24 Apr Put down the paintbrush!
I mean it, put down the paintbrush and stop working in your houses!
I know, this may sound a bit counter-intuitive to some of you, but hear me out.
IF, you are working on becoming a successful real estate investor, YOU don’t have time to be working IN your houses, but rather, you need to be focused on working on your house buying business!
I was reminded of this last week at a speaking event where I was sharing all of the ‘mistakes I’ve made’ in my real estate business…and believe me, there have been alot of mistakes made…
Let’s say for example you spent 10 hours in a week physically ‘working’ on a rehab project. Meaning you were painting, or cleaning, or perhaps doing some landscaping.
Ok, for the most part, those types of activities you can generally hire someone in the $8-15 per hour range. So, at best you may have saved yourself a whopping $150 (And, no offense here, but a ‘professional’ at any of the above mentioned tasks will probably do a much better job than you anyway)
Sooo….What if you used those 10 hours to find a new private lender or find a new deal?
Let’s say that you spend 5-10 hours per week working ON your real estate business and in about a month you were able to find just 1 private lender, or locate 1 more solid deal?
We can even assume it’s not a great deal, but you should at least make like $15,000 in profit. Or, you find a private lender that is happy earning 7% interest, rather than 12% interest. That can be a huge impact to your bottom line…
Thats better than saving a $150 a week isn’t it?
Some of you may not actually be working in your houses, but perhaps you’re ‘wasting’ time other places. Just take this into consideration, if you’re really serious about becoming a true Investor or Entrepreneur, you have to become really efficient with your time and doing only those activities that have a huge impact on your bottom line.
The sooner you’re able to apply knowledge and experience in order to use your time to implement the system you are creating, you will have the money to outsource these simple tasks,and truly become a Business Owner.
All the best,