finding the time

[Tim Griffiths]

I just closed on my first property and was thinking of having it be a str/mtr in my town but I'm having second thoughts. I have a very busy w-2 job as does my wife and finding the time and money to fully furnish another house is incredibly daunting, especially doing it quickly as we'd like to have it rentable asap. Add in the time to manage it on a weekly basis and we are just about convinced we need to just get a LT tenant in, way less work even though I'll barely be making $200 a month off the property (if that). How does someone put together a STR when you've got two full time job, plus kids? I don't want to give up on our dream but we are beyond overwhelmed.

[Bruce Woodruff]

Only so many hours in the day....something has to give. Make sure it isn't 1) your health or 2) your family.

If your W2 job makes that much, and you enjoy it that much, and you are ok with hanging in there until retirement time, then there is your answer...LTR it and move on. 

However if you are looking to replace your W2 job(s) with the RE investment business, then you need to start somewhere....sleep less, give up other activities that are not essential.