Have you had a business strategy session lately? So you can keep an eye on your goals and how you’re going to get there…..
Well Kathy and I recently had our business strategy session thanks to Shae, from Good Faith Investing, writing the article Strategy Sessions for Real Estate Investing Success over at BiggerPockets.com
I was happy Shae shared that article because I was telling her about how Kathy and I talk about our businesses daily but we don’t ever have a REAL strategy session.
Let’s just say it was kinda like pulling teeth to get Kathy to do our business strategy session. You see Kathy isn’t much of a hmmm how shall we say it? A write down and plan things out kind of person when it comes to business, money and well just goals in general. (Oddly enough, she’s an awesome planner with just about everything else.) Me? Well I suck at planning just about everything else, but I enjoy writing down and planning things out that have to do with business, money and goals, etc. Yeah…you can see where the pulling teeth comes in right?
I tried to get her for days to agree to do our business strategy session. Finally one night at like damn near 9:30 she agreed to suck it up and sit down to start our business strategy session. Woohooo! We had some words for a wee bit (because as I mentioned…it’s like pulling teeth with her to do this kind of stuff!)
We finally get into it and then Brandon comes home and interrupts her. He’s her 18 yr. old son and he just broke up with his very first girlfriend that night (it was his 3rd time at trying to break up with her 🙂 I had warned him about her going to cry and I even “practiced” with him but well needless to say her really crying in front of him was a whole different experience then my fake crying in front of him.)
Anyway, after he gets done crying too (he was upset that she was upset) he finally went to his room and we were able to continue our business strategy session some more. We didn’t get it completely finished but we got a lot accomplished.
We had actually had a 30 minute strategy session with one of Dave Lindahl’s coaches and he basically told us that we needed to focus. Pick an area and focus on it, etc. So that’s what we did during our session.
We picked several locations that we were interested in focusing on and we wrote them down. My job is to research them since I have the time because Kathy travels for work a lot and then after my research we’ll determine which area to focus on. I haven’t spoke about this much but Dave Lindahl’s main concept is investing in emerging markets. Which at first hearing that concept was kind of scary to me but I’ve since come around and I welcome it.
If you’ve never read the book Emerging Real Estate Markets: How to Find and Profit from Up-and-Coming Areas by David Lindahl (affiliate link) I really think you should go out, buy it (or borrow it from the library) and read it. I really think this would be a beneficial book for ANYONE in real estate, whether you’re into residential, commerical, development, etc. I highly recommend it. Actually, I borrowed it from the library but I enjoyed the book so much after I returned it I bought it.
A couple of the areas we’re in the midst of researching are: Odessa/Midland, Texas, Louisville, Kentucky, Phoenix, Arizona, Dallas, Texas and San Antonio, Texas.
Man I’ve been learning so much about job growth, population growth, how to find out information from the city’s economic development committee, etc. It’s been quite interesting to say the least. Odessa/Midland are at the top of our list. We’ve already made broker contacts and Kathy has a meeting with one this upcoming week. I also set up a meeting with a very nice woman at the economic development department (Kathy will be in Odessa for work, just in case you were wondering lol)
I think the gist of our business strategy session went well but we got so much more to accomplish for the rest of our strategy session.
I just wanted to thank Shae again for that awesome article she wrote about strategy session. It really helped immensely. And if you haven’t sat down and had a business strategy session with your partner or even with just yourself…..carve out some time to do it asap!
P.S. Notice we didn’t even finish our real estate business strategy session and that we STILL have to start our ATM business strategy session (can you just feel Kathy’s excitement with all of this? 🙂