Posted almost 6 years ago

How I turned $40 into $10,000 in 2 hours

I have never done a blog post here on BP before. Today I was 'accused' of being a manual laborer. I deserved that probably. Who else talks about dressing like a homeless-looking construction painter plumber while driving his beater?

What I don't talk about enough is effort/reward or cost (your time) / benefit and how to gauge whether a given task is worth doing yourself or at all. For me the ratio has to be seriously skewed toward the reward or benefit for me to consider it better than... taking a nap. I call it my nap index, but will save that for a different discussion.

So there I was, combining tasks to get everything I need done for two turns in one day (vs working multiple partial days) last week when I realized the seller of my latest little sfr rental had a dumpster in front of the house that was going to be emptied the next morning, full or not. I called him. Sure, fill 'er up. I'm done for the week.... I had stopped by to take a pic for my insurance co so they could write me a new policy. Can't take a picture of this!

I've had a rental across the street from this house for 3 years and didn't even know it was there until my contractor friend and seller asked if I'd take a look at it. Trees. Huge ones have been growing and branching out everywhere since 1950. I didn't know the house was there because I couldn't see it.

Got to fill that dumpster; can't see good space go to waste. I call my maintenance guy who has a pole saw and loves to work outside. He met me over there right away and 2 hours later you could see the house. He did the sawing, I did the dragging. WhiIe there, neighbors stopped by. "I didn't know this house was so cute. Are you buying it? Do you have a card? A friend of mine knows someone that inherited a house that needs work like this."

I gave Maintenance Mike $40 for helping me and he argued with me that it was too much. I've added at least $10k in curb appeal to this neglected little house. Because I was there I met neighbors and have a possible lead on another place. Don't be afraid to work IN your business. Sometimes it's worth missing a nap for.

Comments (10)

This isn't just about manual labor- its about networking as a lifestyle- which is what can bring great opportunities. It's a win-win for anyone willing to put in the time-whether its taking out trees or door knocking. Thanks for the blog.

Jenny Moore, almost 5 years ago
Steve,
I have always thought how AWESOME it would be if you were to write a BLOG, not that I don't enjoy your forum post but its GR8 to finally get more than a few lines of INFINITE WISDOM! Man after my own heart. I think there is GR8 value in being able to work both in your biz as well as on your biz. You need to be able to at least experience some degree of every bit of your business it has to offer, IMO. Well, thanks Steve for FINALLY writing a BLOG now that I know you are finally on the BLOGGING board, I am gonna expect MORE! I not asking! LOL

Tony Wooldridge, about 5 years ago
Nice Steve.
I used to pull carpet and dump, hand pull nails from floor boards, pre sand floors, and prep walls for painters, but doing the talented work, like finishing wood floors and painting, I hire that out.
There is satisfaction of labor, sometimes its not just about "delegating"

Brian Gibbons, over 5 years ago
Very nice article Steve. If you have a million in the bank or bank $10K net per month from your properties why ever work on them yourself? On the other hand when you start off with little money and struggle to make a good business, putting in some elbow grease seems natural and can have huge benefits.

Jerry W., over 5 years ago
Nice short article that shows sometimes the benefits of being on the ground.

Orane Williams, almost 6 years ago
1. Thanks, Orane. I agree there isn't always a benefit to being on the ground. Spent too much time there today a matter a fact. Still hard to delegate for me.
  How about you? Are you more of an assign, hire and delegate investor, or do you like to roll up your sleeves and get in there?
  
  Steve Vaughan, almost 6 years ago
Although I don't have any properties yet, I wholeheartedly agree here. I think there's something great about being engaged and present, and using some of your time to personally help make your space in a community better. Not only can you get some on-the-ground networking done, but I feel like it's also major bonus points to your rep as a landlord.

Dillon Reilly, almost 6 years ago
1. Thanks, Dillon. I agree (obviously:) and think I will always enjoy being engaged with the property and the tenants. I used to be a do everything yourselfer, DEY. That's a step above DIY! Now I hire more out than I used to, but stay involved and try to lead by example.
  How close are you to getting your first property? Early learning? Saving? Actively hunting?
  Thank you for your comments!
  
  Steve Vaughan, almost 6 years ago
Good article. You're not the only one on here that likes to roll up their sleeves and sweat a little to "force some equity".

John Teachout, almost 6 years ago
1. Thanks, John. Sometimes with all the talk of working on your business, I was beginning to wonder. I appreciate your comment!
  
  Steve Vaughan, almost 6 years ago