

QUESTIONS/ISSUES:

Nothing major this week.  I'm already aware that my biggest issues is time management and I've got a game plan to fix it.

Normal 1587927776 Pool Floaties  1 This week I'll be ready with my pool floaties!


Well that's it for this week's run down!  Should be an exciting, busy week!  I've got my pool floaties on this time and I'm ready to jump in again!

Thanks for reading and see you on the flip side!

Justin




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