I’m driving to the bank in St. Louis to open some accounts. For the 2nd time, I’m reading a book called Profit First and implementing it. The new bank accounts are part of that effort.
I had a Mastermind this week with some students who’ve been around awhile. We get together to determine how they’re doing. They can ask for help on any challenge they’ve run into.
These guys are making deals, but we found that most of them don’t know their numbers. I know I say this all the time and here I go again. If you don’t know your numbers, then you don’t have a business.
Even I could do better with managing budget and tracking numbers. I have a better handle on it than I used to, but there’s room for improvement. I have a bookkeeper/accountant that I keep in touch with.
One student said he focused only on marketing and making offers. He said the words, “Everything else is stupid.” And he’s right. Making offers is the most important thing… it’s the only way to make deals.
So how do you avoid the stupid stuff? You hire a bookkeeper or accountant to track numbers. Hire a VA for marketing, CRM management and follow-up. That frees you up to talk to buyers and sellers.
This is important—know your numbers and focus on the high-dollar-return tasks.
Listen and learn:
- You have to know your numbers… and you can hire a bookkeeper to handle that for you.
- You need to talk to 5 sellers a day and send all 5 of them offers.
- Let your VA handle marketing, CRM management and sending offers.
- Focus on the tasks that make money and hire out the rest.
Mentioned in this episode:
- Joe’s podcasts on iTunes: Real Estate Investing Mastery
- Joe’s book about wholesaling lease options: WLObook.com
- Book recommendation: Profit First
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