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7 Remodeling Ideas for Flipping a Home

Check out this awesome guest post by Corey Tyner!

Corey Tyner is the owner of Phoenix Fast Sell Home Buyers and We Buy Land Arizona. He is one of the top real estate investors in Arizona with over a decade of experience. His work has been featured on Bigger Pockets, Real Estate Agent Magazine, and several other real estate investor publications.

When you’re looking to flip a home, weighing the cost and return of each remodeling project is essential in ensuring that you’re able to profit as much as possible. Below, we’ll discuss our favorite remodeling projects to consider before flipping a home. 

1. Update the Garage and Front Door

As they say, you only have one chance to make a first impression. Curb appeal is as important as the inside of a home, and replacing a garage door that’s outdated or giving your front door a fresh coat of paint will instantly make your home more attractive to potential buyers before they even step foot in the door. Better yet, these projects are relatively inexpensive and simple. 

2. Tend to the Siding 

You may not need to even fully replace the siding of your home to enhance its curb appeal. In many instances, a good power wash will do the trick just as well. However, if your siding is in need of repair, it’s good to tackle before putting your home on the market, as it’s less expensive than new roofing and you’re likely to get a positive return on the project. 

3. Upgrade the Flooring

Flooring is a remodeling project that pays for itself very quickly. If your home has carpeting, changing to a shiny new hardwood floor will instantly update the space and make it more attractive to buyers. Furthermore, there are options including engineered or laminate wood that you can use instead of hardwood to save money while achieving the same look. 

4. Update the Bathrooms

Bathrooms are undoubtedly an important factor in a home buyer’s decision. Bathroom remodels almost always have high ROI, and there are several levels to which you can tackle the project. If stripping the bathroom and remodeling from scratch aren’t in your budget, simple fixes such as a fresh coat of paint on the cabinets, updated lighting, or switching out the fixtures can instantly make the space feel more luxurious and appealing. 

5. Highlight Aging in Place Features

Aging in place features include everything from a first-floor bedroom to a handy handrail in the shower. These features will be especially lucrative if you’re selling in a neighborhood with a middle-aged population who are likely looking for the home that they’ll retire in. 

6. Add a Deck

A deck project will almost always bring you a high ROI without costing you too much upfront. Adding a new deck, especially in warm areas, will immediately make the backyard more attractive to homebuyers who value the outdoors or are looking to entertain. Better yet, this project can be completed with little disruption to your home. 

7. Add White Paint

A fresh coat of white paint on any areas that need it will instantly make space feel brighter, more open, and more modern. A white canvas is a safe bet for a huge variety of home buyers, and it also photographs very well. 

Flipping a home is a great and exciting way to earn extra income. With any of these remodeling projects, you’re sure to get a positive return on your investment and be able to profit from your property quite quickly. 


Corey Tyner is the owner of Phoenix Fast Sell Home Buyers and We Buy Land Arizona. He is one of the top real estate investors in Arizona with over a decade of experience. His work has been featured on Bigger Pockets, Real Estate Agent Magazine, and several other real estate investor publications.

How to Be A Great Landlord

Being a landlord can be challenging, but it can also be very rewarding. Landlords can earn a lot of money, or they can spend a ton of money on legal fees and lose more than they make. You can self-manage your rentals or outsource it and be hands-off. Either way, doing it right and doing it well can save you money, heartache, and probably legal fees. It will also attract quality tenants, who will take care of your asset.

No matter what strategy you pursue as a landlord, here are a few things you should do no matter what.

How to Be a Good Landlord

1. Treat your business like a business—always.

Open business bank accounts, keep track of your receipts, cut unnecessary expenses. Legitimize and protect your asset with appropriate entities and insurance.

2. Build quality, lasting systems.

This is the next step to treating your business like a business. Build systems to do recurring things routinely. That way, you’ll be able to respond to issues that come up with your tenants or issues that come up with the property.

3. Know the laws.

Make sure that you’re using all the right leases and documentation based on the requirements of your state. Hold deposits in the right type of bank account. Check out American Apartments Owner’s Association’s website for a breakdown of requirements by state.

limit-liability-landlords

4. Take care of your tenants.

Your tenants may come into hard times or may experience financial or personal difficulties. After all, they are human, and they deserve empathy and to be heard. Ensure that they know the lines of communications are open and you’re going to take care of them.

I do not suggest posting an eviction notice on the door of a great tenant who always pays on time if they are one day late. If they’re communicating with you and telling you that they are going to bring you the rent payment, hold them to that and come up with a payment plan.

Build trust with them and let them perform. If they don’t, defer to what the lease says and take further action. But a good tenant deserves the benefit of the doubt (at least once).

5. Do exactly what the lease says.

Stick to your word, and stick to the lease agreement between you and your tenant(s). If you break the lease—even one time—you’re telling your tenant the lease is not important and giving them the freedom and flexibility to do the same. If you uphold the lease, your tenant will respect you and will understand that the boundaries are written in black and white and violations will not be tolerated.

And lastly…

6. Treat your venders well.

Pay vendors on time, pay them appropriately, and treat them fairly. But also hold them accountable. If you asked them to do a job, make sure that they do it well and then compensate them in a timely manner.

These are just a few of the things good landlords do. It is by no means an exhaustive list, and there are plenty of additional things you can do as a landlord.

Being an awesome landlord is not only fulfilling, but it can also be very lucrative. You need the right tenants to preserve your asset and build your wealth, so it is imperative that you do your best to be the best landlord that you can be. This will allow you to find and keep great tenants!

Investing during a Black Swan Event

Right now, it seems that everyone is focused on the future of our economy, the stock market, and real estate. We know we are on the cusp of something big, but we just aren’t quite sure how (and how much) we will be affected.

We are in unprecedented times, and our leaders don’t have a lot of quality data or information to truly combat the situation. Plans are being made in hopes of achieving intended outcomes.

People are scared. So scared that they can’t make a decision and instead sit inactive.

Don’t Just Wait It Out

I can’t tell you how many times in the past few weeks I’ve heard investors, lenders, and contractors tell me they “are waiting it out.” They are taking a pause before figuring out what to do.

I am not doing that. I am pushing forward, putting deals together, and hustling toward my goals.

It’s true that there are a lot of unknowns, and the associated risks are higher, but we can hedge against those risks. We can build in contingencies, buffers, and reserves. We can tighten up our criteria. We can shift our focus. We can get creative.

But what we should not do is take a break and see how the market plays out. Because any time we decide to put our goals and dreams on hold, there is a very real chance we are missing out on opportunities.

There are still deals out there. There is still money to be made.

And I am still choosing to focus on real estate.

write-down-goals

Why Real Estate?

So many millionaires made their money in real estate—many of them after the market crashed in 2007-2008. These individuals have been waiting for this downturn for years, and they are prepared.

I’d like to join their ranks. I know it’s not all about the money, but money is the tool. The tool I can use to leverage the life I want to live, the financial freedom I am seeking.

I want to provide quality housing to Americans. I am working to set myself up so I can take care of my tenants when they are laid off or facing tough times. This drives me and keeps me moving forward, even in the face of so much uncertainty.

Anyone Can Participate

Real estate does not discriminate.

You don’t need a ton of money to get started. You don’t need to be in a particular age group, or from a certain demographic, or even have any specific skill set. You don’t even need to live anywhere near a good market.

It’s about the hustle and the systems. There’s a lot of room in real estate to add value and a lot of ways that you can get into it without a ton of money upfront, or even without experience.

The difference between those that make it in real estate and those that don’t comes down to nothing more than action.

Passive Income

Real estate has the ability to generate passive income, and this income can scale over time.

Real estate allows you to make cash now. You can attain monthly cash flow through each of your rentals, and also get a tax break each year.

Real estate also allows you to build long-term wealth. Over time, a good investment will appreciate in value. This, on top of amortization, or having your tenants pay down your mortgage principal balance, can lead to significant returns and long-term wealth, especially when scaled appropriately.

Real Assets

You have control over this asset. You get to decide, in some part, how much it’s worth by how well you maintain it and update it. You’re in the driver’s seat, and you can market it appropriately. And you choose exactly where, when, and how to buy real estate.

turnkey-investor

Looking Forward

For me, it’s still all about the real estate. I am not slowing down. I am actively looking for problems to solve.

These times have put homeowners and landlords in precarious situations. There are plenty of property owners who are (figuratively) stuck under a property and looking for ways to be free from the burden. We can work together to put together a solution that works for everyone.

Opportunities are waiting for investors who are ready to take action.

How do you feel about real estate investing right now? Charge forward or watch and wait?

Share your thoughts in the comments.

Why I teamed up with Gray Line Investments

A few weeks ago, three of my West Point classmates approached me and asked me to help them with their startup. I was very intrigued and eager to dive in. Within a couple of weeks, they asked me to come on as their chief of operations and I whole-heartedly agreed, because I saw what they were doing and knew that they were going places. Within two months of coming on board, they shared 25% of equity in their company and brought me on as a full partner. I couldn’t be more excited and honored for this role! And I wanted to share exactly why I chose to join this incredible team. 

1. They value me. 

This team values my expertise, my work ethic, and my leadership skills, and they know that I can help them take it to the next level. They value the work that I put into this point. They value what I can bring to the table, and they value my perspective.

2. We’re going places. 

Grayline has goals of being the number one wholesaler in the country, and I have full faith that we will accomplish this. We also have plans to have enough assets under management to cover all of our business expenses and the salary of all of our employees and contractors. We are working on education, coaching, and mastermind platforms as well. And this team can do all of that and more! 

3. Four is better than one. 

Entrepreneurship is really rewarding, but can also be very hard. Being a solopreneur can be exceptionally challenging because the weight of the entire business falls on one person’s shoulders alone. Having four partners allows us to do four times as much (and probably a lot more!) in the same amount of time, keeps us on track, and motivates each of us to get the job done. To say that we’ll be able to do four times as much as I could ever do on my own would be a significant understatement.

4. Together we can make a huge impact. 

Within a month of me coming on board, we made a significant charitable donation, and we have big plans to exponentially increase what we’re able to give back. But it’s not just about the money. We truly want to make an impact and make this world a better place for veterans and for every American.

So I hope you’re as excited as I am about this endeavor and I look forward to continue to work with you all on our path to financial freedom! If you aren’t already receiving our deals, make sure you are on our cash buyer’s list! And let us know how we can help and support you and your business! 

What is Seller Financing and How Can You Take Advantage of It?

When banks tighten up lending, the best real estate investors begin to leverage more favorable lending strategies. One of these strategies is seller financing, also called owner financing. This strategy can allow homeowners to sell their home faster because buyers can benefit from lower qualifying standards and down payment requirements.

What Is Seller Financing?

Seller financing is when the seller of the property loans the purchase price to the buyer. In this situation, the seller basically becomes the bank and holds a note for the buyer. Based on agreed-upon terms, the buyer then pays the seller back, typically every month, until that loan is paid in full. Should the buyer default, the seller can foreclose and take the property back.

This is a great opportunity for real estate investors because it allows for the purchase of property without having to rely on a bank. If you have bad credit, or you have reached the maximum amount that a bank will loan you, you can tap into this strategy and continue to grow your portfolio.

money-investor

These loans are typically shorter-term, with amortization over a 30-year period and a balloon payment due in three or five years. This timeframe typically works because it allows the buyer to build equity in the house and ideally have improved finances or more favorable market conditions to refinance the loan. But the terms are always negotiable. While the terms are generally worse than what a buyer could get from a bank, buyers can save a lot in origination and other fees by pursuing this strategy.

The buyer signs a promissory note with the terms of the loan and either a mortgage or deed of trust. This allows the seller to foreclose on the property if the buyer does not pay. Title is fully transferred to the buyer, and the buyer is free to refinance or sell the house at any time.

When Is Seller Financing an Option?

In order to leverage seller financing as an option, you have to know that the seller has the ability to support this type of financing. When the seller has equity in the house, they are best suited to accommodate it. If a seller owns the property free and clear, then they can fund the entire purchase.

Alternatively, they can still leverage this strategy if the buyer’s downpayment covers what they owe on their existing mortgage, and they can pay it off at closing. If not and there is still a balance owed on the mortgage, the seller’s lender will have to agree to the transaction. 

How to Take Advantage of Seller Financing

Once you know that they have the ability to seller finance, you then need to communicate with the seller that this is an option you are looking to pursue and start the conversation. A lot of sellers may not even be familiar the concept or typical terms. But it never hurts to ask the seller if they’re capable of doing it and willing to entertain the option. 

If the answer is yes or maybe, then the negotiation begins. 

The best part about seller financing is that you can get as creative as you’d like with the terms, agreeing to whatever is suitable for both you and the seller. This includes but is not limited to negotiating both the down payment and the monthly payment. Offer what makes sense to you, and negotiate with the seller to come to something that you can both agree on.

talking-future-goals

How to Approach an Owner About Seller Financing

Buyer: Is there any room for seller financing?

Note that you may have to explain what owner financing is at this point. Sometimes real estate agents don’t even understand it, so you may have to educate both the seller and the agent. I’ve also found that connecting them with an expert is much more productive than trying to advocate as an interested party.

Seller: It’s possible.

Buyer: I’d like to make you an offer. I can pay $5,000 over asking price if you can finance the home to me.

Seller: On what terms?

Buyer: I can give you a 10% down payment and pay 5% interest over a 30-year period.

Seller: That’s too long, I can’t hold a note that long.

Buyer: We can keep those terms and have a balloon payment due after 5 years.

Seller: OK, I will consider it.

Obviously, this is very simplified and the conversation likely won’t be this easy, but you will never know unless you ask!

The lesson here should be that if you don’t have good credit or enough for a 20% down payment, you’re not disqualified from purchasing a home. This is just one of the ways you can still buy real estate without meeting the bank’s requirements.

How to Be a Great Landlord

Being a landlord can be challenging, but it can also be very rewarding. Landlords can earn a lot of money, or they can spend a ton of money on legal fees and lose more than they make. You can self-manage your rentals or be hands-off if you hire the right team and outsource it. 

Either way, doing it right, and doing it well, will save you money and heartache, probably legal fees, and can attract quality tenants who will take care of your asset.

No matter what strategy you pursue as a landlord, here are a few things you should do no matter what. 

Treat your business like a business, always. 

Open business bank accounts, keep track of your receipts, cut unnecessary expenses. Legitimize and protect your asset with appropriate entities and insurance.  

Build quality, lasting systems.

This is the next step to treating your business like a business. If you build systems and you’re able to do routine things routinely, you’ll be able to respond to issues that come up with your tenants or issues that come up with the property. This will allow you to be a great landlord over a long period of time and make a lot of money while owning a particular asset.

Know the laws.

Make sure that you’re using all the right leases and documentation based on the requirements of your state. Hold deposits in the right type of bank account. Check out American Apartments Owner’s Association’s Website for a breakdown of requirements by state. 

Take care of your tenants. 

Your tenants may come into some hard times, or may have some financial or personal difficulties. After all, they are human, and they deserve empathy and to be heard. Ensure that they know that the lines of communications are open and that you’re going to take care of them.

I do not suggest posting an eviction notice on the door of a great tenant that always pays on time if they are one day late. If they’re communicating with you and telling you that they are going to bring you the rent payment, hold them to that and come up with a payment plan.

Build trust with them and let them perform. If they don’t, then you need to hold on to what that lease says and take further action, but a good tenant deserves the benefit of the doubt, at least once. 

Do exactly what the lease says. 

Stick to your word and do exactly what the lease says, no matter what. Anytime that you agree to a lease with a tenant, you need to stick to that lease. If you break that lease even one time, you’re telling your tenant that that lease is not important, and giving them the freedom and flexibility to do the same. If you uphold the lease, your tenant will respect you and will understand that the boundaries are written right in black and white within the lease, and any violation on that will not be tolerated. 

And lastly…

Treat your venders well. 

Pay them on time, pay them appropriately, and treat them fairly. But also hold them accountable. If you asked them to do a job, make sure that they do it well, and then compensate them in a timely manner. 

These are just a few of the things good landlords do. It is by no means an exhaustive list, and there are plenty of additional things you can do as a landlord. 

Being an awesome landlord is not only fulfilling, but can also be very lucrative. You need the right tenants to preserve your asset and build your wealth, so it is imperative that you do your best to be the best landlord that you can be! This will allow you to find and keep great tenants! 

Out of State Investing: The Pros and Cons

The decision to invest out of state should not be taken lightly—you need to do your research, practice due diligence, and weigh the pros and cons to ultimately decide whether it’s right for you. The right out-of-state investing strategy can prove to be highly lucrative and allow you to scale your investing, but there are also many factors you should consider before diving in headfirst.

Out-of-state investing can be costly, time-consuming, and nerve-wracking. It’s important to keep these and other factors below in mind as you explore this strategy, and ultimately make the decision that’s right for you.

The Challenges of Out-of-State Investing

Investing Out of State Can Be Nerve-wracking

When investing out of state, you may be buying properties that you’ve never seen. You’ll have to rely on contractors you’ve never met, and pay for work that you’ve not personally inspected.

This can make anyone nervous—you need to be prepared to give up a level of control you’d usually have when investing locally.

It can take time to invest out of state

It takes time to establish any team, but can take even longer if you’re not on the ground. It also takes time to choose the right market, and really learn the ins and outs of that market.

You’ll need to dig around for information on the best rental areas, what kind of returns you can expect, where you should flip, and what areas you should stay away from. You won’t have a high level of familiarity with the area, which means you’ll need to put in more time to even begin investing out of state.

Investing out of state can be more expensive.

You no longer have the option of managing your own rental property or renovation. This means higher management and contractor fees. Fortunately, this doesn’t necessarily have to be a bad thing.

The Good News: All of These Things Can Be Overcome

Just look around—there are plenty of people successfully investing out of state. With the right team in place and boots on the ground you can trust, investing out of state will open up a world of new opportunities for you to explore.

And with the right systems in place, you can greatly reduce your risk.

The Possibilities Are Limitless With Out-of-State Investing

You can live anywhere and invest anywhere. If you find a hot market somewhere, you can jump in and take advantage, regardless of your physical location or current situation.

You can pursue markets with less competition and scale more quickly. If you look hard enough, you’ll be able to find the right market and property for your budget, and can very likely also find the returns that you’re looking for that might not be available where you live.

Investing Out of State Provides Freedom

Once you’ve built your team and hire contractors, the large majority of your time will be spent receiving reports and paying the bills. You no longer actively manage the property or the renovation. Instead, you’re sitting back, watching it get done, and getting paid.

Once you remove yourself from the management role, you will have much more bandwidth and freedom to pursue other things, or more investment projects.

Out-of-State Investing Allows You to Diversify Your Portfolio

Having properties in multiple cities and multiple states can help protect you against a recession or a large employer going out of business in any one area. Also, fluctuating markets or new restrictions will not affect you as much if your portfolio is spread across multiple cities and states.

Just like anything worth pursuing, you have to put in the work, but with the right mindset and a solid understanding of the pros and cons, out-of-state investing may be worth considering.

Don’t Lose Your Momentum during a Recessionary Economy

Things were going great. You were in a groove, crushing goals, buying properties, or making progress on your first deal. Borrowing money was easy and people were turning great profits.

Then the unthinkable happened. A black swan event. Coronavirus came and wrecked your plans!

The investing world changed overnight. Hard money lending dried up almost completely. Governors told their residents they didn’t have to pay rent. Forbearance became the buzzword. The government offered low interest and forgivable loans to landlords. You thought “Wow, this is bad. I better pump the brakes.”

So many investors are sitting back, watching this all unfold and completely sidelining themselves. They are taking a break and assessing the market.

But I have one goal here: to steer you away from this strategy. Or complete lack of a strategy. I want to encourage you to not lose your momentum.

Don’t sideline yourself!

If you sideline yourself any time the market isn’t expanding, you’re going to be out of the game for the majority of the time, and will most certainly miss many opportunities.

Market cycles are normal, and we will come out of this. Realize that and don’t let it mess with your confidence, or derail your plans. Remain cautiously optimistic and posture yourself to take advantage of the opportunities that will come from this event and subsequent market downturn.

Those that are fearful will let go of their assets, probably for a lot less than they are worth, providing an incredible opportunity for you!

And as other investors take a step back, there will be further opportunities for you to make offers unopposed and without competition.

And I have every reason to step back!

Back in September, I bought a very high risk property, planned to flip and sell it quickly in a very affluent area of Nashville. I was freaking out, but stoked about the potential. I could make $100,000 on this property and it would give me the reserves I needed to take my business to the next level.

Things went downhill from there. My contractors got in way over their heads, lied repeatedly, did crappy work and hid a lot of issues, then walked off the job site. By the time I corrected (most of) the damage they created, my hard money loan term was running out and I went to refinance since I didn’t yet have a buyer. While waiting for the appraiser to get out to the property, coronavirus stopped the market in it’s tracks and the appraised value dropped $92,000.

I finally got a decent offer on the property and ended up losing $45,000 on the property. $45,000 is a lot of money for me…a solopreneur who is experiencing an economic downturn for the first time as an investor. A year ago, I was a stay-at-home mom, dabbling in real estate as not much more than a hobby.

This experience made me want to sell every property in my portfolio, close down my coaching business, and move on to another industry. But then I realized, this experience is not going to break me, it’s not going to define me, but it sure is going to make me stronger, better, wiser.

It is an expensive lesson to learn, but the most important lesson I learned is that I will overcome that loss. And bounce back. What other choice do I have?

Millionaires will come out of this. Those best postured to take advantage of opportunities will snatch up market share and build portfolios they might not have been able to during the expansion phase of the market cycle.

Don’t lose your momentum!

Keep exploring markets. Figure out where you want to invest and start looking hard at opportunities within those markets.

Continue analyzing properties. Find out what return you are comfortable with and make offers on anything and everything that fits that criteria.

Build your contact list every single day! Generate productive relationships, add value, and build a network that will elevate your game and catapult you to the next level.

Refine your KPIs. Focus on being productive and making progress toward your goals.

Create good habits now, and ride them into the boom! Cut expenses and excess spending, get focused, and develop discipline. All of these things that will benefit you during any phase of the market cycle.

As a parting thought, I leave you with a challenge:

Stop thinking about surviving this, and instead think about thriving!

I know I don’t want to come out of this three months, or five years, from now and think “I’m glad that’s over!” I don’t have time for that! My goals can’t wait five years! I want to look back and say “Wow! I am really proud of myself and the way I overcame those hard times.” And know that I can and will get through whatever gets thrown my way!

I am choosing to thrive! What about you?

Key Performance Indicators: What are they and how can you put them to work?

You’ve likely heard the term “KPI,” which stands for key performance indicator, thrown around the business world. It seems like every successful investor is using KPIs and has nothing but great things to say about them. If successful investors are using them, we know they must be good for us, too, but actually putting KPIs into practice is a different story. So, let’s start from the beginning.

What Are KPIs?

According to the Oxford Dictionary, a key performance indicator, or KPI, is “a quantifiable measure used to evaluate the success of an organization, employee, etc. in meeting objectives for performance.”

Simply put, KPIs allow you to measure how productive you and your team are in achieving your goals.

Why Are KPIs Important?

In any business, if you’re not meeting your objectives, your work can be largely (or wholly) useless—it is imperative to know whether the things you’re doing are effective and, therefore, a good use of your time and effort. Otherwise, you’ll find yourself spinning your wheels, making it only a matter of time before you burn out, quit, or get fired.

The Key to Building a Productive Real Estate Investment Team

How to Create KPIs That Drive Success

A simple Google search can provide various examples of KPIs, but you, your team, and/or your business leaders will need to develop those specific to your objectives. Every organization is unique—your KPIs will be, too.

As a real estate investor, begin by laying out each stage of your strategy—from deal acquisition through closing—whether you’re wholesaling, building, or purchasing a dwelling.

Each of these has quantifiable outcomes, and these outcomes can be optimized with appropriate KPIs. KPIs allow you to track these quantifiable outcomes, so you can determine where you currently stand and what issues your organization may have.

Before you begin actually creating KPIs, you need to wrap your head around the two broad types of indicators: lead indicators and lag indicators.

What Are Lead Indicators and Lag Indicators?

A lead indicator is something you can control and something that can create change. A lag indicator is essentially the result of your actions.

As a real estate investor, whether for commercial real estate or residential properties, finding a deal is often the first stage of our strategy. Let’s look at a scenario that starts there.

In this case, the lead indicator is making an offer, while the lag indicator is an offer being accepted.

You can completely control when, how, and how often you make offers, but you cannot control whether those offers are accepted. Furthermore, if you do not make offers, you will not gain accepted offers.

This is important to note because your leading KPIs need to be achievable and actionable. If your KPI is to have three offers accepted per week, you could offer 10, 100, or 1,000 times and not get a single accepted offer.

On the flip side, you could make three offers and achieve three accepted offers. The point is, the lag indicator, or accepted offers in our example, is the result or the goal, and not an action or activity.

Five Basic Steps to Develop KPIs

Step 1: Clearly Define the Problem

What is it that you and your organization are trying to solve? What issues are you having? What obstacle do you need to overcome to achieve your goals?

Scenario: You have a hard time finding properties to analyze. You are spending hours each day searching for properties to analyze.

Problem: You are not generating enough property or seller leads to achieve your goals.

Step 2: Lay Out Exactly How the Solution to the Problem Will Be Measured

How will the solution be measured?

Scenario: Your ultimate goal is to close on four deals per month, or one deal per week.

Measurement: One accepted offer per week.

Step 3: Figure Out How to Achieve These Results

What needs to happen in order to get to the solution you are measuring?

Scenario: To get to one accepted offer (and ultimately one closed deal) every week, you first need to know how many deals you will have to analyze, as well as how many offers you will have to make to achieve one being accepted.

You know from experience that you have to analyze seven properties in your market before you find one that could work and is worth offering on. Of those, one out of every three offers is accepted. Therefore, you have to analyze 21 properties for every accepted offer.

Since you’d like to close on one deal per week, you have to analyze 21 properties every week, or three properties every day.

Action: Analyze three properties every day.

Woman in suit reading terms and conditions of agreement, signing contract, stock footage

Step 4: Determine Exactly How Success Is Measured

Now that we know what needs to happen to drive results, it’s time to get to the root of the problem. In this case, we aren’t getting enough leads each day. To put it more simply—we don’t have enough deals to analyze.

In order to impact results, you have to nail down the exact solution. You already know that you need more leads, but “find more leads” is not exactly measurable.

Scenario: How will you get to your baseline of three deals per day?

If you need to get three deals to analyze every day, you need to find the source of these deals. Deals can be found in a variety of ways—agents and wholesalers, driving for dollars, direct mail marketing, cold calling, auctions, etc.

Action: Your network of wholesalers and agents will send at least one deal to your inbox every day. You will find the third deal, or however many you still need, by driving for dollars every afternoon.

Step 5: Refine and Adjust

Once you’ve developed your KPIs, schedule time to refine them regularly and routinely, understanding that KPIs are a baseline. They are the bare minimum that you need to do and achieve every day to be successful and to stay on track for your goals.

Keep this in mind when preparing KPIs—you need to be able to accomplish these on even your worst, busiest days. On days that you have more free time, you can double or even triple your KPIs to more quickly reach your goals.

Scenario: You originally had to analyze seven properties before you found one that worked. As you get better at analyzing and figuring out what you’re looking for and where to find it, this number will go down.

Furthermore, you will get better at writing offers and negotiating deals. Your track record for accepted offers will improve, as well.

Adjustment: Eventually, you’ll only need to analyze five properties before finding one worth making an offer on. And one of every two that you offer on may results in an accepted offer. Now you have to analyze 10 properties for every accepted offer rather than 21.

You’ve become twice as efficient simply by practicing your KPIs every day. You can now double your goal, or enjoy the extra free time.

If you’re still struggling, check out KPI templates online. And remember, this practice isn’t something you will do once and be done with forever. It is an ongoing process that also needs to be optimized for maximum results, leading to greater success over time.

Balancing Your ‘Why’ With Your ‘Now’

We’ve all heard that it all starts with Why. We need to know what we are working for and working toward in order to be most productive. I agree wholeheartedly with this.

Even as I sit here at my desk, locked in a tiny closet in military housing, listening my girls giggling their little heads off, all I want to do is get out of this hole and go hang out with them. But, right above my computer screen sits my Why, and I am grounded. I know what I am working toward. I know why I am spending time in here, while they are out there, living their best lives. It’s for them, their future.

But it’s also for me, right now.

Working on my real estate portfolio, and building my legacy, drives me every day. We will all move on from this life someday. I am faced with a potentially fatal heart condition that could make today that day.

And that is terrifying. Debilitating, even.

And sometimes all I want to do is bury myself in my bed and cry.

But it is also liberating, and incredibly motivating.

I sleep better at night knowing that I am working on something I can physically hand down to my girls. This big goal is what keeps me moving forward. I know that when I am gone, I will have taught them the value of hard work and how to commit to something and see it through. And as a bonus, I get to hand them a tangible and valuable asset: my portfolio.

What I do everyday centers around my Why, and I am grounded in the future that I am working toward. If you haven’t already developed your Why, here is a great place to start.  

Your why is basically your overarching purpose. Your belief that motivates and pushes you every day. This is what drives you!

We are constantly told to make this big and commit to it. The bigger the better, right? The higher we reach now, the more we will achieve. Makes sense, until it doesn’t. When this completely overtakes you, it is almost impossible to be in the present and enjoy the journey. Which can be a huge problem, and potentially make you want to quit.

Your Why tends to be very future-oriented, and sometimes you can totally miss the present. The present can become nothing more than collateral.

But, you do not need to sacrifice the now for your future. What you do need is discipline, and you need consistency. But you also need to give yourself some room to do and live out the things that you are hoping for in the future.

If you give yourself some spending money to buy the nice things that you want in your future, or to travel, or to just enjoy some of the luxuries that you see yourself enjoying down the road, you can have a real reminder of what you are working toward. And this can drive you further, faster and harder.

This very true and tangible thing can become a huge motivator, and can allow to truly live here right now while also driving you to reach your future.

So, right now, when you are stuck at home, and motivation is tough to harness, cut yourself a little slack. Give yourself a chance to truly take in what you are working for. Allow this to recharge you and keep you moving forward.