Starting while working 60 hour weeks

[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

[Joe Villeneuve]

Priorities. What you are describing is the same for everyone that starts out, and probably remains the same for most until they quit their J.O.B...if they quit their J.O.B.

All you're talking about is time management.

A big part of time management is the forming of partnerships.

[Jonathan Greene]

Anything is doable if you are committed to learning. But you need to find financing first, especially now. If you don't know how much you can spend and what that looks like in terms of payments, how can you be looking? If you can't spend enough time on it now, don't force it. Just learn in your free time and wait until you have the backing and time to really dive in.

[Ryan Guffey]

My main concern with a partnership would be that without fully knowing what I'm doing yet and being limited idk what all I could bring to the table without experience or financing.

Thanks ill keep that in mind and try and work on finding financing while I can

[Brett Sayers]

Hey @Ryan Guffey I think we all feel your pain. You mentioned reading books to get your learn on. I recommend starting with something like 4DX, The Compound Effect, or Crush It. Those all really dig deep into what you are dealing with. There’s a lot going on in the whirlwind around you and you have to focus just a bit of attention on the little things that will get HUGE with time. 60 hrs is hard, but you may be working a happy 80-100 hrs on your real estate business someday like it’s nothing.

Save Save Save. Save on turbo until you get your first property and keep it up until you don’t need 60 hrs anymore.

1. Educate yourself

2. Work on your financial health

3. Take a jump

Hope this helps.

[Ryan Guffey]

@Brett Sayers ill definitly look into those when I'm done with what I have. I finished rich dad poor dad, currently reading e myth and I have cash flow quadrant waiting.

Trying to save as much as I can but its taking more time then I would like lol

[Brett Sayers]

@Ryan of course Scott Trench’s “Set for Life” is a great one too.

[Ryan Guffey]

@Brett Sayers what one would you recommend first?

[Michael Noto]

@Ryan Guffey Are you looking for buy and hold deals or something with a rehab element? Rehabs will be very tough to pull off with no experience given the hours you are working. People vastly overestimate the amount of time that it takes though to manage a small portfolio of buy and hold rentals. You can do it. Figure out the financing end and take it from there. 

[Ryan Guffey]

@Michael Noto well I thought about try to start by flipping to gain so starting capital and then try and BRRR after that and alternate between the 2 after that. I think I also need to figure out the numbers better and see how much I would need for cash flow to be able to get the same or more then my 401k job

[Kerry Noble Jr]

someone else above said what i was going to say........partnerships

[Joe P.]

Is your job flipping/rehabbing, @Ryan Guffey? (Thats what you listed as your job on the boards...)

If so, could you sub out some of those hours your spending? Could you take half of your business once you clear your projects out and dedicate it to personal projects?

[Ryan Guffey]

@Kerry Noble Jr my main concern with a partnership is that I don't know what all I would be able to bring without funding or experience with limited time

[Ryan Guffey]

@Joe P. Oh, no I thought it was what I wanted to do, flipping and BRRR so far.

Currently I'm a commercial electrician

[Kerry Noble Jr]

Originally posted by @Ryan Guffey:

@Kerry Noble Jr my main concern with a partnership is that I don't know what all I would be able to bring without funding or experience with limited time

 ahhhh! got you.....you may possess other resources.....youll have to tap in and find em

[Zach Gring]

@Ryan Guffey

I haven’t read all the comments yet but I was right there with you 10 months ago starting my journey. I quickly realized the time for consistent education was during the day with my driving or headphones (while running a crane) and the most IMPORTANT was I got up an hour and half early everyday (I start at 6 am too) I’ve been getting up at four to read for the better part of 6 months.

Yes it’s tiring, yes it’s hard on fridays, yes it’s even harder on

Saturday and Sunday I push it off to 5 am on days I’m not working.

Consistency

What’s hard will pay off

Just have to make sure your ultimate “why” is stronger than anything else.

[Ryan Guffey]

@Zach Gring I've been trying to keep at it. On a lenient job site currently so I've been trying to listen to the BP podcasts through the day, but I'm sure I miss some too.

I might try that as well that way I can focus a little better while everyone is still asleep.

How long did it take for you to get your first property?

[Hamlet J.]

@Ryan Guffey

Hello @Ryan Guffey,

I totally understand your circumstance. I’m a farther of two daughters and I have a full time and a Part time jobs.

I created a schedule for reading and educating myself. Since you’re a electrician and probably work along sometimes. Correct? Invest in audible books that you can listen while you’re working.

Created a budget and stay focus on it. As electrician, try to do side jobs and put the money on the business goal.

Starting learning how to analyze deals.

I hope this advice help.

Hamlet

[Carl C.]

The best way to start.... is to start. I work a full time W2 and have run our real estate business after work and on weekends for the last 7 years. Its a lot of work. It is a major time suck. There is very little down time or fun time. It's the reality of the business, especially when you are starting out. We couldn't afford to quit our jobs when we started but we made it a priority to focus on getting the business going. We are now in a position to think about focusing full time on the business in the next two years. Manage your finances to save up for a down payment, then set aside some time to start researching and analyzing deals in your target area. If nothing else start looking at properties on Realtor.com and figure out what your expenses would be and then look at what your rental income should be. Learn the process. At some point you'll find a deal that works within your budget. You will probably be surprised how quickly it comes together when you just start taking steps in the right direction. 

[Zach Gring]

@Ryan Guffey

I had one accidental rental from a previous relationship. My first official investment was closed 9/30/20.

Stay consistent, make those small deposits daily of time and effort.

[Zach Gring]

@Hamlet J.

@Ryan Guffey

Check out the app called scribed unlimited audio books, books and snapshots 9.99/month. Much better than audiobook app. Not as many titles as amazon. But I go through two reading books and 2-4 audiobooks a month and I have yet to not find good titles.

[Andrew Coen]

Hey Ryan, I know how you feel since I was/am in the same boat. I work from 2am-5pm Mon-Fri and 2am-7am Sat-Sun. I picked up a second job because i wanted to get rid of my credit card debt and get money in the bank. Between jobs on the road i would and still do listen to as many audiobooks as i could and make phone calls to realtors, lenders, and anything related to making appointments because I had started during the beginning of the pandemic. I officially bought my first property in June and im very happy how things turned out, but i realize now that i wont be able to do this forever. In my opinion, taking action always beats doing nothing. Sometimes you screw up and maybe work harder than you should but as long as you learn the lesson and make progress that is what is important. I dont know many people who would be able to partner with in my close circle so that means i have to decide to act and get out of my comfort zone or stay where i am at. I have decided to knock on doors to find deals that people wont want to turn down as an investment opportunity and hopefully can get some seller financing too. Keep on moving forward man and you will be surprised where you end up.

[Ryan Guffey]

@Zach Gring ill try and check it out after work. Would you recommend that over the BP podcasts?

[Dominic M.]

@Ryan Guffey

If you don't have finances or experience then the other valuable asset you have is your time and work ethic. Time management is going to be crucial. Maybe think about things that you can remove from your expenses to increase your income since you are full throttle on your time. Next can you sacrifice weekends to make extra income with side jobs? Can you also network, educate yourself and look for deals on the weekends? I agree with the guys above that partnerships will be crucial. 

[Justin Schaefer]

@Ryan Guffey what do you currently do for a living? There's a reason I'm asking.

[Ryan Guffey]

@Justin Schaefer I'm a commercial electrician