This week, I want to touch on setting up the GPS for your business to set you and your projects up for success. So many investors I talk to are flying blind… and if you don’t know where you’re going or how to get there, you will end up taking a dirt back road that ends up popping a tire along the way.
Announcements:
We just locked in the dates for our Flippers Anonymous meetup in June! A reminder to all members to register ASAP! The event link is inside the private Facebook group and Kajabi.
June 14th and 15th, join us in Austin, TX for a two day meetup! We're going to have fun, network & get after it in a small group setting.
Not a Flippers Anonymous member? Take advantage of hanging out with other experienced real estate investors and myself on weekly calls, quarterly meetups hands-on and in-person, and intense business building challenges. Learn more here.
Inside the Trenches:
Once upon a time, the first map was created... It first started as a drawing on some rock inside some cave. It was rough, but it showed the way from point A to point B. As time passed, the map was refined, and soon it included more details, like roads, landmarks, and potential dangers...
Just like the map, a fix and flip business needs a clear plan to navigate from acquiring a property to selling it for a profit. Without a map (business plan), you're lost, and the journey is much harder.
…I’m not sure how many of you rebel against technology and still use paper maps, but I can only assume it’s near to none.
Now, we have GPS (your systems and processes) to guide you along the way. The GPS provides turn-by-turn directions, helping you or anyone else (your team) avoid dead ends and stay on track. In a fix and flip business, systems and processes are the GPS that ensures each project stays on schedule, on budget, and runs smoothly.
Flips can be complex and unpredictable, and sometimes it's just not avoidable… But you can save time and money by having great systems and processes upfront that when a fire does come up, your time can be used to resolve it… Taking it one step further, then using those as lessons to make your GPS even better.
Having a clear map and GPS allows you to identify potential pitfalls, know immediately when a property is a YES or NO, run a project as smoothly and streamlined as possible which then allows you to establish realistic budgets and timelines, and more.
So what kinds of things do you need a map and GPS for?
Start with these to see what you might be missing entirely, or need to upgrade:
- What is your buy box criteria? As in, if a property checks all of these boxes, it’s a GO.
- Do you have a solid scope of work in place before ever starting a project? Is it clearly laid out who is responsible for putting together the scope of work?
- Are you using technology to manage your projects, or are you relying on your memory for the 10 things that need to be done across 3 different projects?
- Do you have a clear budget and timeline in place, and are you regularly tracking progress? Could someone step in and know exactly where your projects are and how they are going?
- Are you using data to make informed decisions, or are you relying on intuition? Think getting one quote versus 5 from different sources…
Again, that is just a basic starting point. If you're struggling with any of these, it's time to prioritize time working ON your business…
Begin identifying areas for improvement and researching solutions that can help. Consider your last project, what went wrong? What were you stressed about?
Don't be afraid to reach out to other investors. Technology has made our lives significantly easier… send a few texts and/or jump into a Facebook group and ask! Find the people who are crushing it in their businesses.
Doing a little planning upfront and having the right processes and technology in place is an absolute game-changer for your business. Take the time to assess your current processes and make improvements where needed.
Your bottom line will thank you.
Until next week,
Tarl
Ps. I want to be sure I'm sharing my best insights... If you would take a moment to respond to this email, please let me know what you would like to hear more about in my newsletters! How can I help you?
