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# Entrepreneur of the Week Liat Gottfried
# Post 3
When Noa and I started our partnership, the initial thinking was that we would flow and see if we got along as a partnership, so we did not want to make far-reaching plans, but pretty soon we realized we could already plan a future (even if it is a future for the coming year). So I opened Excel (just waiting for an excuse :)) and we started building a work plan based on a few main goals: monthly income in the first year of 10K each, developing a new area (in addition to Cleveland), developing new areas of investment (like new construction and multi-family), mentoring Investors and a few other relatively marginal goals that at the time seemed relevant but less so today, which is of course fine, because a work plan is dynamic and constantly stands the test of reality.
Then we set goals for each of the goals, we realized that in order to earn 10K monthly in the first year and given our equity, it is worthwhile to combine strategies, which means, do some rentals, which of course will be refinanced, some more flips and we will have to do escorts. We did some calculations to figure out, after loans, how much we could really have left, and set a goal of 6 rentals, 2 flips and 2 escorts in the first year. It would have seemed to us a challenging but also realistic goal in terms of equity and time. As for the other goals that were more amorphous, we set a goal of opening one new area in Ohio and another in another state, for new areas of investment, the goal was mostly to learn about the issues and make the right connections (at the time of writing the plan we really had no idea).
After setting the goals and making sure the numbers make sense, we went a step further and started breaking it down into tasks, for example regarding the 6 Rental target the tasks were: to take out one flip bid each week and one rental bid, go through our entire area (Cleveland suburbs) twice a week to scan properties New, contacting wholesalers, comparing vows.
Did we actually meet exactly these tasks? Not exactly, for example not every week we submitted two bids, sometimes we only submitted one, and there were weeks that there was a lot of pressure in closing other properties and we did not submit any bids. but! The tasks gave us a framework of action and a goal to operate in its light and this is what we needed (each task had its time of year and there were also ongoing tasks we did every week or every month).
Now, I'm not a spiritual person, but after we had a written plan things started to come to us like magic, suddenly calling for escorts, deals we did not receive suddenly come to fruition as a second offer, and all sorts of other miracles and wonders :) Market helped :) and brought us to 6 properties in four months in this distribution:
3 rentals for ourselves - half of the annual target two months before time V
2 accompanying flips - beyond the annual destination because we did not plan to borrow flips at this stage (financially it can be considered as one flip that is only ours, then it is half of the annual destination two months ahead of time) V
One rental rented - half of the annual destination two months before time V
Definitely a good feeling! If we were working on the blind and scattering in all directions without understanding meanings to the end and without formulating our desire in depth we probably would not have succeeded. Writing things down had a lot of meaning for us. Everything is written tier upon tier, starting from our vision followed by the goals, objectives and at the end the tasks that bring everything down to earth.
The whole process of writing the program took us about two days of work in which we raised our heads from the current that is so important to our activities, enough that two days we take our eyes off the boards we feel the market has changed a bit :), and yet it was worth our time Big Time! These were two days in which we were able to both coordinate expectations and focus on what is going to happen this year. This work plan is used by us all the time. It is not really a document that is thrown into a drawer and forgotten, but an integral part of the current activity in our main work file, at least once every two weeks we go back and check if .
Thank you for reading, of course feel free to consult, tell what you think, in the comments or in private.
In the picture one of our rentals :)
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