If we work efficiently, we won’t have to work as hard. I mean, look at the picture below. Who would you rather live like, my friend Andreas who bought one of my cash flow properties, or the guys below?
My friend lives and skies in the Alps most of the year with some occasional breaks to work in Sweden where he has his real estate and work efficiently! The properties he owns most likely makes him a lot more money than any average worker. Giving how much money he is making on such a minimal input can only mean one thing. He is very efficient.
The reason I bragged about my friend is that I live a very similar life and have a hard time bragging about myself. Even if that’s what I’m doing right now.. What I’m trying to say is that efficiency is everything.
I have told you about the 80:20 principle hundreds of times and I LOVE IT! If you want to know more about it, I have an earlier blog post on the subject HERE.
Most money made in our business comes from a few really good decisions. What house to buy, how to pay for it, who to work with etc. These decisions only takes a moment to make. That means we are down to a 1:99 principle. The good decisions on their own would make us more than enough but you can do even better. By adding a few hours of planning, supervising and controlling our projects, tenants and people involved the profits will very likely increase dramatically. So, make the decision and then spend some time setting your new investment up.
I didn’t feel like sleeping last night so I spend some time thinking and got down to my average hourly rate for the work I have put into real estate. This number is a lot better now that I know more, but that’s not relevant. During my initial five years in real estate I have made (and this is very ballpark) about $ 1 800 per hour. Work efficiently!