Burnt Out...

We missed our open house deadline that we'd set for Saturday. Disappointing to say the least. The house will be done in the next day or two, but that means a couple more long nights and a couple more days in carrying costs. Most importantly, it means I won't see any cash!

How important are deadlines?

In this case, I decided to blow my deadline rather than contract out some of the remaining work. My carrying costs are so low that financially, I'm way better off taking a couple of extra days to do the work myself.

Almost there...........

Final 48....

Just over 48 hours from now is the open house deadline. I've got a detailed plan laying out everything that needs to be done. It's going to be nuts. Not much sleep, lots of stress. Tons of "finishing touches."

I'll try to keep everyone up to date, but no promises. Wish me luck!

What Am I Worth?

I asked my mom and she said that I'm priceless.
I asked my girlfriend and she said it depended on the day.... she was serious.
I'm not going to ask my friends because I don't think I'll like what I hear back.

The question?
"What am I worth?"

As this question pertains to real estate and specifically fix ups, this is an important question to consider and answer. Why?

• You need to know what your skills are worth. Am I in over my head? Would I be better off (time, money, quality) to hire this particular task out?
• You need to know what your time is worth. Let's say you do (insert job) by yourself. It takes four full days to complete. Did you save money? It depends. Here is an example:

Carrying costs per day (Payment, Interest) - $50.00

Cost of professional labor - $500.00

$50 x 4 = $200 so you saved $300 right? Not so fast. If you would have hired a professional, you could have spent four days working on other tasks. In other words -

$50 interest x 8 days = $400. Now you only saved $100.00.

I don't think its worth $100 to carry the house for another week. When working with real estate, GET IN, GET OUT, GET PAID.