One of the most difficult parts of becoming a real estate investor is making sure you are always limiting your activities to those that will make you money. Many times I get caught up with things such as working on my blog or wasting to much time trying to come up with the perfect probate letter. It’s very easy to trick yourself into thinking you are being productive when in fact you are just doing busy work.
I tend to do busy work when I am not sure what I should be doing. This happens more then I would like to admit, and the reason is because I don’t have a plan to refer to when i’m feeling a bit lost. During my last master mind meeting we discussed the differences between Revenue Producing Activities and Non-Revenue Producing Activities. Many of the items in the Non-Revenue list where things that I had considered to be revenue activities. It was very eye opening and is a great list to refer to the next time I’m feeling lost and not sure what to do.
These are sometimes necessary activities that must be done in order to get to a revenue activity. We must realize the truth about these items however, that they, by themselves will not have potential to put money into your pockets. Such activities are…
- Going to Rei meetings
- Educating yourself
- Tracking results
- Creating new mailer pieces
- Building Lists (buyers or leads)
- Getting supplies such as envelopes, stamps, etc…
- Creating marketing materials
- market research
- looking threw mls
As I said above, it is necessary to do quite a few of these items. Just don’t get caught up in them and it was suggested that we set aside one day every week to work some of these.
This is where the money is. The more revenue activities you do the more chances that your wallet will get fat. Most of your time should be concentrated here and if you do this I guarantee you will make more progress then you ever thought possible, and quickly. Lets take a look at some of these activities
- Calling Sellers
- Putting out Bandit Signs
- Sending out letters
- Evaluating deals (running comps, getting bids on repair costs)
- Meeting with sellers
- Posting adds for buyers on Craigslist
- Answering phones/take seller calls
- Driving for dollars
- Door knocking
- Writing contracts
- Going to closings
- Finding private money
- Placing newspaper ads
The problem with many of these money making activities is that they touch on our fears. I know every single one on the list above makes my stomach a bit unsettled but I do them because that is what it takes.
What are some other Revenue Activities and Non-Revenue Activities that you find yourself doing?
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