What Happens If You Don T Tip On A Cruise Staying Organized As a Beginner Real Estate Investor

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Staying Organized As a Beginner Real Estate Investor

The beginning real estate investor is fundamental as an organization. I once wrote a book about being organized as a real estate investor, and a lot of what I did after that changed. However, I still keep a phone log, especially if I have a house to sell, rent, or want to buy something. I kept it in a spiral notebook that high schoolers use and saved it on my phone. I entered the date and the start of the day, I never wrote down the time the phone call came in, but I did them in order so I could roughly tell what time of day it was.

These phone logs have been very helpful many times when I have had to go back to someone because something I thought didn’t work out and now I needed a new buyer, a new tenant, or some other circumstance changed and I could. Get back to people who are interested in what I have to offer or have something to sell that I might be willing to buy. This is my biggest tip: create a phone log and keep it on your phone. Keep it somewhere that everyone in your office knows, if you are away from your office you can call back, someone can quickly and easily get the phone number from that phone book.

Another thing I still do is I keep things in folders, each project in a different folder, and these folders move around periodically as projects move around.

I also keep a daily timer and that daily timer has phone numbers of key people. Each of us must have our own team: Our company; Our mortgage company and loan agent; Surveyor; appraiser; home inspector; very good Realtor…the list goes on.

I hope you have real estate investing friends on your list, and if you don’t, Nareia Cruise does. [Nareia stands for National Real Estate Investors of America] Departs Fort Lauderdale on February 7, 2009 and returns on the 14th. This might be a good place to meet some. Another good place to meet other real estate investors is at your local club. Find a club that gets people excited about investing in real estate. They can be your allies when you are stuck. I don’t know anyone who hasn’t stumbled at least once or twice.

I’ve found that sometimes discussing a situation with friends starts a flow of ideas.

Just saying it out loud helps. Eventually, the right idea comes to me or my friends. And then this unpleasant feeling disappears. It is also part of your team. Keep these phone numbers handy.

In the trunk of my car I keep a few things, mostly a few empty black garbage bags. If I go to a house where the tenant has just moved out, I need at least one. I might as well leave a trash bag for someone else to fill while I’m out there checking things out.

I carry my digital camera with me whether buying, selling or fixing all stages. It’s just a lovely record. I don’t need to write much. It’s a good way to stay organized. Download it to your computer. Then you can print the necessary photos and put them in the appropriate files.

Now I keep a three ring binder for every property I own. Inside the three rings are connecting dividers.

In the first part, how I bought the house and all the documents related to it.

The second section deals with renovations and other information about the hot water heater, dishwasher, etc., including the paint I used on that house.

The third section is my exit… either where I sold it or rented it and if I bought it and rented it, I would keep all my rent there. If I sold it, I have a final statement. If you need to evict a tenant, it will be very nice. Everything you need is in a three-ring binder. You can simply submit the binder to the court or an IRS audit, it’s all there: Where you paid for the property, repairs; and how much money you made when you sold it… one property at a time.

They sit very nicely on the shelf. I store properties address in this binder. I can also store an extra set of keys there. Today, Title Company has put information on CD, and these CD holders fit perfectly into those three-ring binders.

Then comes your time and this is the most important aspect of management. Every day you should write: What is your goal for that day; What is your goal for the day? Doing this allows you to keep it in perspective. This can be a motivation to make sure it is done.

Always separate the important from the urgent. I get a ton of emails every day, most of them not important, but all of them saying they are urgent. Sometimes your family will try to interfere and there will be times when you have to let them. They are important. There are other times when your family’s requests are less serious and can be put on hold.

What Oprah says on any given day may seem important to Oprah, but it may not matter as much to what you do. Remember…it may be a football game that may be important to a team making the playoffs, but not so important to your business. I’m just saying that you should do the things you need to do first and then let the other things go.

Take time to relax and enjoy yourself. There is no point in making a lot of money and not having fun every day. Gratitude will take you a long way to success. Pay attention to other people’s needs, but stay focused. If I have a big project, I like to use a milestone chart. I know the day I want to finish and the day I want to start.

For me, it turned out that my crew started working on the house I wanted to rehab the same day we were supposed to meet for closing. The money is already with Title and I know it will close and I let my crew go to work. They were instructed on what to do first. Not all of you can take that risk, and not all of you are. For me, I understand the time value of money and it makes sense to get things done as quickly as possible.

The rest of you manage your time well. You are all given the same amount of time each day. There are some shortcuts and you will learn them as you go and your office will be different from others. It should be so. This is your office and your personality. However, make it as efficient as possible.

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