The beginning is hard. Getting organized is a never ending challenge. If you plan to continue growing your rental portfolio then get Buildium. You'll read the "i can manage it for free in spreadsheets" a lot here, which is true. But make the investment in your business now to create a foundation for you to grow upon.
Buildium will be a life saver for your rentals. Take the time to set it up. E-leases, use the accounting, get all documents uploaded, online payments, maintenance, etc.
Sit down with a bookkeeper or cpa, get your construction books setup in Quickbooks. Use Buildium for rentals. Keep your books and accounts separated. Remember your books don't need to be crazy detailed and complex, Buildium will keep the details of your rentals and you will cost segregate rehabs outside of your books.
Set-up files in dropbox, Google drive, or whichever cloud storage you choose. Setup Gsuite, create an email for your rentals and one for your rehab biz. Have them directed to different folders. This allows you to manage your email contacts from one account.
Get flipping spreadsheets. It's $200, set them up with your costs. I've completed $200K remodels using that spreadsheet, it works. Create a separate spreadsheet for selections. Have description, cost, sku, vendor. Your rentals should always be exactly the same, paint to house numbers.
For rehabs you combine the venture sheets with your selection spreadsheet to create a project workbook. You can do this by creating pdf's or you can print them, put in a binder. Doing a tile shower? Make a quick drawing of the design, add it to the workbook for quick reference. If you want to go digital and plan to really grow the rehabs then check-out co-construct.
Whatever you choose, just create the framework to operate in and continually improve upon on it.
Real estate is conceptually very easy but more difficult in practice. Particularly the construction aspect of things. Keep grinding, always be working to improve the system, and don't forget to look up or you'll miss the bigger picture.
"You are expecting too much from yourself in too little time."
Yes. That is echoed by my girlfriend. She keeps pointing out that my goal for 2018 was to finish my first flip and maybe obtain ONE rental. I ended 2018 having finished my first flip and obtaining five rentals that total 11 units. So, I am much further ahead than I already hoped I would be... but that gave me the itch!! haha But yes, you are right. Especially with the time required by my day job.... I need to be approaching this in a less intense and almost... panicked fashion.
Thanks for the book recommendations. I will add those to the stack by my bed... haha I think it is about 12 books tall at the moment. I need to set aside time to read again.
Also thanks for the advice on focus. I was originally focused on three specific areas withing 1.5 hours of my location and then just recently kind of exploded in all directions... contacting a bunch of different realtors... it became extremely overwhelming extremely fast. Clearly I do not have the time for that sort of approach at this point. I have the mind for it... if I had the time, but since I am not planning to drop my day job yet, I need to chill.
Appreciate the feedback, man. Everyone has been helpful here. It has already helped me calm down in my head quite a bit.
Originally posted by @Brian H. :
Very much appreciate that. Care to share the podcast(s) or book(s)?
A couple of podcasts:
The Solopreneur Hour Podcast (mostly the early stuff, started becoming a little "gimmickie" in the later episodes). Good info on virtual assistance and other ideas on running a one person business - none directly focused on RE as I recall, but easily applicable.
The MFCEO podcast - for when you need a kick in the butt!!! (uses a lot of pretty harsh language, but is super motivational without the fluff and feel good stuff).
Entrepreneur On Fire(I have only listened to a few of these, but they seem good to get an idea of what other industries are doing to be organized, efficient and productive.
The Compound Effect
Subtle Art of not Giving A F***
The Millionaire Mind - (discusses how most millionaires actually live, not really advise, but practical info - it was not what I thought the life of a true millionaire would look like).
Think And Grow Rich
I've got a few more I cant think of at the moment, but I can add more when I recall the titles.
@Brian H. Check out Onenote.com
It is free, you can upload data from any device, it has a virtual notebook so all of your notes are in one spot, and any and all documents are saved in the same spot. You can also access excel, word, and a calendar. It is a great way to keep everything in one spot. It also auto saves to the cloud so you won't lose any data.