Like many of you, I work a demanding full-time job. My “day job” as I call it, includes a lot of airplane flights, ridiculous schedules, and many days when I have no idea what city I am in, given back-back-back-back business trips.
Thus, I have to find time to maximize my non-working hours if I want to be successful with buy-and-hold real estate investing. As you might imagine, this means I have to focus a lot of my attention during evenings and weekends to be successful in growing our business. To that end, I will walk you through my high-level activities from last weekend to give you an idea of how I get it all done.
When I can, my weekend starts by 7:00PM Friday.
This past Friday Olivia and I went out to dinner with a couple of private investors with whom we have done business in the past.
We love this couple, as we see the world alike in many ways. Frankly, we would be friends with this couple even if they didn’t chose to invest with us, as they are solid people. It should be noted that this couple has since started actively investing in our market, and they have done great things in short order. In short our dinner wasn’t about securing access to additional funds, but instead, was about checking on our market through the eyes of other active investors. The market is large and always changing, so getting insight and double-checking our data points is huge, and I value the sanity check. Besides checking on the market, we shared some insight into how to manage a property managers from a couple of hours away. I enjoyed the dinner, and was very happy to see how successful our friends have been during their first year in our market.
The dinner was cut a little short because of one of those life events (or surprises). One of our Shih Tzu’s had to be sent to the veterinarian because he was snipped by the groomer. He is fine, as he only needed one stitch, but it was a late night and not a lot of fun. But again, life events happen to everyone and you need to deal with them and move on to the task at hand.
Saturday was about reviewing our last week, discussing our last apartment closing, and planning our next set of offers. We also reviewed our expenses from the previous month and made a few phone calls to new agents we hadn’t met yet. We believe in growing our network every week if we can.
In addition, I spent a lot of time looking through the MLS to find deals my usual searches would have missed. It was sort of a good news/bad news situation on this front. The good news is I didn’t miss much; the bad news is that there is not a lot out there that meets my criteria currently.
On Sunday we had scheduled a 9:00 AM coffee outing with a potential new private money investor that heard our story at a local real estate event. We went through our model in detail and answered some great questions. It turns out, the investor was just fishing for ideas and wasn’t really committed.
To relax on Sunday afternoon, I picked up a real estate book I had been reading, took it outside, and read 50+ pages. I always have at least one book going at a time, as I like to keep learning.
As I closed Sunday, I took the time to write up this post to ensure I had at least a rough draft completed one week in advance of my deadline.
In the end, I would have hoped to have found another deal or two to chase down, but given the current supply and demand imbalance in my market, I will keep my powder dry and see what the Oct-Dec buying season has in store for us.