I remember reading this quote from a presentation put on by one of the local REI Club hosts. It basically means that once you get a property under control, do not pause or shutdown your business to concentrate everything on it. What happens is that your business is put on hold until the property is either sold or filled. This could take weeks or months, and in the meantime, your business is on hold.
Reluctantly, I find myself in this very situation. I'm so caught-up in this one property that my REI efforts have slowed down considerably. I still peruse deals, but haven't submitted any offers since mid-March. Some of this has to do with goings-on in my personal life, some has to do with not-so-good prospects, but most has to do with my reluctance to persue another property before I can unload this one (mainly because I'm worried financially).
I think once I get this property sold or rented, I'll be a lot better off because I'll have badly needed reserves to seek out other prospects. In the meantime, though, I should really start concentrating on the true wholesale market - e.g., Sub2's, motivated sellers vs. foreclosures, etc. This is where margins are the biggest, but takes more time to navigate.
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Thanks Nikki. Not confusing at all. Matter of fact, it's probably a good idea for me to target the same amount. My hope, though, is to do at least three this year (more would be great). I've have a lot of stuff going on in both my personal life and with work that is making any REI efforts rather difficult right now. Hopefully in a month or two, I'll get back on track. I'm also hoping that I can get the house unloaded within this timeframe, too, so I have reserves to purchase more properties.
One of my goals is to "Retire" from my JOB in about 18-19 months, but I may have to adjust that figure out at this rate. For now, though, I'm still targeting it.
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