From the monthly archives:

September 2007

15k cash position.

by chris on September 11, 2007

One of the things that we have to do with our goals is to make them ACTIONABLE.

A goal that I have is to have a new cash position of +15k in about 70 days.   I have a lousy cash position right now, it’s not defensible for the income I’m allowed to earn.  It’s not respectful to do this with your money.

 I have to earn $15k over expenses in 70 days, and let’s look at some real numbers:

 After everything, my take home usually winds up being something like 48% of what I earn.

What I earn is something like 60% of what I bring in.

My net expenses are about 3100/month, all in.

 So, kids, this means that I need to have: 6200 +15k = 21200 net.

Divide that by 48% to account for 401k (not cash, but 12% of my income goes directly to retirement), and that’s a total of 44,166.

 Divide that by .6 and were at 73,611.  Thats the fee income I need in 60 days.

 Now, if i got NO new business, i’d have something like 15% of that done; I have a reasonable-if-not-perfect-pipeline.

My average loan has been worth about 3400 bucks lately.  (Thanks for having an assistant). 

So, 73611/3400 = 21 loans; = 44166 in earned income = 20758 in net income.

Right now, i think I have about $10k of that earned by doing very little.   I will probably earn 25k of that without a significant increase…but $73k in fee is doable. I have most of september, all of october, and a lot of november to make this happen.  That’s really, only 24,3 a month, or just a 40% increase in my 3 month average.

Doable. 

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One idea.

by chris on September 5, 2007

If I had to pick one idea, to market myself, I would go with 10 days to close.  And I think i’m going to.    Not “amazing speed” but “10 day speed.” 

 If i had to pick two, I’d go with ridiculous communication.  Meaning that everyone knows what to expect at every turn.

 If I had to pick THREE…it becomes a lot less compelling.  To REALTORS,  speed and communication are it. 

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Some ideas.

by chris on September 5, 2007

So I have to come up with an hours worth of valuable material tomorrow for two dozen or so real estate professionals.

 This is what I’ve promised. 

  • How to prevent problems with financing
  • How to ensure that your borrower has an accurate picture of the financing they are getting.
  • What questions that you need to ask your mortgage loan officer on each and every deal.
  • What signs to look out for if your mortgage lender is hiding something.

Also: this:

  • 8 vital questions to ask your lender:  (done)
  • “Ready to launch” checklist to ensure that all of your buyers close.
  • New guidelines for FHA/VA
  • Employment guidelines
  • Ten things you can do to prepare your borrowers to close (done)
  • and more.!

So…how do we reconcile this stuff?  I have to create a program that works.

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5am will come early.

by chris on September 5, 2007

I’m up to late, but some progress was made.

 I’ve got a bit of a cold, but I feel a little better about “First Year Fridays.”  There’s definitely not as much time as I’d like, but that’s OK.  I can still deliver great value for a day.  I got a lot done with H and J out of the house.    It’s funny to me that I’ll be preaching “lender accountability,” to this group. 

I’m finally ready to refile 2003’s taxes; this leaves me with 2004 to do in September.  I’m pretty enthusiastic about my prospects. 

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#1.

by chris on September 5, 2007

Today was not a bad day.  I did payroll, and it was a lower figure than I was hoping for the month; not the pace I need to be on.  I don’t know–quite–how to count it. 

 Some randoms:

  1.  Al & Laura Reis (Origin of Brands) would love Blue Ocean Strategies.
  2. I need to work ***Just*** a little harder at the office.
  3. This event hits Friday.  i’ve promised a lot, and I am woefully unprepared.  I have to deliver insane value.  I guess I can.

Good things:

  1. There was time to run–I got moving early.
  2. Had a couple of productive meetings.  (Eh, whatever)
  3. I got this blog posted with my personal mission statment and goals.
  4.  Got my checklist much done.
  5. Cleared out some post cards for Realtors.

Bad things:

  1. I ate fast food not once, but twice.  Shame shame. 
  2. My ACT tasks are piling up.

Tomorrow:

  1. Eat Healthy food, drink 72 oz of water
    1. Breakfast:  Cliff Bar
    2. Cereal!
    3. Lunch: Take to office: Turkey sandwich w/avacado and tomato. 
    4. Snack: applesauce
    5. Dinner:  AT HOME
  2. Prospect, baby.  Gotta do it more. 
  3. Didn’t write down goals.  Gotta do that. 
  4. didn’t read the bible; that, too.

Numbers:

  • Weight: 264.2 (I don’t think the scale is ***THAT***
  • Contacts: 18
  • Aps: 5 (!)
  • New Realtors: 0.
  • Submissions: 1.
  • Approvals: 1
  • Closings 0.

Monthly goal progress:

  1. 27k in fee income: 0/27k.
  2. 20 pounds shed: 0/20 Probably maintained today, which is not to say today was an OK day.
  3. 8×8 relator:  done piece 1, 2, 3, 4, &5; piece 6 7 to go.

That’s it for the goals. 

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