Don't Forget To Keep This One IMPORTANT Tip In Mind
A few days ago I received a call from my agent about one of my properties that needed urgent work. So, I hopped in my car and drove out to the nearest hardware store to pick up the necessary materials, then headed to the property which took about 35 minutes in total. It was only THEN that I realized that in my haste I had forgotten the keys! I was staring through the window at the simple fix I had to do, feeling like a dummy that I had no way to get to it. So, take it from me and…
Don’t forget the keys!
Well, there are many things you shouldn’t forget when tackling an investment project, such as:
- Conducting a thorough profit/loss analysis
- Securing financing for the acquisition & renovation
- Buying/ordering materials prior to needing them
- Paying bills and contractors in a timely fashion
- Etc.
The point I want to make in this post is to be mindful of tasks during every step of the way. Even the most seasoned or experienced investors can make mistakes that cost time and/or money. In this case, it cost me over an hour of my life that I’m never getting back that I could have used to do other more productive things. In retrospect, I should’ve had a spare key in my car in addition to the other spare I left on my dresser (oops!). This experience made me realize that there are still many aspects to improve on and optimize. Simple things like double-checking your todo list and making sure you have everything you need for the day before you leave.
If you plan to get into real estate investing seriously you should treat this like a business rather than a weekend hobby. It’s very easy to make a simple mistake in your analysis phase that ends up costing you tens of thousands of dollars later at the closing table. Other things that come across the top of my mind would be things like getting the proper building permits, finding a good Certified Public Accountant (CPA) to help you with taxes, Proper LLC formation and even having a separate room you can dedicate as your ‘workplace’ if possible. All of these things fit under the general theme that I would say is the true lesson of this post which is…
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