Another Great Week of Real Estate - Nov 3rd
I’m back with my weekly real estate update. My intent with these updates is to give you a glimpse of how we operate our real estate business and share helpful tips for your real estate journey!
This week, the main highlights were:
Understanding and managing corporate compliance
Wrestling with bookkeeping (again)
Turning leads into “cash”
Corporate Compliance will be the death of me.
Corporate compliance are the various licenses and taxes required at the local, state and federal level to legally operate your business. I spent practically the entire month getting under compliance after we filed the paid the wrong set of state taxes in Tennessee. Luckily the TN Department of Revenue was super helpful and we got everything straightened out!
Tip: When starting a new business, the state’s Department of Revenue and Department of State are a great resources for understanding your required compliance activities.
Bookkeeping will be my second cause of death.
This week I dove deeper into our bookkeeping after I noticed some inconsistencies when compiling our last investor update. I uncovered that our previous bookkeeper failed to log transactions for an entire property since January. This is my fault for not catching it earlier but I'm very glad we caught it when we did.
Tip: Monthly bookkeeping reviews and audits is the way to go so you aren't drowning at the end of the year.
Making Money Off Leads.
Our lead-generation efforts are starting to bear fruit but what do we do with deals that don't meet our criteria? If it's a nice property, we will pass it along to our agent for no fee. If the property needs work, we pass it to a wholesaler and recoup our advertising cost at sale.
Tip: Every property has a buyer and the more connections you have, the easier it'll be to make money off of properties that come across your desk.
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“If you look good, you feel good,
If you feel good, you play good,
If you play good, they pay good.”
-Deion Sanders”
-Emmy
