Wanting to BRRRR, but only have 1-3 hours a day

Wanting to BRRRR, but only have 1-3 hours a day

Palm Coast, FL · Member since 2018 · 7 posts · 0 votes

Long story, not so short:

So I have one rental property (that I used to live in) and been wanting to grow my portfolio into a main source of income.  I am active duty Navy (enlisted), and am planning on getting out (not retiring) when my contract expires, in 2 1/2 years, with no solid plan for work at that point.  I do have a solid contact for POSSIBLY training as a home inspector when the time comes.

My mother passed away this year :(, and I have received a $20k inheritance so far, with $100k-$150k more in the works, but it will likely be several more months. I work 40 hours a week, my wife works 60-80 hours a week (she's a real estate agent that doesn't have it in her to say no to her clients, and is pessimistic of heavy investing btw). We have 3 (high maintenance) kids, that I mostly take care of by myself. That leaves me 1-3, (MAYBE 3) hours a day (M-F) to get anything done, before the kids get home from school. Right now I'm mostly trying to get my mothers estate settled, but once that is done, I want to go full court press on investing. I'd prefer to use the BRRRR method.


Any input on what a newbie can do with the 1-3 hours a day, 5 days a week?  Is that realistically enough time to see 1-2 houses a week, make 1-2 offers a month?  Economically perform the rehab while being "hands on" at all?

Thanks,

Joel

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Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
5y

@Joel McKinney you will do what you set your mind to! My first BRRRR deal was here in Columbus on the OSU campus, it was a duplex. My wife and I personally renovated (with some contractor help) the 3500 sqft building, gutting kitchens, baths, adding bedrooms, bathrooms, painting, flooring.

We did all this while:

- Working 40-50 hours at our day job

- Going to school full time at a business college with 15 credit hours a semester

- Having a healthy marriage

- Volunteering with our church

If we can do it, anyone can!

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  • Warner Robins, GA · Member since 2016 · 244 posts · 167 votes
    5y

    @Joel McKinney congrats on getting started. I am in a similar situation, im active duty air force with 2 young kids and one on the way. The short answer is yes, you can build a successful real estate portfolio on 1-3 hours a day. For the first 3 years when i started, i worked 60-80 hours a week and traveled approx 200 days a year. i would be happy to share many of the lessons i have learned the hard way getting started in real state while working a demanding military job. 

    First, i would discourage doing rehabs yourself. You could write a book on the pros and cons, but ill summarize here. with as little time as you have, your projects will stretch out forever. In today's market, most good BRRR deals require substantial rehab. The holding costs alone, as well as opportunity cost of lost rent, can easily add up to more than what you would pay contractors to do the work. One exception is if you house hack. Im on my second live in flip, and do all the work on that one myself, my other rehabs currently ongoing are completed by contractors.

    Start by educating. I would recommend David Green's book on long distance real estate investing. Even if the property is down the street, you want to build a team and system that doesnt require your physical presence. Systems, systems, systems. spend you 1-3 hours learning and developing systems and the sky is the limit. 

  • Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    5y

    @Joel McKinney you will do what you set your mind to! My first BRRRR deal was here in Columbus on the OSU campus, it was a duplex. My wife and I personally renovated (with some contractor help) the 3500 sqft building, gutting kitchens, baths, adding bedrooms, bathrooms, painting, flooring.

    We did all this while:

    - Working 40-50 hours at our day job

    - Going to school full time at a business college with 15 credit hours a semester

    - Having a healthy marriage

    - Volunteering with our church

    If we can do it, anyone can!

  • Whitney HuttenPro Member
    Investor · Boulder, CO · Member since 2016 · 1k+ posts · 1k+ votes
    5y

    @Joel McKinney First, I'm so sorry to hear about your loss. The loss of a parent is hard enough, then there is settling the estate (I've had to do this recently as well). First, be kind to youself and make it through that process. Next, educate and set your goals according to how you want life to look like. You can BRRRR, but you will need to spend that 1-3 hours a week focused on vision and strategy and have a strong team behind you to the operational work (I speak to this on my site if you are interested). Here is a quick guide for you to make sure you are business-aligned before launching into anything.  Like Steven and so many other here, we've built successful portfolios while working and care for a family ....

    The grand thing is you have some time on your side with the market probably softening here soon.

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