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Question

I've introduced myself last month but I think its time I start getting more active on the site. I am very new to real estate and everything it has to offer so I've done and will continue to do a lot of research before I decide to jump in. I am currently working full time while supporting my wife and daughter so time is definitely something that's not on my side right now. I'm in the process of reading 3 separate books on the business and I've realized that picking a direction to go won't be as easy as I expected.

I've thought about doing everything from becoming a real estate agent and assisting clients with listing and buying to becoming a property manager and starting my own business doing so. My mind is pulling me in many directions with no clear path on which one I want to take. Right now I'm thinking about getting my RA license and joining a property management company but I'm not certain. I'm writing this because I want to know how some of you chose the path you are currently on. How did you go about starting and what made you do so? If any of you held a full-time job I would also like to know how you worked around it all. I'm looking for a little advice that I can use down the road and also any possible suggestions that you may have as well.

Trent Kruessel · Answer

@Quincy Knighten,

I'm in the same boat as you (full-time job, married, father) and I just want to say, you are doing yourself a huge favor by participating on this site.  In the last 2 months, I've realized (while asking myself where to start) that the more I posted and asked questions on BiggerPockets, the quicker I learned and the more I learned.

Shorter version of advice:  I cut out TV and sleeping in from my daily routine and replaced that time with real estate books & podcasts.  The few hours every week help A LOT.

Longer version of advice:

The only advice I can offer you is what I've been doing lately.  I started by mapping out every hour of my week (and still do every Sunday evening) and I looked for empty space where I'm not at work, sleeping, or commuting.  This "empty space" consists of watching TV, listening to the radio on my ride to work, lunch break, sleeping in, etc.  I took that space and filled it with "Family Time" or "Real Estate".  It sounds corny but it has worked for me.

Here's my typical weekday:

I get up before my wife and son do (~4:30 AM), crank out a 30-minute Miracle Morning, skim the newspaper, and check emails before leaving for work at 6 AM.

I'm getting about 5-6 hours of sleep but it's been more than enough, and I've actually been sleeping sounder than before (I think it's because I know I'm actively pursuing REI and getting the most out of my day; I'm not laying there trying to sleep but thinking "I should be looking more into this investing thing").  And after about 2 weeks of doing it everyday, just like any other habit, you get used to it.

Then, I listen to the BP podcast or other negotiation/real estate/finance/business podcasts during my commute.  I have cut my lunch break to about 15 minutes so I can make a few phone calls (to banks, courthouse, a few friends that are investors, etc.) during that time.  I hang out/play with my son and wife from the time I get home from work (~5:30 PM) until they go to sleep (~9 PM).  Then, I spend 1-2 hours, before going to bed, reading real estate books, reading BP threads, and working on marketing to leads.

Also, I've realized I'm getting to spend more time with my family by planning my week out like this.  Which is the whole reason I'm investing in the first place.

The weekends are a balancing act.  I still get up and go to sleep around the same time but as you know, there are family activities, visits with friends, ball games, church, and other things that crowd up the weekends pretty quickly.  I use the 1-2 hours in the evening (I talked about before) and 1-2 hours in the early morning for REI learning and business development.  My wife and I agreed that I should go Driving-for-Dollars during Saturday mornings so I'm gone from 6 AM until about 9 AM looking for properties in my target areas.  Other than that, the weekends are predominantly for Family Time.

Good luck,

Trent

Cool Resources:

Read "Rhinocerous Success" by Scott Alexander

Listen to Hal Elrod's philosophy about not needing sleep.

Read The Ultimate Beginner's Guide to Real Estate Investing by Dorkin & Turner  -- I read this twice and it really helped to guide me into the niche and strategy that fit my goals.

Quincy Knighten · Answer

@Melissa Gittens

@James Austin Thank both of you. I have thought about finding a property management business in the area to get my feet wet. They typically offer a decent salary so I can still support my family while also getting into the business. Those around me require a license so that is also a plus.

Melissa Gittens · Answer

hello My suggestion would be to find a career in the real estate industry. Once you have gotten you feet wet then you will be able to know which path best suites you. I started off as a property manager because my family owned multi families and I used to collect the rents and field the tenant calls/complaints. I eventually moved onto the sales side but truly am passionate about property management.

Aryelle Collins · Answer

@Tim Davis How much experience do you need to qualify for a position in your property management business?

Quincy Knighten · Answer

@Tim Davis that sounds like a great opportunity. I've actually done a job search recently and I came across the Tampa branch of your company. I am in the process of getting a car for transportation right now as well so I will be able to actually apply for locations and have reliable means of transportation to get to work.

Tim Davis · Answer

Quincy....We are looking for talented motivated people in our property management business.  If you have the drive, motivation and the talent you could be part of our team and learn all about real estate while making a living.

James Austin · Answer

@Quincy Knighten Mellisa has a good suggestion, I am currently working full time while taking care of my family as well, I went through the different REI avenues learning about each one and decided to start from the bottom up (wholesaling in general) because you can start with little to no funding, don't get me wrong its a lot of work on the side but it's a starting point. My first step was to get more financially stable or should I say more knowledgeable, after which I choice my niche and jumped in. I haven't had a deal yet but I have a plan and support of my family and I imagine BP since they answer all of my questions. It really doesn't take a license to start, but it does take determination and planning, especially when you have a family to support!

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