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I own some real estate, but that’s not a flex. Truth is, I’m a frugal guy and I save money wherever I can. Last week, a tenant sent me a text message with photos of the faucet in their bathroom. They had been cleaning around the sink area and the aerator filter broke off (that’s the little filter at the mouth of a faucet that filters out pebbles, small rocks, etc. that come through your water pipes that could potentially clog/damage your drains) and when they tried to use the faucet, it was just spraying water all around the bathroom.
Now, an aerator filter costs all of about $8.50 and according to the youtube videos I watched, it only takes about 2 minutes to install a new one. It sounded easy enough, and I just about convinced myself that “no problem, I’ll just coordinate with the tenant to show up when it’s convenient for them, drive 20 minutes to Lowes, grab a filter, drive another 5 minutes to the property, install the filter, then drive back home another 20 minutes”… but then I asked myself a few more questions: “How long will it take me to find the correct filter at the hardware store? What if the filter is the wrong size? Are there multiple sizes? What if the actual faucet is rusted out and a new one needs to be installed? Am I ever going to install another filter like this? Will it actually only take 2 minutes or will I end up having to drive back to Lowe’s to find the right one?”
Oftentimes, when entrepreneurs do math, they correctly calculate the upfront costs (A-B-C) but incorrectly calculate the back-end costs (X-Y-Z). Too many times, I’ve found myself in the middle of a 3-hour job that was only supposed to take 5-minutes. Why? Because I was trying to save money! Noble intent, Ben, but smart? I guess that would depend on my goals. Was I trying to start a plumbing business? No. Did I want to potentially commit 3-hours to this simple project that should only take a professional a few minutes? No. Did I want to go back and forth with the tenant to coordinate a convenient time for them to get the repair done? No. Did I want to wander around Lowe’s looking for the right filter to grab? Heck no!
So, I called up my plumber buddy who does side jobs, he coordinated with the tenant, he went to the hardware store, he drove to the property, he installed the filter, I paid him $85, and now everyone’s happy. I didn’t even have to leave the house. I saved money, time, and my own sanity by paying the specialist.
When it comes to owning a medical spa, you will be faced with many scenarios just like this. I understand, if I didn’t have $85, I would’ve been over there fixing the filter. But also, if I didn’t have $85, I would have no business owning real estate.
Moral of the story: until you’ve calculated your back-end cost, you haven’t calculated the cost. Hire the specialist.