Coaching Update: Finding The Sellers

Scott CostelloAll, Blog 6 Comments

Last Friday afternoon I met with Jon for our first two hour meeting.  We went over my first assignment (Finding your Why) and really got into what I expect out of the coaching and how we are going to achieve all my goals.

I’m sure most of us would agree, that it is never easy to have someone critique you to your face.  We all get some what defensive, trying to make excuses for why you are doing things a certain way.  The most successful people will defend their position, but will also have an open mind to what others are saying.

After talking for about an hour, it was pretty evident that I spend a lot of time working for my business instead of on it.  Said another way, I do a lot of busy work that isn’t really getting me any closer to my goal.  In the back of my mind I already new this, so I couldn’t argue.  It was at that moment that I really realized why I needed a coach.  I needed a coach to help me stay on target and keep moving forward.  There are many times over the past year plus that I wasn’t really sure what to do so I was just doing something in order to make myself feel better.

Changing My Target Market

One of the first things we discussed was changing my target market to a more urban county.  Doing so would speed up the deal finding for sure.  The idea is to find more #2 and #3 areas as they usually produce more motivated sellers and properties that can be bought with less money.  There aren’t a lot of buyers out there who are willing to pony up 400k for an investment home.  They are out there but along with the deals, the buyers are fewer and farther between.

Jon and I talked about 4 different counties in NJ….

  • Union
  • Middlesex
  • Essex
  • Mercer

Here is a map of NJ that depicts where the counties are located.  I’m in Morris County.

No matter which county I pick, I am going to have to find a partner who can do that ground work.  That is why I’m leaning towards selecting Mercer county because Jon is going to start working there and he would be willing to partner up on any deal in that area.   Not a bad plan huh?

Scott Costello
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Comments 6

  1. Although what you say is true the reality is that there is a catch 22 in there. Yes, your goals are the most important thing and if you are working on other things that are not related to your goals then yes you are working in your business and not on it. But, who then does all those things that are not goal related but still need to get done???

    They are not goal related but does not mean they are not important. Paying bills, balancing your ledger, emails (some of them are actually important), contractors, taking your car to the garage and on and on. My point is that you need to come up with a way to attack both, it’s not one or the other.

  2. I forgot something. I am talking from experience because being a new full time investor has me working more than I used to at my previous JOB and the work is never done. The answer always seems to be “well, looks like I need to work more hours…” WRONG answer. The work never ends so every week I have to stop and look at everything I have to do so I can sort through the chaff and drill down to what is REALLY important. Then I schedule that work first in the week. The rest comes later. I also have a bad habit of taking on too much. So learning when to say no to yourself has become a critical skill. However, when you take a 10,000 ft view of your life and what you want on a regular basis, you will see that if you get rid of some unimportant stuff you can get more accomplished than you thought.Done…really 😉

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