Rental Property Investor · Oklahoma City, OK · Member since 2016 · 41 posts · 28 votes
How do you keep occupied in between deals?
I purchased my first buy and hold and got a tenant in place a few weeks ago. I am now in the process of the cash out refi process and ready to go after the next one.
Unfortunately, I used up a lot of my funds on the first and don't have enough to cover another cash purchase in the area I buy.
I market like a wholesaler but I intend to keep the properties I am aiming for myself due to the knowledge I am gaining in this particular area I focus on.
So to keep my itchy finger at bay, I have started to study other areas surrounding me to start some true wholesale marketing to sell to other investors.
I read and study all I can but it is no where close to adventure of dealing with a physical property. So what say you, what are some things you do in between properties to keep yourself occupied?
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
9y
Congrats on your first stabilized and occupied rental @Lee Haskins!
The in-between times can be hard to get used to at first. We are in go mode! I remember itching back in the day. Eventually you'll have to find a hobby and maybe learn to take naps in the afternoon. Budget for a day of 'you' time. That's why we do this! Mine is Thursday. A bike ride, bad golf or home with a movie or to the river with my dogs. Weekends are family time for me so I have my day during the week.
For now, I would do what you are doing. Learn and market. The marketing machine must continue, especially in the early-going. Map out your target area and drive for dollars. Do you have postcards to send to tired looking houses and plexes? A notebook to jot down addresses of for rent signs and high grass?
When I was marketing more and seeking deals, I had certain days I did certain tasks. Check craisgslist this day, search notices of default this day, drive for dollars this day, check garage sales Satudays, etc. When your portfolio grows, you'll work in lawn-mowing days, garbage check days (if you have apt bldgs) , paperwork/bill paying days and stuff like that. Leave a you-time day. I would rather work more on the days I work to have days off, than 'work' a half-day everyday.
Just my $.02. Congrats again and please keep us posted!
Atlanta, GA · Member since 2016 · 44 posts · 9 votes
9y
You could consider networking with others in your area to try to partner on a deal, or maybe just search for deals that you could then bring to a potential partner. You can just as easily make a small profit by simply bringing a deal to someone interested in house flipping or even a buy and hold rehab. You could also network to find REI meet ups in your area to kill some time and continue to receive first hand knowledge!
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
9y
Congrats on your first stabilized and occupied rental @Lee Haskins!
The in-between times can be hard to get used to at first. We are in go mode! I remember itching back in the day. Eventually you'll have to find a hobby and maybe learn to take naps in the afternoon. Budget for a day of 'you' time. That's why we do this! Mine is Thursday. A bike ride, bad golf or home with a movie or to the river with my dogs. Weekends are family time for me so I have my day during the week.
For now, I would do what you are doing. Learn and market. The marketing machine must continue, especially in the early-going. Map out your target area and drive for dollars. Do you have postcards to send to tired looking houses and plexes? A notebook to jot down addresses of for rent signs and high grass?
When I was marketing more and seeking deals, I had certain days I did certain tasks. Check craisgslist this day, search notices of default this day, drive for dollars this day, check garage sales Satudays, etc. When your portfolio grows, you'll work in lawn-mowing days, garbage check days (if you have apt bldgs) , paperwork/bill paying days and stuff like that. Leave a you-time day. I would rather work more on the days I work to have days off, than 'work' a half-day everyday.
Just my $.02. Congrats again and please keep us posted!
Thanks for the words of advice. I spend plenty of my free time studying up on my market and other areas but even doing that I have plenty of time to fill. I use some of that time working on my list for direct mail via D4D and searching public records for my county. I like your idea of breaking those individual task to a daily assignment to keep me pre-occupied until the next property and will definitely incorporate a similar system. Even doing all that, nothing comes close to the rush of landing a deal.
Austin, TX · Member since 2015 · 223 posts · 185 votes
9y
Hello i have deployed a system called "google drive for dollars" I use google to target specific areas then use the street view and mark the properties that may need some tender love and care! I take all the leads from my google drive for dollars and put them in an excel spreadsheet and then locate the phone numbers and start cold calling this kills lots of time and brings in warm leads. Best part about it you can do this from home in your spare time! I hope this technique will be useful to you as you expand your business!!! Best of luck feel free to message me if you have any questions!
thanks for the reply. I enjoy the getting out and driving the neighborhood. Allows me to interact on a personal level. I will have to save that idea for the inclement weather days.