10K Hackers- Week 1 Update. How We Got Here
Now is where it gets exciting! NOW WE HAVE A PLAN!
An objective is in place, going from 0 to 10K in income in 90 days is the sole focus, the only goal and it must be pursued with fortuity and intent.
Week 1 was very difficult. Faced with a massive goal anxiety overcame me. However, I knew this was something I could do, I had done it before, why not now? I knew the business I would choose to explore as it had been tested and proven as one that could create income through systems that required just my oversight and direction along with some hard work and late nights in the beginning. I came upon this business inadvertently years earlier when living in Seattle. I was employed at near minimum wage to run a similar operation for someone else.
The industry is Real Estate and the business is the highly competitive field of REO or bank owned property valuation and sales. What first attracted me to this field was that I saw dozens of Realtors in my market flood into the field after the real estate crash in the late 2000’s who were now listing and selling dozens of properties each month. But what truly caught my eye was the way in which these Realtors ran their businesses. Gone were the days of open houses, driving clients around for hours and praying offers would be accepted. These Realtors ran their businesses with systems seamlessly and represented large financial institutions who were looking to sell off their massive glut of foreclosed homes.
They did this while becoming systems oriented and focusing on the product being sold instead of trying to round up all the consumers like the rest of the agents out there were doing. In this they could service 5-10 large clients to the best of their abilities and focus on the relationships they were building with these companies.
I realized that I could do exactly what they were doing within about a month on the job and jumped ship from my minimum wage, cubicle dwelling job and ventured to do the same, making pretty much every mistake along the way and though it was difficult with many ups and downs, it was the best education into this business that I could have ever received elsewhere.
This is a very capital-intensive business and starting with no capital put me at a distinct disadvantage. I realized that because of this coupled with the highly technical aspects of the inter-workings of this business and its systems, that this was a business with a huge barrier of entry. As this was a huge obstacle, it also presented a massive opportunity. None of these brokers who had fought so hard to create this business model were going to show me the way, they needed no more competition in fighting for the 5-10 main clients they serviced. But I knew this would also prevent nearly every other Realtor from actually pursuing this venture hard enough to actually break through and succeed.
After branching out I enjoyed moderate success over the next 3 years enabling me to create a passive income business model that would allow me to move my family to sunny Phoenix, manage the business remotely and ultimately enjoy a pretty easy 5-10K per month income. In September, however I decided to back track, though I am not sure why exactly. I saw friends making huge commissions selling homes, buying big houses and driving nice cars and thought it was time to foray back into being a “regular real estate agent”. In doing so I endured one of the most stressful and non-fulfilling 5 months of my life before coming to the realization while on a moonlit beach in Tulum Mexico that I had just created a job that I hate for myself. So, I went back to what I knew worked and that is where I write to you today. One week into restarting a business I know can work and vowing to expand and turn the corner from ordinary to extraordinary.
The first week I reached out to all passed clients, reactivating relationships and systems I had put in place previously in an effort to create income immediately. I also looked at what I was doing wrong before and how to systematize my business while also looking for new growth opportunities in a changing market.
I realized I was working in 4 markets currently that were among the worst markets in the country for doing this business and in order to meet my goals that I must expand to markets that had real growth opportunities. I purchased my Florida Real Estate Licensing course and set out to complete the process as quickly as possible to get into a new and growing market that would enable massive growth.
So that is where I am at now. Week 1 through reactivating the relationships I had built before I produced a profit of $1,467, not bad for the first week and getting me nearly 15% of the way to my goal. This is an important lesson when starting a new venture. Many times, when looking to launch your business, the best way to create profit in the short term is to reach out to those contacts you have made throughout the years and ask for their business. Using your sphere of influence is the easiest way to acquire profit from people who already know and trust you.
So here I am on the brink of week 2, looking to build off of what I have started and move forward with purpose and vision in creating a business that I hope will carry my life to new heights… Stay Tuned!