What is the typical day in the life of a full time REI?

Question

Hi BP Family. I've recently retired from my W2 so I'm switching from a part time investor to a full time investor. No, I didn't retire because I'm cash flowing enough. Wouldn't that be great:). I retired because I'm old enough and my W2 job made it possible. But now it's time to pursue my passion full time. But I find myself bouncing all over the place. I don't have a set routine to be sure I touch all the bases every day. When I was at my 9-5 (ok, 7-6) I had a set daily routine that I tried to follow whenever possible. And when I didn't I wasn't as efficient or effective as I was when I did follow the routine. In case you are wondering, and I'd be surprised if you are, I was a Project Manager for large design and construction projects in the commercial world and the utility industry. So I'm hoping there are some other OCD folks out there like me who have a really good daily schedule that is making you successful. Any advice or links to good sites would be greatly appreciated.

Thanks

Jim

Thanks

Jim

Scott Mac · Answer

So my last post seemed a little empty, here's are some add ons for you.

Things you might want to try:

[1] empty a room in your house and make it your dedicated office--paint or wallpaper it just like your old office--same stuff on the walls, etc...

[2] Put in a desk like you had when you were working--spend the money to get what makes you feel productive.

[3] Get a very comfortable desk chair you can sit in for hours a day.

[4] It's COVID time, so use ZOOM to make some calls when you would normally meet in person.

[5] If you're a drinker, put a mini-bar in your office so you stay put there vs going to the kitchen for a beer and getting side tracked.

[6] When you're burnt out on a task, have some kind of fallback use of your time, such as reading an ebook about the business.

[7] Eat breakfast everyday before going into the office and take a lunch break (if you are non-COVID afraid then go out for lunch 5 days a week).

[8] Make the office your daily base of operations vs just your home.

[9] Make a Vision Board on Excel.

[10] If a computer CRM is not your friend--buy and use a Roldex from ebay.

Just my 2 cents.

Jason Shackleton · Answer

Hey @Jim Kalish. There is a good book that briefly goes over the importance of setting up a daily routine. Although brief I found it helpful. The book is Building Wealth One House At A Time by John Schaub. Good Luck.

Jay Hinrichs · Answer

for me I am no way that organized I try but never follow the script..  for me i get up and work on what is going to be most profitable in my mind that day.. or when your doing what I am doing  building homes in 3 states and funding rehabs in 14 states.. you just react to e mails and crisis's as they arise every hour..  I dont know how I would handle just a few props and lots of time on my hands..

I guess if fix and flip to generate cash.. then  product procurement would be goal number one .. funding before everything else make sure you have your money lined up . no reason to go shopping if your scrambling for dough.    So Money first  deals second  rehab teams when you get a deal which obviously would be your strong suit based on background  then figure out exit  Sell or Keep.. etc.. pretty straight forward I would think.

Scott Mac · Answer

Hi Jim,

So you know what you need to do, but bounce around all day....Does that get it done, or are you doing other things like watching Bonanza on YouTube all day.

If it's getting done, then you'll only need to make some small changes (if at all).

If something like the Cartwright's on YouTube, Hoss, Adam, Ben and Little Joe are wasting your "DAY" time...then you have a motivational issue to overcome.

But lets put it in Simple Terms here, You are the "New Hire" on this job, and the Boss simply gave a project to complete--a big one, and no direction as to HOW to do it.

Everyone works differently. I'm sure with more "Time in the Saddle" you will get into your own routine (one that works well for you), then you will feel like you have hit a "Bonanza".

Good Luck!

Jerrad Shepherd · Answer

@Jim Kalish

I make it a habit to drink beer and fish most days 🤷‍♂️.  There is nothing saying that you have to stay productive.  When I get bored with the level of success that I am currently enjoying I may go looking for more headaches, really doubting I get bored of fishing and beer drinking though…. After all this is the reason why I hustled in the first place.

Jim Kalish · Answer

@Scott Mac Thanks.  All great suggestions.

Jim Kalish · Answer

@Jason Shackleton Thanks Jason.  I just grabbed it on Audible.  Even comes with a pdf of all of the charts and graphs.  I'll listen to it in between listening to Brandon's new 2 volume book The Multi-Family Millionaire.

Jim Kalish · Answer

Thanks Jay.  I appreciate the response.  But I have my goals and plan.  The question is more about what to do on a daily basis to achieve the goals more effectively.  I already 5 properties with 9 doors and everything has a positive cash flow.  So now its time to grow my portfolio to increase passive income and increase cash on hand through flips.  I know different people have different approaches.  But as a Project Manager for over 40 years I know I need a daily routine.  I learned the routine I used from successful PMs who were in the business a long time when I started out.  So now I'm hoping to do the same in investing.

Thanks Again

What is the typical day in the life of a full time REI?

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