Week 2 | Keep on truckin

Last week I was excited that I consistently stuck to schedule on my process. This week was the antithesis for sure. Life definitely gets in the way of building a business. I'm realizing it takes discipline and a strong sense of mission to stay focused, qualities I'm consistently relearning. This week I had a non-real estate conversation with a close friend. He's in the middle of building a start-up company and recently had to restructure almost the entire original concept. What intrigued me most was that the core mission remained the common denominator in his decision-making. Though his company is doing something different from what was originally planned, the mission remained the same. In fact, the company has a much keener focus that I think will end up being more beneficial and profitable. I'm continuing to think through and revamp my real estate business plan and mission statement. A few weeks ago, I shared them on the Bigger Pockets forum and got some really good feedback.

Though it was a disorganized week, I was able to get some things done. After having gotten a real estate agent last week, it was time to start analyzing deals. I got access to the MLS and was able to view TONS of properties. Slightly overwhelming! I vetted about 42 properties and analyzed 8. I've exhausted my 5-use limit for the BP analyzing tools. I thought I could edit the same report over and over using the numbers from different properties but apparently each time you click "calculate" that counts as one. So, I exhausted all 5 uses on one property. Hahaha! Well, it's time to go PRO so I have unlimited use. I thought I found a good deal nearby, but as soon as I incorporated a monthly Cap Ex budget, it didn't look so good L. It may still be worth it. I'll see what some BP folks say.

I did call a lender on Tuesday. It was a good conversation. It helped to know some of the investment lingo like PMI, ARV, Equity, etc. I did learn that when mortgage lenders assess two co-borrowers, the person with the lower credit score carries the most weight. I guess this makes sense because if one borrower dips out, banks want to make sure that second person can perform. Right now, it is two days later and I haven't heard back, though. Not a good move Mr. Lender Dude. But there's always grace right?! I'll call them tomorrow.