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PO Box 26685
Collegeville, PA 19426
United States

AskTheBigGuy.com is a source for property management, home buying and selling services and real estate investment strategies.  We serve Philadelphia, Bucks, Montgomery, Delaware and Chester County.

BIG Blog!

What is your time worth?

Chris Benedict

What is your time worth?

The average person works 50 weeks a year, for 40 hours a week.  This equates to 2000 hours.  If you make $50,000/year, this equals:  $50k / 2000hrs = $25/hr.  Take your income (excluding rental income), divide by 2000 (or the number of hours you work per year) and this will give you your time’s value!

How much does acting as your own landlord cost?

Take inventory of your time and expenses. Be truthful, and add up all the time you spend, even the time you just spend THINKING about your properties:

·         Picking up mail

·         Opening mail

·         Scanning check copies

·         Prepping bank deposits

·         Bank runs

·         Bookkeeping

·         Paying bills

·         Emails

·         Faxes

·         Listening to voicemail

·         Returning calls

·         Leaving voicemails

·         Listing units for rent

·         Screening tenants

·         Running applications

·         Showing of units

·         Prepping leases

·         Reviewing leases with tenants

 

·         Move in/out inspections

·         Taking photos

·         Hiring vendors

·         Time spent driving

·         Cost of gas

·         Cost of car wear and tear

·         Filing court docs

·         Eviction preparation

·         AND ALL OTHER TIME SPENT!

 

Add up all the minutes you spend, and divide by 60 and you will know how many hours you spend each month on your rentals.  Add any other costs such as gas, mileage, office supplies, etc.  Once you calculate the true cost of your time and energy, you can then compare the cost of hiring a professional property manager compared to what you are spending of your own time value! 

REMEMBER: TIME = MONEY!!!