Your Real Estate Business

I want to talk about 2 issues that have been grating on my nerves for quite a while. During a number of speaking engagements and networking with other investors I hear the same ole 'BS,' "I'm not buying any real restate right now because I can't find any that cash flow."

YOU'VE GOT TO BE KIDDING!

There are cash flow properties all over this country right now. Sure, you may have to WORK to find them but they're out there.  I've seen at least 8 properties in the last week that will cash flow and have put offers on 3 of them because they meet my buying criteria. Equity will come later. Right now you need to pay your bills and put a few $$$$$ in your pocket. I also hear, "I'm buying houses with $30,000 equity or more and don't care if they cash flow." My question to that is: Are you paying cash or financing? Are you flipping them quickly? If so, great! Take the money and run...... but if you're financing them and the rent won't cover the costs, how much is that costing you? What happens when the tenant leaves? Now how much is it costing you? That $30K equity is moving downward pretty quickly. Unless you have deep pockets make sure you can flip those high equity houses fast and work on the cash flow deals at the same time.  More on this subject in September.
Now my second subject this month: TIME BANDITS. This is going to be quick but we'll have a complete issue on this subject in August.
I just finished reading 2 books from my mentor Dan Kennedy: NO BS RUTHLESS MANAGEMENT and NO BS TIME MANAGEMENT. I have read both books twice because I was amazed at the amount of time I waste and the amount of my time I allow others to waste. I'll be going into this in detail for my August newsletter but for right now I want you to get a note pad and keep track of the time you spend on the phone, Facebook, Twitter, email and other Internet sites, and in front of the TV. Every time you make a call or get a call keep track of the time spent then rank it a 1, 2 or 3: 1-business 2-personal or 3-plain BS. Remember, this is your ranking system so be tough on the calls. If a person calls about business and in 2 minutes they start ranting and raving about some other thing, mark it as 1-2 minutes business and the other time as BS. Keep track of the Facebook, Twitter, email and TV minutes as well (you'll be unpleasantly surprised). In August we'll go into details on all of these and I'll reveal my own times that I have been tracking. But I won't release the names to protect those guilty TIME BANDITS. 

Paul