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So the big question is this, what would you do if money didn’t matter? So you had millions in your bank account, what would you focus on? Would you spend more time with your family, with your wife, with your kids? Take family vacations.
Would you pursue your gifts and talents and dreams? Serve your local community, teach others, serve your church. You see if what you would do if money didn’t matter, it was pursuing your gifts and talents and dreams to serve others, and that is probably what you should be doing.
The problem is most people are in the rat race, living five inches in front of their face with no time to pursue what they were born to do. That is the problem, and the solution is to develop enough passive income to replace your working income so you can quit your job and be free to live your life the way you were created to.
That is a solution and this podcast will show you how…
Hey, what’s up everybody? Welcome to another amazing episode of Cash Flow Dad Life. I’m your host, Ryan Enc and today we’re going to be talking about the numbers that you need to look for. Okay? Know your numbers. What does this mean? You know, I got into trouble a little while ago for not knowing my numbers. Here’s what happened…
My son who was nine at the time was starting to run cross country and he was doing very well and you know, winning first place in a lot of these races.
But I’ve got this competitive streak with me and I didn’t want him developing too big of an ego. So I was like, “Why don’t we go for a race real quick?”
So our block is exactly a mile. So we, we wagered something and he was talking a little bit of smack but it was mostly instigated by me…
So he’s really just kind of, you know, returning the smack, talk completely my fault. And we set up to race and at this point all the kids are getting into. Mom’s getting into it. Everybody’s on the front yard. Just making a big production about this.
We say on your mark, get set, go.
Well he takes off, we’ve got a mile. He takes off sprinting and I’m at like upper jog now. I’m not exactly in tremendous shape, but I’m not out of shape. I play soccer every single week at my facility.
I work out, I, I hit the treadmill sometimes I do jogging sometimes, so it’s not like I’m out of shape. I’m an adult competing against a nine year old child. So to me that should indicate that I would win completely emotional decision. So he breaks off sprinting and I think to myself, look at this sucker.
He’s going to be completely out of wind. He’s going to be completely out of when before the quarter mile and meanwhile I. So he’s blown ahead of me and meanwhile I’m just at like a upper medium paced jog and then he takes the quarter for the first quarter mile and he’s not letting up.
So I see him turn this corner and he still in a full on sprint. So at this point I think to myself, oh crap, maybe, maybe he’s not slowing down right away just to make sure I got to get a little closer. So then I break out into a light sprint.
So by the time I get to the corner of the quarter mile, I don’t even see him on the other corner. So he was still running fast enough to the two. By the time I reached that corner, I couldn’t even see him…
So then I go into a medium sprint and I take that last corner and I see him incredibly far ahead of me. So I’ve got about three quarters of a mile left and he is way ahead of me. So at this point I go into a balls out sprint just as fast as I can because I’m thinking to myself, this cannot happen.
I cannot lose to my nine year old in this, this, uh, you know, one mile race, this little jerk isn’t slowing down. He is sprinting this entire thing. So at this point I break out into this full sprint, we get to the last 10 percent of the mile.
And it was literally by, you know, maybe the length of a dog hair that I ended up winning this race, sprinted him at the very end, and then I promptly went into the front yard and threw up because I was completely exhausted myself, exerted every fiber of my being to try to beat my son.
And although he lost, he really won because he was sitting there, not even panting and I am just in my front lawn throwing up my life. And one thing could have prevented me from even getting in this race in the first place or taking on this challenge or experiencing this pain.
And that would be to know a certain number in business, we call it key performance indicators.
It’s numbers that you should be looking at every single week to make sure that you’re on track to make decisions, to make business decisions, to adjust if you need to adjust.
So in real estate, you know, you have some people that are like, well, there’s no, there’s no deals out there. I went out there and I’m trying to get deals and I’m not getting any real estate deals. Well then I say, “Show me your numbers. Why don’t really have any numbers?”
Well, how many people did you talk to this week? I don’t know. How many offers did you make? A? I don’t know. Okay. So how many offers did you get accepted? Well, none. Okay. So if you don’t know how many people you talk to, you don’t know how many people offers you made.
You have no idea your numbers and any business needs to know their numbers…
Like when I was starting the indoor arena, I knew that for all of the drinks that I would buy and all of the candy, everything was marked up by four.
So if I’m looking at my quickbooks and I’m looking at the revenue in and I’m showing that the amount that we have sold is not four times more than the amount that we have purchased that I know that there’s maybe some pilferage going on.
So whether you are running your own business and real estate or you’re having other people out there, bird dogging for you, this is helpful for employees to, if you’ve got an employee that’s working for you as a bird dog going out there to look for deals and uh, you have a talk with them after a week and say, hey, how many, how many deals do we have?
Do we have anything under contract? And they say no, and you can say, show me your numbers. How many people have you talked to? How many offers were made? You know, what was the response? So the one number, there’s a lot of key performance indicators and real estate, you want to be looking at Roi. That’s your return on investment.
You want to be looking at the number of people you’ve spoke to. You want to be looking at number of offers that you’ve made. You want to be looking at. The number of offers accepted. And the great news about real estate is that it’s all about the numbers. Okay?
You can be kind of an idiot and not very good looking and not very socially adequate in negotiate and terrible and negotiating, but if you’re at least hitting your numbers, even a blind squirrel will find a nut.
So all you really need to be looking at the number one KPI, key processing indicator. If you’re serious about doing real estate, then you need to be looking at this one number every single month, okay? Every single week if you can.
And that is number of offers made. Now here is the, I’m a member of a mastermind, a community.
This is, you know, real estate investors that have over 50 doors and the, they’re from all over the United States and the one number, the one KPI that is like a statistic for everyone is basically out of 18 offers made you have one offer that goes through. Okay?
So one and 18 means that you have got a five point five percent of getting a deal. So what do you do if you’re not getting any deals?
All you got to do is increase that number. So if you’re only making one offer a week, well no wonder you haven’t made any deals because you need to make at least 18 offers in order to get a deal.
If you’re only making one offer per month, well no wonder you’re not getting any deals you’ll get, you’ll get a deal, uh, in a year and a half from now if you’re making one offer per month. So that is the number one key performance indicator to look at is number of offers made.
That is the name of the game in real estate. Real quick break guys, I do want to invite you, if you haven’t claimed your free copy of my book yet, it is the seven, the seven day real estate survival blueprint, and I show you exactly how to go from nothing to creating $10,000 in less than a month.
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Also, I’m running a contest so you can either get the book for free plus shipping there, but I’m running another contest because I just launched the book on Amazon.
It’s 1999 on Amazon. Now a, whenever you launch something on Amazon, it’s kind of like a chicken and egg thing. So in order to get people to buy the book, you need reviews in order to get reviews, you need people who have bought the book. So I’m running a contest right now, November 15th.
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That’s two ways that you can get the book with a two awesome incentives. Okay. Alright. So just to finish up what we’re talking about, kpis. Had I known this one number when racing my child, how fast can he run a mile and how fast can I run a mile?
There’s no reason that I could have or should have gotten into that challenge and just completely lost it at the end. If I would’ve known that number, I could have either trained harder so that I could reach that number…
So I wasn’t totally embarrassed. I could have known what to expect ahead of time and maybe started my run a little faster instead of just a upper medium paced jog. But there’s a lot of things that I could have done when I knew that number.
So now you know that number in real estate, 18 offers made equals one offer, except now that you know that number, you can make adjustments to your activity throughout the week in order to get as many deals as possible.
All right guys, that’s it for today…
Happy investing. I hope that helps you know your numbers, analyze them every single week. And uh, and remember one in 18, that’s the number, that’s the number nationally. So if you are hitting that number, if you want to get more deals than anybody else, just increase the number of offers. Take care.
Thanks for listening. Please remember to rate and subscribe. You’re going to want to listen to every episode as soon as it comes out. It hasn’t been an idea or strategy that can literally change your life.
Listen, don’t miss out on the free investor pools that I have on my website https://cashflowdadlife.com/. So go to https://cashflowdadlife.com/ gets a free swag and lists and hit me up. If you want to talk about how we can get you out of the rat race as soon as possible. Until next time. My name is Ryan Enk and this was Cash Flow Dad Life!