Trade money for time

[Drew Cameron]

Hi fellow BPers. I am a real estate newbie having been in the game for almost a year now. I'm currently in the raising capital stage to eventually get into buy and holds. I have been doing this primarily through working nights as a sommelier and wholesaling. My schedule now allows me to have my days free and is very flexible. The problem is I only make about $45,000 a year on paper before any wholesale deals. So far I have done 2 deals this year but I feel like I'm gaining some momentum and getting better at negotiating and analyzing the deals. I have an opportunity to start working at a job that will triple my salary after 1 year, but requires 65+ hours a week working 6 11+ hour days a week. If you were in my shoes would you take the sure thing and just save for a rental property or keep the flexibility and try to get better more efficient at wholesaling?

[Torin Wolf]

I'm a real estate newbie as well (I just signed up for BP today and don't even have a cover photo yet), but I'm a serial entrepreneur.  The biggest flaw in my thinking that I struggle daily to change is the result of the intense training that schools gave us to trade time for money or, in other words, be an employee who makes money for other people.  Even if they put on paper that your salary will triple in 1 year, what's to keep them from getting you to work yourself to death, make them a mound of cash and then fire you or lay you off or otherwise put you out the door when it's time for them to deliver on the contract?  I've never seen a job (which means "just over broke") that would put that sort of promise on paper and I doubt that this one will, either.

If your days truly are free, why in the world wouldn't you invest that time (your MOST valuable resource) in yourself and learn better how to earn for yourself?  To me, it's a no-brainer.  I currently work from a spare room, watching educational videos (usually 1, no more than 2 hours a day) then I work on marketing and following up leads until I have spoken to at least 20 people.  Remember: "The fortune is in the follow-up."

Also remember that no job in the world has the potential to pay you $5,000.00/hour unless you are working for yourself.  You most certainly can make that rate in real estate if you are willing to change your thinking.  But if you were able to somehow get them to triple your income in a year, you would be at about $40.00/hr.  I'm not about to hand someone $4960.00 per hour to work for them.

That's my take on it, but I loathe working for other people because I know how much more valuable my time is to me than they are willing to pay me.  And if I sell them my time for such an incredible discount, I've got nobody to blame but me.

I wish you well.