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We all have our daily routines - much of it determined by necessity, but hopefully some of yours is the result of deliberate reflection and intent. Today I want to add one more routine to your day that takes very little effort and once it becomes an unconscious competence, your entrepreneurial life will never be the same. Plus, we are doing our year-end review of the best places to own income-producing properties. All that coming up on this episode of Flipping America.
Unless you are driving right now I want you to close your eyes. If you are driving, keep your eyes on the road and pretend you are closing them! When you open your eyes you are - in your imagination - rebooting your vision with a new filtration screen that I call the Opportunity Spotter. Imagine this is like a little radar sweep going on around you at all times. When it senses an opportunity, let your brain ping it. Today I’m going to talk about spotting and responding to opportunities. Now open your eyes and imagine there is a radar sweep in front of you, constantly scanning the horizon. If you can picture the input you see from the “inside the eyeview" of the Terminator, imagine that while you are looking at the regular world, you are analyzing it in a different way.
What does an opportunity look like? How do I begin to evaluate it? When and how to do I take action?How to contact us
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The Flipping America Buyers Club bit.ly/flippingamericabuyersclubAnnouncements:
- We’re kicking off a new round of coaching in January. In six months I will tell you everything you need to know about real estate and real estate investing to set you on the path to financial freedom and generational wealth. My coaching program starts with a one-on-one interview with you and based on the person you are and your life situation, we develop and agree on a real estate strategy that fits you. You then have access to a series of online training courses to provide content and context. And nearly every Wednesday evening there is a group coaching call. Whether you want to own income properties, flip houses, or invest passively, we have a proven plan that’s right for you. Go to bit.ly/sixmonthcoaching and sign up today.
- From my friend Kathy Fettke. https://www.realwealthnetwork.com/learn/best-places-to-buy-rental-property/
- The “Gross Rent Multiplier” is just another way of calculating the 1% rule. https://www.moneycrashers.com/best-cities-buy-rental-property-investment/
- Motley Fool has a different take on the top rental cities. https://www.fool.com/millionacres/real-estate-investing/rental-properties/10-best-places-buy-rental-property-2020/
- And Manage Casa has a different opinion. https://managecasa.com/articles/best-cities-to-buy-property/
- Although difficult to quantify mathematically, I really like Mashvisor’s criteria for where to buy. https://www.mashvisor.com/blog/best-places-to-buy-rental-property-covid-19/
- The most in-depth look at single-family residential rental data. https://www.attomdata.com/news/market-trends/single-family-rental/attom-data-solutions-q1-2020-single-family-rental-market-report/
- What is an opportunity? “A set of circumstances that make it possible to do something.”
- Keep your eyes open!
- Constantly evaluate.
- Combine, synthesize, (Milk, flour, sugar, butter, a bit of baking powder, blueberries.)
- Could that be ….?
- ...what would it take?
- What if we…?
- Could we combine this and that and …?
- ...has anyone else thought this?
- Ask the right questions
- How to Spot an Opportunity:
- In all directions, but mostly forward.
- Connect past experience with current situation
- The people you know
- Different asset class
- Different strategy
- Variation on a theme
- Familiar process in a new location
- Where do I look?
- Investment (compare everything)
- Equity (can leverage or OPM be used?)
- Effort (Worth it?) (is this how I want to use my time?)
- Repeatable? (is anyone out there doing this or something similar?)
- Downside (How could this kick me in the butt?)
- Cases (Best, Worst, and Most Likely)
- How to Filter the Opportunities
- Verbal “market testing” the idea.
- Dip a Toe in
- Set Goals
- Define KPIs
- Create Effort Milestones
- Daily Steps
- Action Plan
This sounds like a lot but it can become second nature. The first few times you attempt to look at an opportunity this way, it might take you an hour just to decide to take the next step. I promise you two things: 1) It won’t take as long in the future. And 2) You’ll be glad you started this process.
As you become more successful in what you are doing and have money (you should try to keep that a secret, but word will get out), people will approach you with opportunities (99.8% NO). You might have a harder time saying no to the opportunities you see on your own, but you can do it as long as you know you need to.
Once you see the world through your “opportunity radar” lens, you’re going to start seeing them everywhere. I keep all my old idea journals and notes and as I look back over the years I’m amazed at the stupidity of most of my ideas and the naivety of some of the others. You’ll get to that point also, but don’t let that deter you. One GREAT idea that could be the antecedent to your fortune is built upon the rubble of 1000 bad ideas or good ideas poorly implemented. But to get to the GREAT one you must keep on going. Keep pressing. Don’t give up. Don’t stop. Keep ideating, evaluating, synthesizing, testing, and above all -- keep your eyes open!Motivational Quote: “There’ll be two dates on your tombstone and all your friends will read ’em but all that’s gonna matter is that little dash between ’em.” ~ Kevin Welch