Most of us have already heard this phrase many times, but when you run your own business, the truth of it really hits home – and that is that time is money. As a business owner, especially a real estate investing business, you just never have enough of it. Take a look at these 5 ways to save time as a busy investor in New Orleans.
1. Narrow Your Focus and Define a Niche
The best way to save time as a busy investor in New Orleans is to narrow the focus of your business and define a niche. No one can do everything well. Concentrating your focus on a narrow area will save you time while you learn essential business skills and acquire the necessary expertise. For example, you could focus on fix-and-flip properties until you have the time and knowledge to widen your focus to rental properties as well.
Getting organized can save you lots of time, especially when it comes to record keeping. Nothing takes up time like having to go through boxes of papers and stacks of receipts to find what you urgently need, especially at tax time. 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 New Orleans is to buy turnkey properties. This is a great way to create passive residential income. Turnkey properties don’t need repairs and are ready to rent out as soon as you acquire them. Because the sale price is higher, many investors don’t consider this option. However, if you remember that time is money, the cost may actually be lower. You won’t have to spend time making repairs and can get the property turning a profit that much more quickly!
4. Collect Electronically
When it comes to billing and collections, most businesses have gone paperless. However, many people in the real estate realm are still operating the old time-consuming way. Go paperless to save time as a busy investor in New Orleans.
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 portray, there is no easy or quick way to wealth through real estate investing. It’s a challenging business that requires knowledge, planning, focus, and expertise. You must be efficient with your limited time in order to make it work. 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.
So if you really want to save time as a busy investor in New Orleans, send us a message or call us today at (504) 500-5608!