Most of us have heard the old saying so many times that it doesn’t even register anymore. But when you run your own business, the truth of the saying really hits home – and that is that time is indeed money. As a business owner, especially a real estate investing business, you just never have enough of it. Take a look, then, at these 5 ways to save time as a busy investor in Detroit.
1. Narrow Your Focus and Define a Niche
Probably the best way to save time as a busy investor in Detroit, especially early on, is to narrow your business focus and define a niche. Few of us can do everything, and none of us can do everything well. Having a narrower area of concentration will help you save time while mastering necessary business skills and acquiring the needed expertise. For example, you could concentrate on fix-and-flip properties alone until you have the time and knowledge to widen your focus to, say, rental properties as well.
You’ve heard it all before, but getting organized can save you a ton of time. This is especially true when it comes to record keeping. Almost nothing eats up time like having to rifle through boxes of papers and stacks of receipts to find what you urgently need, especially at tax time. So use spreadsheets and keep accurate, organized records of all income and expenses such as repairs, mortgage interest, legal fees, and property management costs.
3. Consider Turnkey Properties
Another way to save time as a busy investor in Detroit is by buying turnkey properties, which are a great option for passive residential income. Turnkey properties are those that require no rehabbing and so are ready to rent out as soon as you acquire them. Many investors, however, don’t even consider this option because the sale price is higher. But if you keep in mind that time is money, the cost may actually be lower because you don’t have to spend time making repairs and can get the property turning a profit that much more quickly.
4. Collect Electronically
Most businesses have now gone paperless for billing and collections. But many in the real estate realm, especially landlords, are still doing things the old time-consuming way, some even still going around knocking on doors to collect cash payments by hand. So go paperless to save time as a busy investor in Detroit.
Offer your tenants and clients ways to pay electronically. For example, ACH transfers are free for those paying, and payments are deposited within 3 to 5 days. And, of course, credit card payments are deposited in about one day with a minimal charge. Collecting electronically will save you time, which is money.
5. Work with a Professional Home Seller
Despite what some popular TV shows and many ads would have you believe, real estate investing, while a proven way to wealth, is not an easy or quick way to get there. It’s a challenging business that requires knowledge, planning, focus, and expertise. And the only way to make it work is by being efficient with your limited time. Even then, there’s seldom enough time to do everything you need to do.
The only solution is to focus on what you do best and then leave the rest to the respective experts. That’s why so many investors rely on the services of a professional home seller – it saves them both time and money.