Is rent to rent too time consuming?
Welcome aboard episode 36 of the Rent to Rent Success Podcast and today we’re talking about time.
And how much of it do you need for rent to rent?
If you’re just joining us for the first time,
go back to episode 1 as the episodes do build on each other to give you the full view of rent to rent success.
And if you’re a regular listener, lots of love to you too.
And I’m excited as we’ve now decided on a name for our publishing company.
It’ll be Double Dash Publishing because I looooove dachshunds and there are two of us so after lots of names that wouldn’t work, the perfect name came to us!
Double dash is also a long pause, it often denotes taking an idea in a new direction and that’s what we want for this book, it’s taking rent to rent in a new direction.
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The exciting thing is that if you’re listening a few months from when I’m recording,
you’ll find the book at rent2rentbook.com
So let’s get into today's episode...
The question - Is rent to rent too time consuming?
The answer - It depends what you compare it to.
If you compare rent to rent to a full-time job working 40 hours, 40 weeks and 40 years.
No, it’s not very time consuming.
If you compare it to buying assets and having them managed by someone else.
Yes it is time consuming.
There’s a triangle for investors, time, money and knowledge.
Usually when you’re starting with little money, you’ll invest more time and knowledge.
When you’re starting with more money, you can use less time and knowledge.
You can buy assets and pay for other people to manage them.
With rent to rent we get the consistent cash flow benefits of owning a property without having to buy it.
For a very small investment.
And we can do that because we put some time and knowledge in there.
In the beginning, it’s going to take you a few hours a week but once you get set up it’s going to take you a few hours a month.
I see many people taking much much longer to manage their properties because they haven’t set things up with the end in mind, with simple systems and processes that make life easy.
Setting up your systems according to a proven system will save your time, money and sanity!
So many people struggle when the unnecessary stress can be eliminated by implementing the simple systems we teach.
Now let’s compare:
Say you’ve got 5 rent to rent properties.
Even with an average profit of £500 per month cash flow per property, after bills and running costs, you’ve got a profit of £2,500 per month for a few hours work each month.
Compare that with an average UK salary £24,500 in February 2020, where if you’re lucky you work 40 hours, maybe a lot more.
Maybe your role is very stressful.
Maybe you have to ask for holidays.
Maybe you have a rough commute.
Maybe you have a sinking feeling every Sunday evening.
Yes, you do have to put time into rent to rent to make it work.
It’s a few hours a month and freedom to live life on your terms.
So is rent to rent worth it?
Yes absolutely.
You invest some time and the payoff is life changing!
For many, R2R is a stepping stone.
The lower investment needed to get started means it’s a great way to generate high cash flow. And that cash flow can be invested in buying properties, as we’ve done.
Remember in the Rent 2 Rent Rockstars episode with Maria she talked about the lease option she has on one of her properties which means that she can buy it over time, without needing a big deposit to get started.
If you didn’t see it you can watch it here
And if you want more,
Remember we have a treasure trove of rent to rent goodies over at https://rent2rentsuccess.com/blog
There you’ll be able to search for whatever you want, https://rent2rentsuccess.com/blog
Next episode, I’ll be talking about what to do if you can’t fill your rooms!
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Until next time, have a great rest of the week.
And remember,
Believe Bigger, Be Bolder and Be a Gamechanger!
See you soon!
Stephanie & Nicky
xx
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