One most expensive mistakes real estate investors - not valuing their time

 
There are always a laundry list of tasks that real estate investors need to do in order to ensure they are  being a smart,  strategic so they can be financially successful in their investing.


The problem is that most investors - don't have the time because they work full time jobs and it means they need to  spend their evenings and weekends to do those investing tasks.

But most investors usually end up trying to  shortcuts - which can result in a very very very expensive lesson - bad investing decisions..

Your time is valuable.  Time is precious.
You only get so much time in this lifetime – it is truly the most valuable commodity you have.  And when you work a full time job while also focusing on real estate investing  - like most investors you may find yourself struggling with balancing it all.

Do this quick calculation in your head by asking yourself these questions

• How much are you paid per hour?
• How much of your time would it take for you to do this task yourself?
• How much would you have to pay a VA to do this task for you?
• How much time would you get back by having someone else do this – and what would you do with that time instead?

Here is an  example to figure out how to calculation based on the questions listed above.

  Jennifer is paid an annual salary of $75K or $37 an hour in for her 40 hour work week job.

She believes it would take her 30 hours to research all the cities in Georgia to help her decide which city to invest in.  

This means that based on her pay rate of $37 an hour – she is “paying” with her personal time 30 hours which adds up to the cost for her to do the task equaling $1,110

But she has found a Virtual Assistant that can do this for $7 an hour – which means that when she hires them for 30 hours’ worth of work, she is paying them $210 for the task.

So by only paying out $210, she has achieved two very important things:

•       She has freed up 30 hours of her personal time

•       The task is completed at an 81% discount based on her hourly pay rate vs. how much she would pay a VA to do it.

Jennifer can now spend that 30 hours she would have done on that task - on things that she also wants to spend her time on.  She can guilt free go out on that girls night, take that yoga class at the gym and spend more quality time with her spouse.  And still get the task done!

So now you need to ask yourself - can you afford not to outsource and hire a Virtual Assistant. Is it too expensive for you not to hire a VA?

Happy Investing,
Holly

Note: This is an excerpt from our program Work Less...Invest Smarter Workbook (available on Amazon) - where we teach real estate investors how to find, hire and manage virtual assistants  to help them be smarter more successful investors.

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