Time Management

[Rick McCray]

Greetings Bigger Pocket Community! My name is Rick McCray and this is my first post. I live in Ellicott City, MD and invest in Maryland and the surrounding areas. My question for seasoned investors is about Time Management. When you first started how did you manage your time (around your job, kids, spouse, etc.)? What do you use to stay organized now? What have you learned about outsourcing work?

[Michael Seeker]

Hey Rick - this is a great question for a first post! Welcome to BP as well!

I have a full time job and self manage about 15 units as well as extensive rehabs all at the same time, and it can get very challenging at times. You definitely have to find what works for you, but I'll share a few tips that help me tremendously.

1. Have all of your files electronically and know your way around a computer. I can look up anything from details of a lease to how much I paid for a HVAC service call a year ago to my FEIN in a matter of seconds. Some tools that I find useful with regards to file management are google drive, Microsoft skydrive and dropbox. If you can utilize one or all of these comfortably it will help a lot.

2. Write down what needs to be done. I used to write everything down on scraps, then I graduated to ruled paper. Now I track everything in Excel. If I need to order a dumpster or get a quote on new windows, I add it to the list as soon as it pops in my head. That way when I get some free time to take a breath, I can look at that list and knock stuff off of it in order of importance. I try not to let my list get too long and suggest not putting off the big items as they'll stick around for a long time.

3. Have a good calendar set up that is easy to use and update. I use the calendar built into my iPhone because it's always on me and I set reminders as far in advance as I need them. Will I remember I have to go pick up a permit on Friday? Not a chance, that's why I'll have a nice reminder when I wake up in the morning.

Good luck with the juggling act - I've found that the more I get on my plate the more I've had to get everything under control and put systems in place to help me manage my time effectively.

Hope this helps!