Christmas Week Progress
Merry Christmas everyone! I hope all of you had a great day with family and friends, we sure did…
I decided to continue the trend of old real estate icons on the main photo of this post. I am currently writing from the city centre (proper British spelling) of Salisbury, Wilshire, UK which is just a few miles south of Stonehenge. Pictured here is the famous Salisbury Cathedral, which is just under 800 years old. The foundation was laid in 1220 and was completed around 1266. If I remember correctly, the original builder and designer didn’t live long enough to see it completed. It is a beautiful icon of this city of about 80,000 people, which I called home in 2012. I love the small cities and villages in England as the majority of the real estate is focused in a small radius around the shops, cathedrals, and city centre. There is still a LOT of green farmland all over the country that has not been built up at all. What don’t I like about it? The weather, as I have been sitting here writing this it has started and stopped raining 3 times and I’m sure there will be more to come before I’m finished.
Ok, back to what was accomplished this week and some of last week. Although it isn’t the start of 2016 yet, I am still preparing for a big year and will be counting the work I have front loaded in December toward my yearly goals for 2016.
- I closed on 7 buildable lots that were platted for a subdivision years ago. The lots are all 0.30 acres and ready to build on, public water is available and the public sewer line is just across the street and available to tie into. These are 7 of a block of 8 lots, the other lot has a very nice Florida brick ranch home built on it with a metal roof. Also included in this purchase was an 11.2 acre parcel just to the west of the lots which is completely wooded. Ideally, this property will be sold as-is to a developer who wants to build 7 new homes on the lots and split up the acreage and build a custom home or two for a specific buyer who is looking for some land and privacy. These are now listed on the MLS and the real estate agent who brought me the property is marketing it to the developers she knows.
- The inspection period has ended for the foreclosure property that I put under contract in the middle of December. Let’s call this house the filled in pool house from here on out to make it easy to remember. It is a 4/3 with a detached 2-car garage, 2500 sq ft of living space (before pictures to come). The septic inspection and walkthrough went ok, the estimates of work came in slightly higher than I expected but this project still looks like it will be profitable. I will be working with a new GC on this one to manage the entire project from start to finish to free me up to find more houses. I spent a lot of time on the last project and it was not time well spent, I should have been looking for another project instead. I still wrote the entire scope of work, will walk through with him one more time before commencement, will be involved in picking some of the materials, and will have to stop by the project from time to time to ensure the work is being completed to my satisfaction. My hope is that with each project I can reduce my involvement and presence on the job and eventually allow the GC to manage most of the project.
- I spoke to a Navy friend who stumbled across my blog posts and was interested to hear more about what I am doing in real estate. He is looking to diversify his investment portfolio and may be interested in investing with me. I’m excited to open someone else’s eyes to the power of real estate and help him and his family achieve their financial goals.
- I networked with another member of my mastermind group who may be interested in partnering up for a joint venture in the future. These few emails back and forth could have been a great use of my time if we can create a successful joint venture partnership that would benefit both of us. More on this to come I hope.
- I started documenting the things that I do each day and how I do them. My plan is to determine what I need to keep doing and what an assistant will be able to perform for me, which will be crucial for when I bring on someone else to perform those tasks. If I can use the time that I am currently using to research and organize potential properties, update the books, turn on utilities, manage the calendar, etc… on analyzing the specific properties that should get offers, estimate the rehab costs, network, submit offers, etc… I will be in much better shape this year.
- This brings me to the biggest point of the week. I posted an ad that I am accepting applications for a full time assistant position. This hire will be my lead manager and assistant. Their primary task will be to take the incoming marketing calls, feel out motivation, and input those leads into my CRM for follow up and set appointments. The secondary task will be the small amount of administrative work I have such as setting up utilities on the renovation projects, bookkeeping, photos, manage the business calendar, schedule appointments, social media, etc… I am very excited to bring someone on to help take the load off of me and continue to build a business. Hopefully I will find someone in the next week or so, standby for an update on that.
The plan for this coming week is to continue to focus and tweak the yearly plan, along with finalizing my marketing budget for 2016. My plan is to send out direct mail and use PPC advertising to bring in leads instead of relying on others to provide deals or searching the MLS. I have a lot of plans to implement early in the year that will really pay off by mid 2016 and I can’t wait to share them with you as I go. It is going to be a lot of upfront costs and commitments but I’m sure that it will provide big returns!
Thanks for reading and as always, please comment below and/or share the post on Facebook if you know someone who would enjoy reading it.