Another Great Week of Real Estate - April 22, 2024
With taxes and our quarterly update completed, I had time to read, and I want to share some practical insights.
Book Recommendations
The Almanack of Naval Ravikant: A Guide to Wealth and Happiness compiled by Eric Jorgenson
This book shifted my mind regarding my role and the growth potential of my businesses.
Output Thinking by John Seiffer
This book is all about systems and removing yourself from day-to-day business operations.
Practical Insights and Takeaways
Have a high hourly rate: if you are building a business and want it to grow, you must act as a CEO. As CEO, you make critical decisions that grow your company. If you are bogged down in day-to-day operations, you will either miss these big decisions or be too exhausted to think through your options.
EMMY TIP: Your hourly rate should be ridiculous. Mine is $5000/hour. That's how much I value my time, and I want to grow a company that reflects that personal hourly rate.
Write down your processes: The first step in offloading day to day operations is writing down your processes so you can pass them on to someone else as your team grows. Every process/task takes time and the more of these tasks you can shift away from yourself, the more time you'll have for CEO decisions.
EMMY TIP: At the end of each week, I look at my to-do list and create a list of repetitive tasks. Then, each week I codify one task via either detailed instructions or a Loom video (https://www.loom.com/).
Consider getting a virtual assistant!
I spent months debating getting one, and I regret every moment I waited.
I originally didn't have enough work for my VA, but if I had never gotten one, I would have never started shifting processes off my plate.
EMMY TIP: Start with a part-time VA and increase their hours as you grow. Whatever you do, get one!
Special thanks to the following mentors:
Kate Strickling (Instagram: @katestrickly)
Kate runs an online nutrition coaching business and is a beast. Besides being CEO, her other roles include wife, mom, Kim's best friend, expat in Mexico! Kate periodically blesses me with business #Gems and i'm forever grateful.
Moses Kagan (Twitter: @moseskagan)
Moses is a real estate investor from California who I found through Real Estate Twitter. He posts free #Gems daily and recommended The Almanack of Naval Ravikant.
Brock Briggs (Twitter: @brockhbriggs)
Brock is a fellow vet who created a mastermind of like-minded vets in business. Our bi-monthly meetings have added tremendous value to my life, and he recommended Output Thinking.
Khadirah Muhammad (Instagram: @khadirahsmuhammad)
Khadirah is a business optimization wizard. She's built systems for Noir Capital and helped me find our virtual assistant, Celynne, who actually created this post.
