Time – Your greatest asset for investing.
Somewhere along the way, I think it’s around hitting 25 that you begin to understand the value of time. You can lose almost anything else with the exception of your life and get it back. When it comes to time, we all have the same amount, it waits for nobody and the clock is always ticking.
With that being said don’t undervalue your time or misplace it. Your time spent investing in real estate should be intentional and rewarding.
5 Things you can do with time
Before we jump into these 5 things. Let’s recap the three things that you need to consider before investing in real estate. This list is from my book “Real Estate and Wealth: Investing in the American Dream.” Time – Money – Credit. It is important to take an inventory of all of these, however keep in mind with any one of these things you can become a real estate investor. For the sake of time (get it), let’s say you don’t have any money and your credit is not so good. The only thing you have is time.
- You can become a wholesaler. This may take you some networking and pounding a little pavement to come up with some deals, but, as you do, you will find that you are providing a very valuable service to investors who don’t have time or this skill set. As the liaison, you can make money by connecting the dots between the property and money.
- You can drive around looking for abandoned and unkept properties. Write down addresses or record them as you are driving so you can look for the property owners. This process is known as “driving for dollars.” Give new meaning to your weekend drives or change up your daily routes to explore different areas.
- You have time to go to courthouse or scavenge probate listings. With some focused computer time, you will be amazed at the deals you can come up with.
- You have time to make calls to pre-foreclosused owners. The key to this is having a service that helps you to locate the owners. Give them a call and offer to assist them out of their current situation.
- You can use your time to network. Whether attending a real estate meet up or virtual/online, this type of activity allows you to meet all sorts of investors, as well as enhancing awareness about opportunities that exist in your market.
My best advice is to use your time wisely, and before you know it you will be generating deal flow. Remember, it will take researching and viewing a lot of properties just to land one deal. The key is to be diligent and consistent.
Happy Wealth Building!