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Time Counts
Posted By admin | Posted on February 24th, 2010
Time Counts
Pick up the speed. After the first jump comes, the longest set of mogul’s begin. During this time contender’s focus on keeping their knees close together and increasing the speed without losing control. This is a difficult balance of control and lack of control.
When you are in the middle of your rehab you need to pick up the speed. You also need to keep things under control. Time is a Gold medal when it comes to Mogul Free Style skiing just like Time is Money when it comes to a Rehab and Retail Investment. Too many investors act like they have all the time in the world. You should have guys on top of guys in the home working. I can have an entire home completed in 30 days. Our average basic rehab takes 2 weeks. Our more detailed takes 30 days and on some occasions 45 days. Every day costs you money.
We set a completion deadline for all of our repair guys from carpet to paint and everything in-between. I like to give my repair guys a bonus for getting properties done before schedule. So we all agree on the completion deadline. I then look at the cost of my hard money per day. I then give 25% of my per day cost as a bonus if 100% of the property is completed in that time frame. And I mean 100% of my contracts say no leaky faucets, no loose screws, no door handles or cover plates off, 100% complete. In model home ready condition. If they go over the deadline they pay 50% of my per day hard money cost. For example if the per day hard money cost is $100. Then I give them a $25 per day bonus for early completion and a $50 per day penalty for not getting the work done. Why is there a difference? Because we all agreed on what the completion deadline can be. So anything before that is really a gift to the workers. Anything after that is really a cost to you as the investor.
Pick up the speed, time will cost you Gold in your pocket just like the lack of speed can cost a Mogul Freestyle skier a gold medal.
The Truth is that Markets go down and Markets go up. I just want the markets to move, because movement creates opportunity<--->
Posted in Olympics and Real Estate Investing
34 Responses to “Time Counts”
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