I work as a Dominos Pizza GM(with a goal to eventually franchise), and I am wondering how people with full schedules balance work and investing without burning out.
Any advice would be greatly appreciated.
"I work as a Dominos Pizza GM(with a goal to eventually franchise), and I am wondering how people with full schedules balance work and investing without burning out."
You tell me. In RE you have to be consistently lucky or work your a$$ 24/7 making contacts to make deals happen.
I think that people who can successfully do both already have a game plan in place after spending much time doing research. Do you know what type of real estate strategy you want to pursue? That is to say do you want to do wholesale, fix and flip or buy and hold for example? Each of those strategies has their own unique benefits and fall backs and you need to choose the one that works for you and aligns with your goals.
Since it sounds like you are new, I would recommend trying to absorb as much info as you can from experts such as @Steve Morris . Go on forum posts, watch webinars, read books. Your most valuable resource is your time. Its almost like a second job...but those who can weather the storm have access to financial freedom that is not possible for many.
Do your research, learn as much as you can and when you are sick of learning, learn some more. It takes a lot of dedication and time to do well in this business and I am speaking as a newbie. Most of the experts on this forum didn't get there through handouts. They invested their time to mastering their craft and provided value for others.
If you are serious about this, be prepared to put in the work. This is the realization that I had after talking with these people.
@Jonathan Hasan I have spent considerable time between books, podcasts, webinars, etc. And I’m really trying to not get stuck in analysis paralysis.
I’ve had a little bit of success with cold calling (currently working on a deal with a local investor), but my job can be very demanding. Just looking for advice other people have used to balance the two activities, if that makes any sense.
I don’t want to stop one to pursue the other, because I have big goals in both, (goal of financial independence, and the goal to be a successful franchisee).
Hopefully that clarifies a little. Also, I’m working to be a successful wholesale investor so I can build capital and experience, and then generate passive income through rentals, and eventually (10+ years, likely) through my franchise.
Lots of people do it. For long term rentals, find places requiring less maintenance and good tenants who stay long term. This will cut down on the amount of work. Short term rentals or flipping-get a good team to help.
Real Estate Investing is not hard, but it’s also not easy. It will require your time and finding a balance between your current job, family and investing can be a challenge. Most investors have a W-2 when they start. Some want to get out of there W-2 while others want to supplement there income and create generational wealth. I’m on the generational wealth path. If you dedicate yourself to real estate it will pay you back tremendously, but it will take your time, resources, credit, etc.
Most talk about wholesaling when they are getting started. Finding a good deal that has enough fat in the deal for all parties is not easy in today's market. I elected to go the BRRRR method. A couple months of craziness of rehab and finding a tenant takes your time. The forcing of the equity appealed to me. I have completed approximately ten BRRRR's, ten flips and some small multi-units. It took work while at my W-2. It's all worth the effort. Find your goal and what drives you and you will succeed.
Quite honestly the W2 will assist you in financing your rentals. Build up enough and you can eventually leave your job if you choose to. Hire a property manager if you think managing will be too much work.
Consistency, systems, outsourcing as many tasks as you can, and using strategies that fit with the amount of time you have available.
@Zachary Ray great point regarding property managers who can definitely make the process that much easier!