It’s Catherine with Titan Impact Group and I’m here to talk to you about numbers – my favorite subject – spreadsheets and numbers.
One of my very first lessons that I learned from my one of my very first real estate investor mentors was about “do the numbers, and the numbers tell you what to do”.
So that is probably hands down the most valuable skill that I have learned to master when it comes to business, investing and everything. When it comes to real estate investing, never ever, ever, ever, ever, emotionally get attached to any deal or property.
That’s one of the worst things that you can do.
But one of the best things you can do is get attached to the numbers and know what your bottom line is, know what it is, at the end of the day, what you need to make on each deal before you’ll actually pull the trigger.
And know it before you actually start the numbers.
And do the numbers.
Keep asking for all the numbers until you get what you need to be able to do the correct formula to understand what your return on investment is going to be, how much money you’re going to need to do the deal and how much money you’re going to make at the end of the day.
Like No kidding!!
And then calculate your time cost, how much time it is actually going to take and then how much profit you’re making and calculate your actual time costs, like how much time it took for you to make that amount of money, and you can actually see what you’re making on an hourly basis and make sure that that is worth your time as well.
May you never awake from the American Dream!
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