Tips for Managing Your Investments While Working 9 to 5

Most of the investors I know do more than just invest in real estate. Many of them work full time jobs in addition to managing their real estate investments. It’s a lot of work to do both, and while it is manageable, it is also a juggling act that is no fun at times.

The way I see it, if you want to maintain your 9 to 5 job and invest in property, you have two options. Option 1 is what I recommend, and that’s partnering with a turnkey investment group that includes in-house property management. This is the least time-consuming option for you, so there’s less stress involved and you can focus on your day job while still reaping the benefits of property investment.

Option 2, which I do not recommend, is to participate in said juggling act and and work as your own property manager, in addition to whatever else it is you’re doing career-wise. Yes, you can save a bit of cash because you’re not paying for the services of a property manager, but oftentimes the tradeoff isn’t worth it. There’s your time, of course, which you won’t have much of, and then there’s the possibility of actually hurting your bottom line because you don’t know what you’re doing.

Whichever way you choose, there are little things you can do to make your life easier. Even if you use a property management group, there are still tasks that you, as the owner, will be responsible for. Here are my tips for managing real estate investments while continuing to work full time:

1. Keep thorough records. This might be one of the single-most important things you can do for yourself. Documenting everything associated with your property and maintaining paperwork and other records in an organized fashion will allow you easy access to the information you need, when you need it. When someone calls and says, “I need such and such,” it’s right there. When you’re wondering when the furnace filter was last changed, the answer is right there. See how much easier things are when you have thorough, organized records?
2. Be proactive. You should also try to prevent problems before they even start. Being proactive on maintenance, retaining tenants, or procuring new renters when you need to can save you a significant amount of time and money.
3. Set calendar reminders. A subset of being proactive is alerting yourself when things need to be done. This is as easy as setting calendar reminders on your phone or computer (or, if you’re old school, on your paper calendar). Things like maintenance tasks, tenant birthdays (so you can be that awesome landlord who sends a card), lease renewals, and periodical inspections can all be entered so you never have to worry about forgetting something.
4. Stick to a schedule, but be flexible. One thing that many investors find when trying to manage their investment and work full time is that their days are extremely full. One way to deal with this is to give yourself a semi-firm schedule. For instance, you work 9 to 5. That one’s a given. But what are you doing from 7 to 8 am? Or from 6 to 9 pm? Designate chunks of time for your other obligations, such as your investment dealings, family time, etc. Remember though, you have to maintain some flexibility, because hey, life happens and things don’t always go as planned.
5. Learn to say no. Too many of us are ‘yes’ people. We agree to things simply because we feel like that’s what is expected of us. The problem with this is that it takes up time unnecessarily, and that’s a luxury you just can’t afford when you’re working full time and handling real estate investments. That’s why you need to learn to say ‘no’ to the things that won’t help you meet your goals or simply aren’t important. It’s really okay - the world won’t stop. You may get a couple of sideways glances and may even lose a couple friends, but in the end, you’ll have more control over your time and your life.

Investing in real estate and working a 9 to 5 can be done. It’s not easy, and there are plenty of frustrations, but it can be done. Using the services of a turnkey company can lighten the load and still give you all the advantages that come with investing. However, if you decide to go it alone, that’s okay too. In either case, the tips above can help make the process a smoother one that results in less stress in your life.