It’s been a busy month – our investment property is almost completely renovated and ready to rent – yup, we’re holding on to this one – Mike started a deck job, we are looking into purchasing a piece of land in Arkansas and we took a 14-day road trip while our house was rented. And I’ve been focusing on doing less. Sounds counterintuitive, right? I’m a long-to-do-list kind of person, but when a girlfriend of mine shared the phrase ‘focus drives results’ it sank in that I have too much eating my focus, hence stalling my results. So, for the 20 days prior to our road trip, we focused solely on the investment property, working through weekends, forgoing social plans, letting house duties fall to the back burner. And by doing less, focusing on our biggest priority, our efforts produced huge results! What can you do less of to gain more focus?
Happy Homes Small Business Tips
As a small business, the buck stops with us, meaning we handle everything. From insurance, to book keeping, to buying materials for our flips, to actively managing and working on the projects and rentals….we handle it all. We’ve learned a lot since 2015 and here are the biggest game changers:
1. Measure your time and track your hourly rate – this will help you prioritize your effort & time
2. Hire out tasks you don’t want to/shouldn’t be doing (see #1)
3. Have a standing check-in to review priorities with your team (ours happens daily, in the hot tub!)
4. Create manuals, vendor lists, processes and templates for tasks you repeat – document everything & keep it on Google Drive
5. Review your insurance every year, make sure your agent understands your business & ask them questions about your worst scenarios – we’ve learned this the hard way!
Investment Property – From Flip to LTR
Our newest property rehab is almost complete, and we have changed course a bit. Instead of selling it, essentially flip it, we’re going to hold it long term for a year, then re-evaluate. We’re excited to have another property in our portfolio, one that will cash flow.
Here’s a video of the progress since we closed on June 6th…
Tips & Teachings
Over the past few weeks, I’ve tried to adopt the concept that ‘focus drives results.’ Tactically, this has meant doing a bit less to concentrate fully on the highest priority task. It’s been a really good practice and here are a few resources that speak to this and have helped hone the execution.
Do Less – Hidden Brain
Slow Travel – this is how we’ve done the past road trip & it’s been glorious
Reach out to firstname.lastname@example.org about real estate investing or if you’re looking to buy or sell!