Can you believe February is over already!? Which means, it’s time to recap again, and fill you in on everything we have been up to and just as important, what we’ve learned this month! If you missed out on January’s month in review post which was our first in this series, you can check it out here.
On The Flip Side:
Let’s jump right in! This month has been a great month for us on our sales side of rehabbing! Three of our properties that had been sitting on the market went under contract, with one of them already closed! We’ve noticed, like most investors and home sellers, that sales have slowed down through the winter months. The happy forever owners of iCandy Homes renovations got great deals on stunning homes and we are happy to be closing.
This year, just like last year, picked up again toward the end of January and beginning of February. (Thankfully for us)
Following suit to our success on the sales side of the business, we are also at the very end of our second million-dollar renovation! The project presented us with many problems through the course of the renovation, but the result is exquisite!
Our biggest take away from this project is that planning is everything. And we mean EVERYTHING! Through the course of the project and due to a lack of proper planning, we lost somewhere between 3-4 months of time! Which as you know, when you’re paying interest on the money that was used for the renovation, that much added time can quickly turn even the best of deals into a loss. The craziest part about the delay is that each of the items that were not planned only cost us a couple of days! It wasn’t major items that set us back, it was many short delays that added up to a somewhat dramatic set back. All in all, this house is going to be a wonderful project that taught us many things.
You can watch the video series we did via facebook live here to see the developments as they were happening and get a true inside look at what this renovation entailed. This project was a dramatic second story addition transformation that has been exciting to watch. On March 11th, you can come see the home for yourself at our live case study. Official announcement with details on the case study coming soon!!
There are some great photos of the finishes here but we promise it’s even prettier in person.
We have two large scale projects that are also getting started, one being a new construction! At our new construction, we were able to get the foundation in place and pass all of our permits. We now have one last thing to do before we can backfill (put all the dirt back around the foundation) and then start construction!
I’ve started a facebook live series for this project as well so if you haven’t already, like the iCandy Homes LLC facebook page to follow our progress on this one. Our other large renovation with second floor addition will be getting its exterior siding and trim put up in the next week with interior mechanicals following very soon!
The Fundamentals of Real Estate Bootcamp
During the second weekend of February we had 14 individuals dedicated to starting or growing their real estate businesses join us in Naperville for a 3 Day Class. We taught them everything we could fit into three exciting days!
There is a very short Facebook live video on our profile to give a peek at the content we taught in class. We gave an overview of our entire business system and did all we could to make sure they left without questions. These students are sure to become some of the best wholesalers in our area. The MVP award goes to Janelle for delivering the majority of our content and keeping 3-month-old Jaina happy the entire weekend. #Bossmom
Overall it was amazing to serve this group of ambitious new investors. What a great way to spend the weekend, right?
We also had a phenomenal Chicagoland Real Estate Connections Club meeting in Oak Brook on the 21st. We brought in Kirby Atwell and Jon Hamilton of Federal Savings Bank to share with us some of the best financing options for real estate investors.
This meeting was amazing and it was very insightful, particularly around 203k loans. If you are interested in making money through renovating in the safest way possible, reach out to Kirby to learn more about this type of loan. Kirby is also a certified VA loan specialist. There are some incredible opportunities for investing and growing your net worth using bank funding.
This month we revved up our activity online. Over the past few months we have found that the only way to win on social media platforms is through having relevant, valuable content, consistently. We also found after increasing the value on our platforms that only a few mediums are truly worth pushing. (For us, our heavy hitter is Facebook)
We recommend you track the results you’re getting from each and have an honest look at which marketing activities are really serving your business. The rest are just wasting your time and so I ask you please, After you have analyzed the results, Do Not be afraid to drop the activity.
Stop doing what ever it is that is not producing the result you are after. It’s your job as an entrepreneur to recognize opportunity and maximize it! We maximize when we drop wasted activities from our already demanding schedules and put our time and effort toward things that matter!
Wrapping it Up:
This month has had a lot of growth. The entire team has been improving on the way our jobs are done, by organizing and executing more! One of the last key take-aways is, that nothing improves in your business unless you make it so. Meaning, if you want to see something grow you must put attention and energy there and expect that your result will be proportional to the change in your activities. This applies to everything.
Lastly, to best serve you and your business we’ve asked our coach to join us on a webinar March 1st to talk about a special formula for success (specifically net worth): The 90-9-1 RULE.
This is the next best thing to having coffee with a multi-millionaire.
It’s a free, live session. It will be interactive. You should prepare your questions and don’t forget your notebook.
What a way to kick off the new month!
Thanks for being part of our February and CHEERS TO MARCH!