Road Block!!! (need a work around)

[Tony Hershiser]

I am financially ready to make the jump into realestate investing however, I have a job that requires a lot of my time. When I say a lot of my time we are talking 65 to 70 hours a week. Today for instance I was seto to get off around 6pm to look and a duplex and a single family unit and all was going well until 530 rolled around and 2 vehicles sold and I had to stay to complete the finance paperwork. I had to cancel with my agent and felt like I had wasted everyone's time. This is my job though and I have to provide for family. Although these properties on paper worked well and had a COC return in the high teens and a cashflow after expenses at 250-300. It's a bit hard to look at properties and make offers if I can get there in the first place.

We have 6 kids and realestate to me is the way I have been dreaming of providing for my wife and I into retirement and my children after we are gone. We are not looking to make this a way to retire and live on the income but rather to purchase 1 or 2 homes a year until retirement and live on the income then or sell them off one by one as they are paid off and live on the proceeds from the sale.

I need some advice. Am I kidding myself to think this is the way to go when I work 8pm to 6pm-9pm 5 to six days a week. I know nothing about the stock market and have studied realestate for the past 6 years and have one succesfull house hack under my belt. If you've made it this far thank you for reading this.

How do you leverage others to help when you have no reputation in the industry? Hard question, right?

[Allen Carmody]

@Tony Hershiser this is definitely a difficult situation and I know that it can really be a mental strain. I recently went through a similar experience. I had been listening to BiggerPockets and studying all about Real estate for years, and finally was ready to get going, I even got my real estate license so I could practice as an agent as well. My issue was I was working 80 hours a week at my job, 7 days a week, which left no time for real estate. I spent forever talking about this with myself in my head because it was so scary to think about leaving my job and going to real estate when I had expenses I needed to worry about, but I was miserable at my job because it was not letting me chase my dreams.

After thinking about it for more than 6 months, I finally realized there was another option and it didn’t have to be all or nothing. There are plenty of jobs out there that don’t require that type of time commitment. So without immediately leaving my job I started searching around and seeing what else was out there I might be a) able to do and b) interested in. Then after a month of looking I found the perfect new job for me.

I now make twice as much money as before between my new job and practicing as an agent part time, while having more time to get started real estate investing and even more time to spend with my family and friends.

So my advice is to try to sit back and think about some different opportunities that maybe you weren’t considering before, this type of situation, similar to real estate, is not black and white, there are not only 2 options, there are so many different options and ways to make it work, there is definitely one that could work for you. I hope this was helpful for you and know that you will find something that works for you!

[Matt Groth]

@Tony Hershiser working for yourself likely won't reduce your hours :) You've received some very good advice. You have to have everything lined up before you start, especially now when the market is moving so fast. I'm a contractor, so almost always waive the inspection. If you trust your contractor, try to get them in at the same time. Do you have a great agent? Do they know exactly what you are looking for? You shouldn't need to look at 100 houses. If you know what neighborhood, at what price, in what condition, it is pretty straightforward. Good luck!

[Steve Vaughan]

Career advice in the landlord forums? You guys are good!

Ken Coleman has a lot of good, free advice in this arena.  Finding your purpose and time balance with that and family.  I'd check him out.

[Tony Hershiser]

Originally posted by @Allen Carmody:

@Tony Hershiser this is definitely a difficult situation and I know that it can really be a mental strain. I recently went through a similar experience. I had been listening to BiggerPockets and studying all about Real estate for years, and finally was ready to get going, I even got my real estate license so I could practice as an agent as well. My issue was I was working 80 hours a week at my job, 7 days a week, which left no time for real estate. I spent forever talking about this with myself in my head because it was so scary to think about leaving my job and going to real estate when I had expenses I needed to worry about, but I was miserable at my job because it was not letting me chase my dreams.

After thinking about it for more than 6 months, I finally realized there was another option and it didn’t have to be all or nothing. There are plenty of jobs out there that don’t require that type of time commitment. So without immediately leaving my job I started searching around and seeing what else was out there I might be a) able to do and b) interested in. Then after a month of looking I found the perfect new job for me.

I now make twice as much money as before between my new job and practicing as an agent part time, while having more time to get started real estate investing and even more time to spend with my family and friends.

So my advice is to try to sit back and think about some different opportunities that maybe you weren’t considering before, this type of situation, similar to real estate, is not black and white, there are not only 2 options, there are so many different options and ways to make it work, there is definitely one that could work for you. I hope this was helpful for you and know that you will find something that works for you!

I appreciate the advice but quiting my job is almost a non option right now. To completely replace my current income from my job I would need around 66 doors cash flowing well. I don't hate my job I just want to grow my wealth Into something different than my IRA. I get employee match of 3% and that the best money I have working for me right now but diversification is where I need to focus. My issue is time.

[Tracy Minick]

@Tony Hershiser

Get a great agent, have them preview the property, shoot a video or FaceTime! If it meets your requirements then write an offer! You will have an inspection contingency to fall back on as needed or three right of recession after mutual. This would then give you time to view it between the contingency expiration

[Daniel Denning]

@Tony Hershiser I am a "boots on the ground" kind of person. I help with the logistics of the investment and the PM after the purchase for equity while my partners put in the cash into the investment for their equity. If you'd be interested in a market like Myrtle Beach, SC (short-term rentals) or something similar in the STR market, please let me know. I'm happy to work together and would love to talk more!

[Dennis Yosco]

@Tony Hershiser

I would say invest in turnkey or find a partner you trust who have the time. If you have cash, then bring in someone with time. Split the deal and go forward.

[Tony Hershiser]

@Dennis Yosco

Just wrote an offer on a 4 bed 1 bath turn key today we will see how it goes.

[Sam Sala]

Quote from @Tony Hershiser:

@Eric James. The repairs after the fact are not going to be an issue I have a contractor that I have used in my personal homes for many years and created a good personal relationship with, he knows what needs done and how I like my work preformed without my having to stand over his shoulder. I have talked with him already about my plans and he is on board with taking on the renovations. Would it make sense to pay him to walk these properties?

How does one go about finding a company that provides turnkey properties? Thanks for your response.

Hey Nathan,

I am trying to compile a list of reputable investments groups, any suggestions besides DeRosa and Wellings? and is this this derosa you were referring to? https://derosagroup.com/

Thank you in advance