Finally paid myself over 1,000 an hour!

[Philip Williams]

So back in 2015 I read a great article by @Brandon Turner it was entitled Want to make 1,000 an hour or more. Here is a link if you want to check it out https://www.entrepreneur.com/article/245311 at the time I was a do it all landlord......I mowed lawns, vetted tenants, picked up rent, if you can name it I did it. The article made me stop and examine if I was really working on my business or in my business. From that moment on I made it a goal of mine to be able to pay myself over 1,000 an hour on a real estate deal. I have gotten close on a few deals but today I closed on a deal and finally hit that goal of mine. If you read my post https://www.biggerpockets.com/forums/223/topics/539116-second-flip-sold-and-bought-3-houses-in-a-single-day this is one of the places that I bought at the auction. I paid 42,000 for this house at the auction, my court date was set for 4 weeks from the auction. I spend an hour preparing a motion for immediate possession and an affidavit supporting my motion. The judge granted my motion and I sprung into action, I called my realtor had him immediately list it called my plumber had him go over and examine and fix a few things. I got an all cash offer in 3 days and i'm happy to say I closed today. Final numbers 42,000 purchase price 2,000 rehab 9,900 closing cost 17,100 profit for 10 hours of work and a 38.8% return and an hourly rate of 1,710! On to the next goal!

[Shadonna N.]

Congrats!  Most people feel like they have to go all out and do a full rehab.  Based on many factors (location, condition of property, inventory, demand) it may be best to do the minimum.  Good strategy!