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

[Douglas Holden]

@Ryan Guffey

Hi Ryan,

First thing to do is look at your own finances and spending. Record every penny you earn and spend. Take a detailed look at where you can cut expenses and save money. (i.e. coffee, take out, bagged lunches, cable....the List goes on)

Once you have created a lean spending habit, start looking into finance options. It will be difficult however if you haven’t saved and don’t have a track record. But, it can be done and you need to start somewhere.

I would definitely start looking at properties so you can get the experience of running the numbers.

Keep educating yourself as you are doing.

Good luck!

[Ryan Guffey]

@Dustin Singer i hadn't thought of that. I need to work on getting out to some networking events in general. That makes sense, and I would rather work with someone I know so I would feel better about doing multiple deals with them

[Ryan Guffey]

@Jon L. I'm interested in learning as much as I can! What point in time would it be best to get a property manager? Is that something I should do earlier or after I can aquire a few properties?

[Brandon Abrego]

@Ryan Guffey hey man how’s it going?

So I also work 5 12s and I totally get it, not much time for other stuff lol. But it’s important to me so I make time. I usually listen to my podcast to and from work every day (1/12 total) and then I take a hour or more every night to do research or dive into networking.

I really like the BP FB groups (all of them) they are really responsive with any questions I have, and put on a lot of content that I’m able to learn from. There’s also a couple other groups that I really like as well.

 So far I currently bought my first property, a single family and am in the process of converting it into a duplex. There’s a lot of things I’ve not counted on,too say the least lol, but I’ve gotten pretty lucky and it’s working out so far. You are right where I was just a few months ago bud, just keep at it and you’ll get the hang of it.



[Jean Joseph]

@Ryan Guffey

To piggyback from others. Priorities.

Everything is doable.

Prime example, iam work 96 hours a week for the past 3 yrs.(3 jobs) 5 sfh in less than 2yr self manage. Its a breeze for me. Howver, I have no immediate family and live wayyy below my means.

You've got this champ! 💪🏿

[Wale Lawal]

@Ryan Guffey find the deal first. What niche do you want to focus on? You can do Buy and Hold comfortably with your 60hrs work well.

Narrow down your options and strategy and go for it.

Goodluck 👍

[Ryan Guffey]

@Brandon Abrego yeah ive been trying to listen to the podcasts as much as I can. Think I listened for maybe 6 out of 10 hours while at work.

I haven't looked to much on Facebook for groups, ill check that out.

How did you find your first deal?

[Ryan Guffey]

@Jean Joseph Thats awesome! Did you buy and hold, and how did you finance? How long did it take once you started looking?

[Ryan Guffey]

@Wale Lawal I was thinking about trying to flip a few first to get some initial funds built up and then alternate with buy and hold

[Jean Joseph]

@Ryan Guffey

Buy and hold. Took me 5months to land on first deal. I used conventional on the first 2 deals. 1 cash purchase and rest seller's financing. I invest OOS

[Ray Danishyar]

@Ryan Guffey your best bet is to think about a lead generating system where deals come to you since your time constraint. Lead generation isn’t hard if you have a system set up. I flip 6-8 homes a year and I work full time so it is possible. Hope this gives you some direction on what to think about.

[Ryan Guffey]

@Ray Danishyar depending on how many leads come in though how would I make sure to have financing set up for when they start come in?

[Ray Danishyar]

@Ryan Guffey lining up cash buyers or leveraging hard money.

[Justin Carmack]

You're right where you want to be, enthusiastic about real estate, and getting paid for a full-time job.  Although your job will take time away from your real estate ventures it will also allow you to qualify for loans, financing, etc. which is needed to start acquiring properties.

Sounds like you need to throw some coal on the fire in regards to your real estate education.  I recommend reading as many BP (and other real estate related books) as possible.  BP really is the best resource out there for information and helps in surrounding yourself with people that are positive and action oriented.

Read a lot of books and listen to podcasts.  I recommend these books (that changed my life) to start out...

1. Brandon Turner's "The Book on Investing in Real Estate with No (and Low) Money Down".

2. Gary Keller and Jay Papasan's "The One Thing".

3. Gary Keller and Jay Papasan's "Millionaire Real Estate Investor". 

Your education in regards to creative financing, construction, and shear hustle will contribute to your success.

Get your financing worked out.

1. Talk with a loan officer and find out what's required for obtaining loans.

2. Find other means of obtaining money such as a friend with a self-directed IRA that's willing to loan you money at a specific interest rate.

3. I recommend split disbursement of wages from your W-2 job.  Start a savings account specifically for real estate and every paycheck have your HR department deposit 10%-20% of your wages in the account.  This money can be used for down payments, construction, etc. Don't touch the money for anything other than real estate.

4. Call hard money lenders and find out more about their requirements.  Make sure your estimates on the construction projects are accurate when working with hard money.  If your numbers are off your deal could go bad quickly and you could be upside down on the loan. Be careful on hard money loans.

5. If you find a deal ask if the owner will hold a note on the house (or land contract) and put a minimum down payment on the property.

6. Find a partner willing to float the bill if you do the leg work.

Find a deal. There are a lot of FREE methods of finding deals.  Most of these take little times too.  Make sure you run numbers on deals daily so you know the area and you know a deal when you find it.

1. Scour the MLS daily.

2. Look for ads on Facebook and post ads in real estate forums.

3. Create a Craigslist account and post ads searching for houses.

4. Attend networking events.

5. Contact family members and put them to work finding properties.

6. Visit the forms section of BP and find the forms to put a house under contract.

Put a team together.

1. Talk with all of your friends in the construction industry and find out who they recommend as contractors for projects on houses.

2. Ask other contractors who they like working with on projects.

3. Call these contractors and let them know what your doing, get them on board.

4. Find an agent in your area that focuses on real estate investing.  Not all Realtors know this game and they are not created equal.

Once you're educated, have everything together, and the numbers workout... TAKE ACTION! 

Message me or call if I can help in any way.  GOOD LUCK!!!

[Ryan Guffey]

@Justin Carmack As far as books I'm in the middle of E myth revisited and I have cash flow quadrant waiting and I was planning to get J scotts books on flipping houses and estimating rehab costs. Between those and the ones you listed is there any order that you would recommend to read them?

A lot of good ideas, could you elaborate a little on number 5 on financing?

Would you try and find the deal first get a team together so you're ready to go when you find the deal?

Thank you, will do, this is all very helpful!

[Justin Carmack]

I would read the books in order #2, #3, #1.  All good books and the order doesn't matter that much.  Either way you will profit greatly from reading all of them.

In regards to #5, basically the owner acts as the bank in the transaction.  You see this "creative financing" option when a seller has lot of equity in the house.  

Example...

House Value: $65k

Owner Owes: $5k on the house

Owner's Equity: $60k.

You draw up a promissory note and mortgage document (can typically obtain through a title company or lawyer) where the owner is acting as the bank.  You give $5k as down payment which pays off his/her note to their mortgage company.  The owner of the house acts as the bank and holds a mortgage (which you pay) to the owner for $60k.  Make sure all of this goes through a title company and/or an attorney and you don't give money directly to the owner of the house.  It goes into an escrow account through the title company.

Yes, I would work ahead in getting a team together.  No necessarily a solid structure, but give a "warning order" to everyone involved and start vetting people on your team.

[Wale Lawal]

Originally posted by @Ryan Guffey:

@Jean Joseph Thats awesome! Did you buy and hold, and how did you finance? How long did it take once you started looking?

It will be a bit challenging to flip profitably while working 60hrs a week without prior experience or a solid working relationship with a contractor you trust.

Goodluck!

[Kerri Ferranti]

Hey @Brett Sayers! I love book recommendations and am a fan of Gary Vee and have The Compound Effect on my to be read list but what is the 4dx book you mentioned? I cant find any information about it.

Thanks!

[Rodney Robinson]

@Ryan Guffey good creative thinking. It’s not easy but you will find the groove that fits for you. Good luck and keep us updated on how it’s working. If this is your destiny and passion, commit to overcome all obstacles.

[Ryan Guffey]

@Justin Carmack alright ill try and check them all out. Ok that makes sense I think I get it, so I would still have to pay the total value on it but would only need to worry about the 5k at first then I could fix and refi and try pay it off or rent it out and let someone else pay the 60k?

Ok that sounds good, ill start looking around

[Ryan Guffey]

@Wale Lawal yeah I figure it'll be more challenging, but wouldn't i be able to get more back quicker?

[Ryan Guffey]

@Rodney Robinson will do, thanks!

[Joe Villeneuve]

Originally posted by @Monique Madrid:

@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.

 Most of what you find on FB and Y will be people like you, or those that have even less.  Those are not the partners you need.

Go to your local REA's, where the real investors are.  If you have credit to start with, many investors there would be looking or you.  They may have exhausted their available credit, and are looking for credit partners.

[Zachary Ray]

If you keep your full time job then it will be a slow progression to learning what you need to know. If you dive in it could work for you but then you would need serious reserves. It truly depends on your living situation. Just remember either way it will take longer than you expect. Just keep at it. 

[Todd Pultz]

@Justin Sullivan good points! Be careful with your thinking though as it will limit you’re ability to scale if you want to. It is absolutely not BS to buy properties with 0 cash. Most interpret the words wrong! Telling someone to buy real estate with no money does not literally mean, NO MONEY, it means you don’t have to have your own money although you can absolutely buy real estate with no down payment as well. To scale is to be creative and financing properties to your benefit has to be creative. Cynicism is a key ingredient that people have to get rid of and change as it will hold us down. Instead of saying something can’t be done, why not reach out to someone who said it can and ask them how? We’ve bought millions in real estate this year alone with $0 of our own cash through creative financing techniques and owner financing! Sometimes all you have to do is just Ask. Good luck to you brother, but please don’t let limited thinking hold you back from being a beast and being great!