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Updated about 4 years ago, 10/22/2020
Starting while working 60 hour weeks
Any tips on getting started while working 60 hour work weeks?
I've been trying to read a few books, and start getting a plan together but I haven't been able to start networking or anything yet. I dont have much financing and need to figure out that part as well.
Would it be better to get financing first, find a deal first then try to get financing? My days are going to be busy from 6am-6pm so I need to try and make the best of limited time after work while not neglecting my family
@Ryan Guffey I was a commercial carpenter before I got into real estate. Although I only worked 40 hours a week as opposed to 60, I did 2 flips in 2018 by myself and between full time w-2 and flipping was pulling in 80-90 hours a week. It defenitely sucked, but I learned a ton, and made enough money from those two flips to keep going. December 2018 I severely injured my back and was forced to make this work full time as my doctors told me to never go back to working construction (I lost nerve function to my right leg for 3 months). It was one of the scariest moments of my life as my company fought my worker's comp claim and I wasn't getting paid. Thank god I had made about 60k from doing those two flips so I could pay my bills. Fast forward to now and I've bought over 30 properties in the past 2 years (I'm 100% full time real estate now). I got my real estate license, did more flips, am buying rentals, do some wholesaling. I could never imagine going back to a w-2. My back injury in hindsight was one of the best things that have ever happened to me. I'll pull in about 350k this year from real estate. I made about 60k as a carpenter. I don't say that to brag but more so make the point that if you put your mind to it anything is possible. It sure as hell hasn't been easy, and there have been many mistakes and learning experiences along the way, but I started out exactly in your shoes. The best advice I can give you is listen to as many podcasts as you can, read as many books as you can, and more importantly just take action. Find good deals first and the money will fall into place. Deal flow/marketing is everything, unless you plan on buying strictly from wholesalers (which I don't recommend).
Inspiring story. All the best!
@Ryan Guffey Have you considered getting up earlier? I am in a similar situation with the busy routine. Working full time, doing my MBA, my wife and I taking care of our four young children, and figured the only way to work on my real estate business is to get up earlier. So, since July, every week day at 4 am, I am up working a morning routine. However, I do not have 60hr wks like you do. Maybe you can find a groove that works for you.
Hope this helps and good luck on your success.
Rodney
@Ryan Guffey
If you are struggling to save, I would highly suggest listening to or reading the book Profit First. I apply the concepts to my personal budgeting and it has really helped kick my savings into gear!
@Dustin Singer thats awesome, congrats. What did you use for financing when you started out? I've been trying to read some book but I've started trying to dedicate more time in the mornings and at night when the kids go to bed to getting some reading done. Any books that really helped you out early kn?
@Rodney Robinson I might be able to get up and work on it occasionally but its depending on my schedule a lot of the time, this jobsite is debating on changing the schedule back and I would be getting up at 4 anyway. I could try and stay up later and work on it at night too
@Lance La Croix that would help out a lot. Ill definitely add that to my list
@Ryan Guffey If you're interested in real estate, then make it a priority. Set aside time to learn, network and look for deals. I would look for deals and financing at the same time. You can look on Zillow every day for 30 minutes and call 3 banks or 3 friends/family members.
Househacking is a good way to get started. You need somewhere to live. Why not buy a duplex, live in one unit and rent out the other unit?
@Jon Kelly If you were just starting and looking for single family homes on zillow anything specificyou would look for?
And how would you approach the lenders without a deal in mind? Just asking how much they would be able to lend, or do you try and get an estimate and find a deal that would fit?
I would love to house hack but I don't think its practical with a family of 6 lol
Originally posted by @Ryan Guffey:
Any tips on getting started while working 60 hour work weeks?
I've been trying to read a few books, and start getting a plan together but I haven't been able to start networking or anything yet. I dont have much financing and need to figure out that part as well.
Would it be better to get financing first, find a deal first then try to get financing? My days are going to be busy from 6am-6pm so I need to try and make the best of limited time after work while not neglecting my family
It is hard when having a family. When I started, I was working 50 hour weeks, and would spend every hour possible during the evenings and weekends. I was able to obtain a few rentals over the years, and gain some good equity by fixing up these properties.
I cant imagine doing it now having a family. I still work during the evenings, but just not as much as I had in the past. But now, I am leaving my job and pursuing that career I did on the side, full time.
I did however have to neglect certain things in order to achieve what I have. Most of which was relationships, but the friends that mattered have remained in my life. Financially speaking, I had to start saving every penny I could, so my spending habits changed as well and I became very frugal. Like I mentioned, there will be some sacrifice, you just need to weigh out which things in your life need to stay (and what you need to do in order to keep them a priority). If that means waking up at 4am to renovate, and then dedicating the entire weekends to working, then it is possible.
I just let myself become obsessed with the BP podcasts. You can listen on the commute or a walk, etc. Speed 'em up, slow 'em down and listen over and over when you find something that resonates. That was 5 years ago and I've got several properties. There's a TON of good information in them.
Carl killed it . Just start. Momentum is key. Do one thing a day : that’s all. Even if it’s getting familiar with your area / market . Just go on realtor and browse for a few to get an idea of market and direction. Anything to push momentum brother . You’re killing it
@Ryan Guffey Set a criteria. Are you looking for a property in need of rehab or a property that's already fixed up (e.g. buy and hold)? Let's assume buy and hold because that requires less work. Start in an area you are familiar with. Look up average rents in the area. Average rents should be 1-2% of the purchase price ("2% rule). If it can rent for $800, then look at properties between $40-80k. If you don't see properties that fit this criteria, then find a market nearby that does.
I would ask a lender: will they provide financing for an investment property, how much, what's the interest rate, loan length, minimum down payment required). This will help you know if you qualify for financing and you will have the financing inputs to better analyze deals
@Brian Ellis yeah there are a few things I've been cutting back already but I think we need to sit down together and go over everything and get on the same page to figure out where else we can save
@Jason Kern I have been trying to listen to them throughout the work day when I'm able to. I haven't tried speeding them up or slowing them down yet
@Jacob Glaser what do you usually do to get info on a new market?
@Jon Kelly awesome thanks, that helps, what would you look for to fill first? I was thinking on starting there to hopefully get more money to work with then go to buy and hold?
Originally posted by @Lance La Croix:
@Ryan Guffey
If you are struggling to save, I would highly suggest listening to or reading the book Profit First. I apply the concepts to my personal budgeting and it has really helped kick my savings into gear!
100% agree to read Profit First!!
@Jonathan Greene I like your post and believe that all the other posts under @Ryan Guffey will really help him in his journey into real estate investing! Financing is a huge aspect of knowing if/when we are able and ready to finally get our toes wet after we have the initial education out of the way. Having financing in order too will allow us to know what we can qualify for.
Have you looked into passive opportunities? Examples are:
- - Turnkey Rental Properties
- - Crowdfunding Platforms (some such as Fundrise allow non-accredited investors and low investment minimums.)
- - Public or Private REITs
- - Notes (not completely passive) or Note Funds
- - JV Investing
I began as a passive investor. The parts that I liked were that it allowed me to dip my toe in the water and learn as I earned.
@Ryan Guffey
I feel the same! How can I find time for this stuff when I'm already working for someone else?
I'm no expert and I'm "just starting." My wife and I bought a vacation rental, and made out okay. This year threw everything around so we ended up moving into our rental and selling our home.
I feel like we are back to the beginning. So how can I find deals, or get financing, or manage a property if I'm working for someone else?
Well, the first place it with a goal. A S.M.A.R.T. goal. Make it specific, measurable, achievable, relevant, and time-bound.
If your first goal is education. Start there.
If your first goal is financing. Start there.
We made goals for acquiring our first duplex within 1 year, a goal of paying off our mortgage in 7 years, a goal of generating passive rental income, just to name a few.
Be specific and stick to it. Adjust your plan if you aren't on target. And revisit the goals often to cmsee if you are on track!
Hopefully this helps!
@Marco Bario I have not, I'm honestly not positive what all of those are currently, ill have to look into them
@David A Lisowski i plan on trying this. I want to have them organized and written down so I can keep track and stay accountable!
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#4 Innovative Strategies Contributor
- Rental Property Investor
- Clarkston, GA
@Ryan Guffey
If you are renting buy a house to live in that meets the requirements of being a cash flowing rental in 2 yrs.
If you own, then buy another house to live in, as in above, and keep the current house as a rental.
A signed lease for yiyr current place will allow a portion of yiur current piti to not count against your DTI for qualifying for the purchase loan.
Thus is an easy enough plan to buy rentals. Buy a house to live in every few years, keep them as rentals.
I use the app Personal Capital to help with budgeting and Cash Flow. I hope it helps you. We got this. I am in the same boat!