From the course: Real Estate Analytics

Setting up a tracking system

From the course: Real Estate Analytics

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Setting up a tracking system

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- [JD] And this is just on the acquisitions side, we haven't even talked yet about the sales side or the rehab side. The acquisitions side is probably the least friendly I think in terms of understanding what to track. Rehab's very metric centric, there's a lot of numbers, it gets very easy to track, and I would say on the sales side too. But what we've done and what I'm teaching you to do on the acquisitions side is set up a tracking system and use those numbers to become laser focused in your business. Now, if you can tell my voice gets a little bit higher when I get excited, this has been a game changer for us. One of the things that we've done great this year that's been radically different in our business is we've always tracked numbers and we've always used QuickBooks, but QuickBooks doesn't track to this degree and it doesn't have the kind of relationship ability that you can do when you put these numbers together and create percentages. So we'll talk, QuickBooks you should use, I'm not saying not to use QuickBooks, but you want to pull certain numbers out and you want to use them in your business. And when you can get to this level of detail, I know some of you right now are saying, "Well, man, JD, "I'm just trying to get my first deal done." And I get that, but when you get your first deal, and you will, track it this way. And there's others of you in this room that have done lots of deals, and you're like, "Man, I don't have all this information." So you're going to go back and you're going to do it, you're literally going to go back. You're going to take a couple of steps back to take big leaps forward, and then the clarity you're giving your business will be eye opening, and you may see some big holes in your business. You probably will, and is that okay though? Yeah, if you improve them.

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