Work/Life Balance & Staying Sane - Your Tips?

[J. Martin]

I own and manage 6 units with $100K in gross rents, all cash-flowing in the Bay Area, while working an "officially" full-time job. Bought the last directly through listing agent, and in contract on 2 duplexes right now, directly through listing agent.

Balance
I typically work 4 days a week at my full-time job, about 5-10hrs/month on real estate, take off 5-6 weeks per year for Thanksgiving, Xmas, New Years, July 4th, and a couple other weeks, in addition to a month and a half straight for Amsterdam, Paris, London, Munich (Oktoberfest!), Florence, Barcelona, Mallorca.., and planning 3 months straight to Asia in next 18 months.

I've also been to New Orleans for Mardi Gras, Portland, Seattle, Chicago, Kansas City, Philadelphia, DC, Malibu, and San Diego over the last 2 years. I fund this partially by taking a partial paycut to "buy" vacation, and partially by taking a lower-paying job that gives me a lot of flexibility (and of course, some rental income ;). (and some free credit card points) - All while working full time, prospecting for, buying, rehabbing, and managing these 6 units at $100K gross rents, w/ 4 more in the pipeline. And I'm not even that organized, so imagine what you could do!

Tips
1) As many noted, put a value on your time. I will rarely do anything I can pay someone else $20-30/hr to do just as well.
2) Have a key person(s) to handle your recurring business for you. (My handyman lives in one of my units, for a partial discount on rent - with his friends). While I am in Europe for over a month, or on vacation elsewhere.. This may be a team of people for you, or..?
3) Have all your key documents, blank, and signed, on a dropbox online. This will do wonders for you when you have some turnover.
4) Have all pics, listings, etc. for each unit and property saved and ready to go.
5) Have checklists/systems and all forms ready for getting things into action mode. (Notifying tenants of cleaning responsibilities, showing unit, new listings, voicemail for listing, ) - or call PM.
6) My tenants are my "partners." I communicate with and treat them respectfully and reasonably. I minimize my vacancy and losses by finding win-win situations that work for all of us. Doesn't mean let them walk all over you.. 4 of my 6 leases won't be up until next year, so it's on cruise control.

Your balance with real estate, work, and life? Tips for making it happen and improving it?