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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
Get a Pro membership in BiggerPockets!
Listen to a free webinar and get a discount code first.
While you figure out if you will buy a pro membership, you can utilize a myriad of free podcasts and YouTube videos!
I use Podcast Addict for podcasts, and listen all the time while driving or doing other things when I can listen.
That's how I started, and the listening helped me get used to so many terms and practices.
You can go as slow or fast as you like. The deals are out there, and when one gets away, another is just a bit away.
I use YouTube a great deal, as well as audio books. I also listen to many other people on the Internet and YouTube.
Good work finding Biggerpockets.com.
So much help here and no hand out for you to fill with your hard earned cash! There is a lot to buy, but the more you listen and ask questions, the fewer times you will buy things you are not ready to use.
Good Luck! This is an exciting time, as things are changing, that will fare well with those who have open eyes and a questioning attitude.
@Curt Smith i currently own, just refinancing currently. What is a piti?
@Robert Lemley Thanks ill look into it!
@Daniel Smyth I intend to get the pro membership hopefully around the end of the year. I'm trying to save as much as possible and get it when I'm ready to jump in for the calculators.
Do you have any good recommendations for YouTube? I haven't really looked there
@Joe Villeneuve I read the book Atomic Habits which has taught me a lot about making the best out of free time. So, I’m learning this biz when I can but.. as far as networking... where would you suggest I search for partners? Yelp ? Facebook? I have the credit and some $$ but zero experience... Any tips would be helpful. Ty.
@Ryan Guffey
Good for you keep on going..
Record podcasts and listen to them during your commutes..
Make good use of your breaks and lunches utilizing those times to make calls etc..
And when your home that's when you do research due diligence etc..
Plan your day the night before
Use the weekends for viewings etc on things you didn't have a chance to do during work week
@Hai Loc I have been trying to listen to the podcasts almost every day. I didn't think about using lunch though, normally I've been just reading but I could switch that up sometimes
Just keep finding deals and the rest will fall into place! That being said, stay on top of everything in your free time. Reading is great but will never teach you as much as doing.
@Ryan Guffey So many memories started flooding in when I saw the title of your post. Thank you for posing the question. I began investing in SFH in 2009 and by 2015 I had decided that the "hands-on" time commitment was just too much for me to handle. I used to work in the oil industry, 14 hour days, 7 days a week (98 hours total). I feel your pain. In 2015 I switched to investing passively in multifamily real estate and I still use this strategy today (syndications/private placements/REITs). While it may not be 100% "passive" it is far more passive than the flips, vacation rentals and the buy and holds I was doing with SFHs back then. The best advice I have for you is to self-reflect and evaluate your strengths, weaknesses and what kind of time commitment you are willing to put in...ahead of time. That is something I failed to do early on. I recently wrote a BiggerPockets blog on this topic called "What Type of Investor Are You? – A Quick Self-Awareness Guide" https://www.biggerpockets.com/...To Your Success Ryan.
@Ryan Guffey the reason I ask is because if you spend a lot of time driving between sites, it's a great time to utilize that time to listen to webinars, podcasts and audio books and get a lot of education. It might also be a good time to make phone calls.
@Justin Schaefer I don't, I'm at 1 site all day, but when I'm on my own I try and listen to the podcasts as much as I can
@Travis Watts I don't know know much on investing passively, where can I find out more on that? I haven't done much self reflection, ill try and do that tonight and ill check out your post, thanks
@Ryan Guffey
No, in addition to the podcasts.
Be a sponge, you’ll only gather a few points from every book or audiobook. Podcasts sometimes you’ll get 2-5 good nuggets in with just the one hour show. Plus when they drop they’re social platforms follow them good way to future network.
- Zach Gring
- [email protected]
- 630-373-2554
@Ryan Guffey
Listen to poscast and audible so you can take advantage if learning on your drive to and from work. Also so analyzing deals in your free time
And watching you tub videos to learn about renovating. Now you have something to give in a partnership. This won’t happen over night. It’s going to take a long time. Save money also. You need something o start no matter what. I hate when everyone says no money down. That’s ********. No experience no money no deal. Save your
Money and take time to learn them branch out and just do a deal. The best way to learn is by doing. If you analyze enough deals you’ll find one good enough where you know even at worst case scenario you can’t lose. Th at a what I did. Now I’ve been investing for years and do pretty well.
@Zach Gring alright gotcha.
Sounds good thanks will do!
@Ryan Guffey - you can do it! It's all about priorities. I have a family of 7 - wife and 5 boys (6 to 16yrs old ), work an 80hr a week job, and have renovated a duplex and built a spec house in my spare time over the last 3 years. Do I take time for myself? Not much. I run/lift a bit, but other than that I've gotten use to working from 5 or 6am to 12pm or 1am, then doing it all over the next day - pretty much 7 days a week... One piece of advice I have to give is with a family or significant other - it's all about expectations and the story. If you can weave a storyline where they understand why you're doing it, how long it might take, and where you'll be when you're done - they'll be more likely to follow or help you get there. I'm always explaining and telling my family the story of where we've been and we are going. I keep painting the big picture so they don't get lost in the woods. And of course you can house hack. We moved all 7 of us into a 1350 sq/ft duplex (which equates to less than 200sqft per person) and we were able to reduce our housing cost to just utilities, because the other side paid the mortgage and all other taxes and insurance (principal, interest, taxes and insurance = PITI payment). That duplex catapulted us. I'm an attorney and my kids were always saying - "Dad why don't we live someplace nice?" And why do you drive a 15yr old truck? But then I'd go through the story line again, explain assets and liabilities and they would say "oh so I could do that too - and not have to work the rest of my life?" That's when you know you're doing the right thing. Also I would use any opportunity to combine the work and family time. I would take my boys (even the 8yr old) and do work with them on the house. Not because they were helpful - but so that we actually would spend time together. It's a great teaching tool! That being said, now when we discuss it, and they know how close we are to financial independence, they're like - wow! We did that together!?! Thanks, Dad! It's an amazing feeling for me, and the are developing the work ethic and vision so hopefully they can do it much sooner than me. Feel free to reach out if you need anything!
I podcast and listen to audio books while I drive or do tasks that don't need my full attention. The hardest thing for me has been scheduling walk throughs. We are looking at distressed properties and I want an idea of what it actually looks like. I suppose I could have my realtor take some footage but I feel I'm already using her for so much. I definitely need to make sure I add value to her once I finally get a property under my wings.
@Ryan Guffey
Hi! I’m on the same boat too. I agree with a lot of the comments I listen to podcast during the day while working. Something that helped the past 2 months was the intention journal from BP it keeps me accountable for creating a schedule and hitting my goals (even small ones). Time management is huge but having something written down can help with guidance and not feel like you are trying to do everything at once but feeling like nothing got accomplished at the end of the day.
Good luck keep us posted on journey!
@Ryan Guffey we have used a local hard money lender for all of our deals. That being said, I sold over 10 flips and around 10 wholesales before we bought 1 rental. Just a capital play in the beginning. Now we use a local smaller bank or "portfolio lender" to refi out of hard money for our rentals. (the brrrr method). I do self fund 1 easier smaller deal at a time. The best books I read starting out were both of J Scott's books...the book on flipping houses and estimating rehab costs. Also I have read most of Mark Ferguson's books as well. They're an excellent foundation that contain actionable tips to get you started. That being said, mindset comes 1st, marketing becomes 2nd, execution 3rd, and disposition last. So read anything you can on mindset, goal setting etc... read up on how to market and brand yourself 2nd... and maybe the foundational pieces (flipping, wholesaling, rentals) 3rd...disposition you can hire out (property management, real estate agent to sell flips) if you plan on self managing... Brandon Turner has an excellent book on managing rental properties. Just a suggestion to do it in that order...of course any knowledge and growth is positive :)
@Dylan Shea Thats awesom! I never thought of that, I just assumed we wouldn't be able to because of how many of us there are but u guess I never really looked.
I was hoping to do that too and have them help work on the houses. I figure it might take longer to get done with the younger ones there but they will have fun helping and time together we be better. Yeah I hope I can help them understand so they all have a better head start
@Ana C. Thanks! What is the intention journal, just having goals written down essentially? I was going to try and start something like that at least
@Dustin Singer Thank you. Where did you find your hard money lender when you started?
J scotts books are some i was going to try next after I finish the ones I'm currently on.
I'll have to look into books on marketing and branding, I haven't thought to much on that yet.
I may try an self manage at first and see how it goes until I have enough before it gets too hard
@Ryan Guffey I met him at a local REIA event or something I believe. All my contractors, bank contacts, lenders, title companies, business partners I've met through networking events. Go to as many as you can if you have time. I'm not a big fan of the national hard money lenders. You can get much better terms with a local guy, someone that knows the area, and a second set of eyes. Local hard money lenders will only lend on projects that they wouldn't have a problem foreclosing on you if you default. If they don't want to do the deal...you shouldn't want to either. I self manage as well kind of...with the help of a licensed admin.
Property management is a great way to free up A LOT of your time, however, making sure your manager is a local experts can be one of the most important factors in making sure your rental property is profitable and up to code with local legislation and rental increases.
Having worked with @steverozenberg, Bigger Pockets contributor, professional real estate investor, and Head of Investment Education at Mynd Management, I've learned that not having a local team can be one of the biggest drains on investors return on investment.
There are some great ways to source a local team. I'm happy to tell you more if you're interested.
@Ryan Guffey What is helping me get started right now is being on a local REIA Facebook group.