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Updated over 13 years ago, 06/07/2011
Anyone else just Exhausted?
Hello, I'm working on two rehabs, wholesaling a couple of deals and managing contractors. On top of that, I'm looking for more houses to buy and saw at seven houses yesterday. Today, I feel very exhausted and I feel like my mind is spinning. To me, this is a very tough business, anyone else go through this during busy times? Thanks in advance.
I want to take the summer off. We have a beach house. I've said this for a few (more) years now, but I have trouble with that b/c I'm always looking/thinking, etc. Really don't "need" the $$$ - but find it hard to sit around.
I have worked the last 14 days straight. I took today off to do somethings around home. Its only 945 and I am already getting bored.
My fannie is dragging today too. My real job has turned into a 14 to 16 hour 7 day a week mental cahallenge. And, I have a rehab going on that I bought from FNMA. Because of their 125% encumbrance deed restriction, I have spent all I could on contractors because I couldn't borrow enough. I am trying to complete it myself and work 1 to 2 ours after the JOB. I also tried to have a life this weekend with grandkids. My rear end is in my boots today.
Don
This business can certainly wear you out...no doubt about that. Especially on an emotional level...
From a purely work standpoint, I highly recommend focusing part of every day on creating systems and processes that will allow you to streamline parts of your business. Especially those parts of your business that recur frequently.
The example I always give is how on my first few flips, I'd spend hours putting together materials lists, visiting lots of stores, picking out lots of materials, buying them, picking them up, etc. Literally, I probably spent 12 hours doing this on each of my first three flips.
After that, I created some systems to streamline this process of buying materials. Long story short, I now spend about 30 minutes dealing with materials on each flip, and most of that is sitting at my computer.
I do that for each aspect of my business that I find time consuming...ultimately I now spend about 4 hours on an average dealing with each flip, down from about 100 hours on each of the first two.
In some places, it eats into my profits a bit, course, but my hourly profit is now about 10 times higher than it used to be, so it's worth it to me...
I like the advice given my Jason and would only add that being in this situations is much better than having no work or deals at all, so count your blessings.
I love the atmosphere, personally. I work twelve hours a day (depending on what you call work, I'm considering this part of it), 7 days a week. Between starting a residential brokerage, my own investing, and the accounting/managing/payments side of management for about 100 units, I never have a dull moment.
That's what I think sets apart the success stories from the average people and the failures. The success stories are the ones busting their butts every day, making phone calls, setting meetings, and generally getting things done. The failures are the people that say "I'll call them later" and then never do.
I consider myself successful, and it's not because I think I'm good at the business. I think I can just work hard enough to do better than anyone else. I can research more, find better deals, work with better agents, and attract more investors. I surround myself with people that are always in a hurry, and I love it.
I'm just kind of crazy though.