In Real Estate Investing You Need To Effectively Manage Your Properties Without Property Managing
Time is money; remember that famous quote? If you spend too much time on a property, your losing money; plain and simple.
Men & women do but numbers dont lie Lets say it takes you an unusual 25 days to flip a home and you net $2,000 on the deal (because the smallest amount is always the hardest).
Well divide 2000 by 25 and thats how much you made a day.
Well in REI, you only should be working from 4 - 8 hours so divide by the 8 and your back to making close to minimum wage.
Mistakes in REI Many investors (including me) are guilty of holding a property under contract too long at some point or time in their REI career.
It shouldn't take more than 15 days to flip a property that you have an as-is contract on and are planning to just assign the contract to a cash buyer.
If you got the home at a good price in a good neighborhood, then you shouldn't have to shoot up smoke signals to get some attention flying around your property.
You'll know that something is wrong when you either call all your buyers or blast it to your list and you dont even get a reply.
Went fishing with wrong bait If you don't have a buyer going to see the property within the first 5 days, you should lower the price a little or change your marketing strategy.
Put out bandit signs in more areas; go to foreclosure auctions; search MLS for recently sold homes in the zip code or area your home is in.
If you haven't sparked any interest in the home within the first 10 days, it's a sign of the times; time for you to move on to the next one.
On to the next deal Many investors make the mistake of spending so much time on ONE deal that even if they do sell it, the money is still going to be looking funny.
Selling and not having something brewing in your pipe line is the BEST way to being unsuccessful in REI.
As soon as you get a deal under contract, market it and then keep going after others.
Send out letters and call FSBO's.
Do EVERYTHING you need to do to get the next deal under contract because say it takes you 25 days in all to close 3 $2,000 deals.
Thats $6,000 in 25 days which is 30 bucks an hour.
Now that's time well spent but it's still small in comparison to what you can make flipping houses.
My first deal was only for $1,000 but I didn't focus on how much money I had made.
I realized that now I know my time is very valuable and I need to make sure Im not throwing "watches" in the garbage.
Are you making 40+ dollars an hours at your job? Dennis_Marshall
Men & women do but numbers dont lie Lets say it takes you an unusual 25 days to flip a home and you net $2,000 on the deal (because the smallest amount is always the hardest).
Well divide 2000 by 25 and thats how much you made a day.
Well in REI, you only should be working from 4 - 8 hours so divide by the 8 and your back to making close to minimum wage.
Mistakes in REI Many investors (including me) are guilty of holding a property under contract too long at some point or time in their REI career.
It shouldn't take more than 15 days to flip a property that you have an as-is contract on and are planning to just assign the contract to a cash buyer.
If you got the home at a good price in a good neighborhood, then you shouldn't have to shoot up smoke signals to get some attention flying around your property.
You'll know that something is wrong when you either call all your buyers or blast it to your list and you dont even get a reply.
Went fishing with wrong bait If you don't have a buyer going to see the property within the first 5 days, you should lower the price a little or change your marketing strategy.
Put out bandit signs in more areas; go to foreclosure auctions; search MLS for recently sold homes in the zip code or area your home is in.
If you haven't sparked any interest in the home within the first 10 days, it's a sign of the times; time for you to move on to the next one.
On to the next deal Many investors make the mistake of spending so much time on ONE deal that even if they do sell it, the money is still going to be looking funny.
Selling and not having something brewing in your pipe line is the BEST way to being unsuccessful in REI.
As soon as you get a deal under contract, market it and then keep going after others.
Send out letters and call FSBO's.
Do EVERYTHING you need to do to get the next deal under contract because say it takes you 25 days in all to close 3 $2,000 deals.
Thats $6,000 in 25 days which is 30 bucks an hour.
Now that's time well spent but it's still small in comparison to what you can make flipping houses.
My first deal was only for $1,000 but I didn't focus on how much money I had made.
I realized that now I know my time is very valuable and I need to make sure Im not throwing "watches" in the garbage.
Are you making 40+ dollars an hours at your job? Dennis_Marshall
