Time is Money - Keeping Track of Time to Improve Your Bottom Line
You have heard it said "time is money" and no place does that hold more true than when investing in short sales real estate.
Have you ever stopped to calculate the cost of your actual time? What about the value of that same time? Most people sell their
time in exchange for as little as $7.15 per hour (minimum wage). Take time to really let that set in. Envision the last day of your
life with your loved ones by your side. Would you trade that last hour for $7 - pre-tax!?! No!! Yet each and every day people shuffle
to and from work, spend hours each week in traffic and plow through jobs that leave them mentally and physically exhausted in exchange
for a few dollars per hour.
Let's work in reverse and assume you want to generate an additional $1,000 per month or $12,000 per year - after tax. What are your options?
Well, if you are in the lowest income bracket (currently 15 percent) and went to work for yourself - you would need to earn an additional
$$1,400 per month to bring home just under $1,000 per month. At $20 per hour (roughly the average hourly income) that would require an additional
70 hours per month or the entire year assuming it didn't push you into a higher tax bracket!
What about short sales? Is it possible to make $12,000 from just one deal? Of course! That plus much more is entirely possible - in fact, it is done
on a regular basis. How much time does it take to find, place a bid and purchase your first short sale property? Probably less time than it would require
in your first month of part-time work above and the first time is the toughest! Once you understand the process and your financing is in place, each
subsequent deal becomes easier and easier.
What would happen if you just turned one solid short sale deal each year? For ease of numbers let's just call it $10,000 a year. For less than one or
two week's worth of work you could reduce household debt, afford a great vacation, save for retirement or pay for the kids college without having to spend
all your time away from home.
Finding the time to begin investing in your financial future is as simple as 1-2-3.
1. Cut the cable and invest 3 months worth of the savings into education. Now you have the time and money required to educate yourself on the basics of short sale
investing. Simply transfer the money you would normally spend on those premium cable channels into information that will transform your financial future.
2. Set aside the time to get started. If you normally watch television every night for an hour or two; replace it with short sales prospecting. If you are more of the
weekend football warrior then trade an off-season for a new financial future by spending your days scouting real estate. Whatever works best is the right method for you - just do it!
3. Stop dreaming and start doing. Seriously, take action. Planning only goes so far but action is where the rubber meets the road. Make it a priority to fill out the paper work
and put what you have learned into practice. Commit to doing at least one short sale deal then make up your mind whether or not it was worth it. Chances are you will wonder why it
ever took you so long to begin!
Take action now! See you on the other side!! 2009 is mine!!
Charles Gardner
Short Sale Investor
;)
;)
