Laying A Solid Foundation For Maximum Success

Mike: Welcome back to the FlipNerd.com REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.

Jason: Hey there, everyone. It’s Jason Lucchesi with jasonlucchesi.com. I am your host today for the REI classroom. We’ll be discussing laying a solid foundation for maximum success.

Mike: This show was sponsored by passiverental.com.

Jason: Now, what I mean by that, so many investors, brand new, veteran, experienced, whatever it may be, so many people get into this business and they don’t treat it like a business. So I will tell you this. When you are getting involved in this business, or even if you’re experienced, you need to constantly be planning for success. Like, for example, before I hop into this particular classroom setting, you need to be prepared every single day. What I give to my students, and you could do the same exact thing, is have a sheet that marks down every single hour of what you are doing in that particular day. Do not let it disrupt the rest of the day. So if you are going to be prospecting for new seller leads from 9:00 to 11:00, don’t let anything else distract you.

Now, how do you get to creating your daily worksheet, from whatever your day is that you’ll be working? If you’re a full-time investor, then you’re going to be probably having 8:00 to 8:00, and I expect you to have some balance in your life. Go out for a walk, go out for lunch, go to the gym. Do something to get yourself away from the business for just a little bit, because you need to have that balance in your business. If you don’t, you’re going to drive yourself nuts.

So, let’s get to the meat and potatoes of what I really want to discuss with laying a proper foundation. So many people get into this business . . . either they watch somebody’s webinar or they saw some sort of infomercial, or they watched “Flip this House.” So what I mean by that is they get all excited. They see, like, “Oh my gosh, somebody’s making $40,000, $50,000. This is great.”

But what they don’t understand is how that person got from point A to point Z. And it’s very, very simple. They planned for it. So many people get into this business and they just put the blinders on and they just go walking into a wall. And that’s not what I want you guys to do. I want you guys to be properly formed with a business plan so that you know what you’re going to do on a daily, weekly, and monthly basis.

Now, the way you do that is you lay out the foundation for, “Hey, I want to find motivated sellers. I want to find cash buyers in my area. I want to find private moneylenders. I want to put together my team.” And that’s really, really important. You need to mark down the core aspects of what you need right now within your business.

And I will tell you this. Not every plan that you put together is meant to be in stone. I like to do this, and jot this down. It’s called, “Plan, do, check, adjust.” No plan is ever meant to be in stone. So, what I mean by that is, as you’re doing your plan, as you’re putting together your business plan, you’re going to do your plan. You’re going to do and execute that plan, and don’t be afraid to adjust your plan. Don’t ever be afraid to adjust it.

So plan, do, check, adjust. Always check it. Always check your plan because, if for some reason, you need to adjust, adjust the plan. And then what you do is, as soon as you have the core for what you really want to accomplish within your business . . . and we’re not talking about monetary goals at this point. That will come here in a second. What I want you to really stay focused on is those cores, and then adding in the subcategories of what you want to do.

So it’s not to just slap “motivated sellers” up there and expect motivated sellers to come. You need to put down, “Hey, I’m going to be getting my motivated sellers through Zillow. I’m going to be getting them direct mail campaigns. I’m going to be doing them through door-knocking or I’m going to be going around, networking with real estate agents.” You need to put down a clear-cut plan. If you don’t have that plan in place, this is why we’re doing this classroom. You need to put that plan in place.

Now, the plan isn’t the only thing that you need. You need to have your action plan. Now, what I just said with Zillow, for example, you put down “motivated sellers” and one of the categories underneath that, is “finding Zillow sellers.” What you’re going to do is put an action step in there. “I’m going to make 50 phone calls today to people that have their properties listed for sale by owner.”

And then all you do, you do that every single day. If it doesn’t work for you, if you’re not seeing any results from that, then change and adjust the plan. All you need to do is plan, do, check, adjust. That will allow you to stay in line with putting together a proper business plan and having the goals set in front of you that you want to do.

One of the things I will tell you before we wrap up here is to get a yellow legal notepad. And every single day, right before you’re about to shut down the day, mark down the top five things that you need to accomplish for the next day.

That will be so important. It’s so critical. Just five, not in any order of importance at all. But make sure, before you move on to anything else, that those five things are finished. And that will be golden for you. That will help you stay on track. You don’t need any special software or anything like that. A legal notepad and a pen. That’s all you need. And if you need anything else, if you have any questions or anything in this particular episode, let me know. We’ll be more than happy to help you out. And if you’d like to visit my blog for additional videos like this, just head on over to jasonluchesi.com. But that is it for this REI classroom. Thanks for your time. Have a great day.

Mike: passiverental.com is your source for turnkey done-for-you rental properties. If you’d like to be an investor and not a landlord, please visit passiverental.com to learn how to purchase cash flowing, professionally managed rental properties in the hottest rental markets across the country. We can also help connect you with financing for your next property. Invest the easy way today and get started by visiting passiverental.com.

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