Just after my divorce, I decided to get back into the real estate investing business. Long-story short, I had been focused on our house flipping software business (FlipPilot.com) and Melissa had been running the investing business for the last several years. I’ve been out of the game for several years and feel like I am starting all over again in the business…which makes me super excited! 🙂
Well I’ll be damned if the coronavirus (Covid-19) didn’t choose to start disrupting the ENTIRE FREAKING WORLD at the same time!
Maybe this isn’t going to be so easy… I’m writing this April 1st (April Fools Day) and wish it was all a joke.
Maybe you’re in the same boat. If you’re just getting started or having been in the business for a while but are uncertain about how to approach the game of buying and selling real estate you’ll likely get a lot out of this!
My plan was to sit down and determine what I could do to get to buying houses as soon as possible. I’m still full-time involved in leading the team at FlipPilot so the real estate investing will need to be a part-time gig. No problem. I love having to get down to brass tacks and make the most of the time I spend. This eliminates analysis paralysis. With limited time, I’ve got to focus on what will move the needle the most.
What is 80/20? The Pareto principle (also known as the 80/20 rule, the law of the vital few, or the principle of factor sparsity) states that, for many events, roughly 80% of the effects come from 20% of the causes. So what is the 20% I can do that will produce 80% of the results? If I sit down and write down all of the possible crap I can spend my time on, 80% of those To Do’s will only produce 20% of the results.
I did sit down and write it out and came up with my 20%. I also got answers from 8 of the top real estate investors and house flippers I know to give me their 20%! While I was at it, I decided to ask them what changes they are making in their business give the uncertainty created by the Coronavirus (Covid-19) and what it might do to real estate investing and house flipping.
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This is a great time to listen to other investors and get inspired. Thank You
You’re welcome, Iris!
I’d like nothing more than to push through the fear and make REI a career … otherwise, I’ll never be able to retire. Thanks for putting this out there.
Pushing through that fear is what it’s all about. All of us face it. Good to see you are educating yourself and getting into it. Keep in touch!
I’m just starting so this is a huge help Danny.
Glad you found it useful, Russell!
You’re welcome, Mark!
I checked out the demo video for Flip Pilot, it looks really cool! I like the feature of the advanced whiteboard and color coating. Glad there are still new tools being worked on during this weird pandemic time!! Looking forward to seeing more things like this come out to help guys like us hit the ground running once things normalize.
Thank You very much for sharing your knowledge.
Looking forward to learning a lot, thanks for sharing. My view is there is enough business for everyone don’t be afraid to share what you know, it will come back to you 10 fold.
Thanks, Sue! For sure!