What is your day like?

27 Replies

I am curious for those of you who regularly post on BP to hear a little about how you spend your time. Are you full time in another career during the day and real estate at night? Or are you full time in real estate and if so, how much time a day are you spending on your business? Is it mostly managing tenants or finding deals? 

I will start out. I have a 7:30AM-5:30PM M-F day job in marketing (non real estate). I spend some nights and weekends looking at real estate, but really comes in spurts. I manage my own properties and do many of my own repairs. I am probably spending on average 8 hours a month on that portion, more when I have a vacancy. 

I am curious to hear how others spend their day.

Joe,

I work full time as a Network Engineer, so 7a - 3p M-F is reserved for my job.  However, I'm able to monitor my personal email and respond to anything that comes up in the RE business that don't require me to be there physically.  

In my downtime on lunch or breaks I check the MLS an any alerts that I setup for new deals. I flag those new deals for analysis and upload them into trello. After running numbers and getting a ball park max offer price, I can then schedule to see the property after work. After reviewing the property I decide whether my initial estimates are valid or need adjusting and then put in an offer if I want to proceed. Once under contract, I validate all of my assumptions by getting an inspection, quotes, CMA ect to be sure everything is on point.

When I have spare time and no deals to analyze or view, I keep up on latest market trends and strategies by reading up on BP and other blogs as well as latest building products or researching whatever current issue I'm facing in my business.

I try to think ahead and get prepared for the next phase of my business.  I believe being poised and ready to pounce on the next opportunity is just as important as being able to recognize the opportunity.  You have to be able to both recognize the opportunity and have the capacity and education to be able to execute on the opportunity.  Opportunity comes to everyone, but if your standing on the tracks, you could very well be ran over if your not ready for it.

Every day, I try to learn something new that I can use to help make better decisions in the business or get me ready for that next phase before it comes.

Jeff V

@Joe Splitrock I like how you have some real estate despite your full work day: good for you! 

@Jeff V. I admire the way you have a 'system' in place for the way you do things so you get your offer in while it still has a chance of being accepted, nice!

As for me, I am working on getting 'the miracle morning' routine down pat (from Hal Elrod's book) and hope that will help me have focused, productive days! For now, I work in a daycare until after 12 pm and then split my time between taking care of my family (two young kids now) and spending time on BP, connecting with other investors, and listening to the awesome podcasts (and the money show) here on BP.

Good luck to us all :)

Wake up
Meditate
Affirmations
Pack clothes for the day
Gym
Visualizations
Work on Marketing pieces
Wake the kids up
Take them to school
Read BP suggested book
Read Bible
Wait tables
Work on marketing
Cold call/follow up
Homework/family time/dinner
Kids in bed
Work on marketing
Meal prep
Read Bible
Be grateful
Sleep

Also eat and listen to podcasts on the commute

Full time doc, I have my first non-owner occ investment purchase under contract right now. Hope to use my job to fuel the capital for REI until I can be financially free :)

Originally posted by @Roshan K. :

Full time doc, I have my first non-owner occ investment purchase under contract right now. Hope to use my job to fuel the capital for REI until I can be financially free :)

I see on your profile you are a dentist. What a great profession to generate cash for REI. Have you looked into buying a building to locate your practice in? Down the road you could sell your practice and keep the building generating income. My dentist told me that dentists make great long term tenants because it is very hard to move a dentist office.

Originally posted by @Joe Splitrock :
Originally posted by @Roshan K.:

Full time doc, I have my first non-owner occ investment purchase under contract right now. Hope to use my job to fuel the capital for REI until I can be financially free :)

I see on your profile you are a dentist. What a great profession to generate cash for REI. Have you looked into buying a building to locate your practice in? Down the road you could sell your practice and keep the building generating income. My dentist told me that dentists make great long term tenants because it is very hard to move a dentist office.

Absolutely is a great profession. The paycheck many times over the national average of households, 30-35 hour work week and ability to help others/make a positive impact in the country make it an absolute recommended profession in my book. 

I own a franchise and per the franchise laws, I can't buy the building. It's ok though, as my strip mall area has about 50% vacancy and I can't imagine it cash flowing well. 

In the meantime, I'm buying whatever deal I can find, although the current one is depleting all my capital as it's 8 SFRs on one loan. So I'll need to make some more tooth money :)

As far as dentist tenants, absolutely would agree. Dental offices have the second lowest rate of defaulting on loans in the country so makes risk much lower and moving is just not feasible with the wiring and plumbing that has to happen to make a dental office function.

at ~10 units (just closed a duplex today!)

5:30 am wake up

walk dog, coffee, shower, emails, etc

7:00 leave for work

8-4 teach HS math

in winter then coach wrestling until 6

home by 5 (or 6:30)

dog walk, play with son, help with dinner etc

7:30 baby bed time

then free to check listings, emails, etc

the hardest part is communicating during business hours

summers are free for rehabs, turnovers, etc

When I started out I had a job at the Police Department and I worked the night shift.  I did real estate during the day time and then slept for a few hours before work.  I did this for a whole year.  Once I had enough money in the bank to support me for a full year I quit my job and went full time in real estate.  I was technically already full time in real estate.  But I was now able to get my sleep.  :)

Originally posted by @Max Tanenbaum :

at ~10 units (just closed a duplex today!)

5:30 am wake up

walk dog, coffee, shower, emails, etc

7:00 leave for work

8-4 teach HS math

in winter then coach wrestling until 6

home by 5 (or 6:30)

dog walk, play with son, help with dinner etc

7:30 baby bed time

then free to check listings, emails, etc

the hardest part is communicating during business hours

summers are free for rehabs, turnovers, etc

 I can imagine your schedule is busy during the school year, but with lots of time in the summer that gives you a major chance to make sweat equity work for you. In my city there is a roofing company run by teachers. It is an all teacher crew and by the beginning of summer, they have work lined up for the entire summer. Long hard days, but the pay is great and offsets the horrible teacher pay we have in this state. By comparison I know another teacher who tans by the pool all summer. I guess your time is worth whatever you make of it.

Originally posted by @Joe Splitrock :
Originally posted by @Max Tanenbaum:

at ~10 units (just closed a duplex today!)

5:30 am wake up

walk dog, coffee, shower, emails, etc

7:00 leave for work

8-4 teach HS math

in winter then coach wrestling until 6

home by 5 (or 6:30)

dog walk, play with son, help with dinner etc

7:30 baby bed time

then free to check listings, emails, etc

the hardest part is communicating during business hours

summers are free for rehabs, turnovers, etc

 I can imagine your schedule is busy during the school year, but with lots of time in the summer that gives you a major chance to make sweat equity work for you. In my city there is a roofing company run by teachers. It is an all teacher crew and by the beginning of summer, they have work lined up for the entire summer. Long hard days, but the pay is great and offsets the horrible teacher pay we have in this state. By comparison I know another teacher who tans by the pool all summer. I guess your time is worth whatever you make of it.

Yes the teacher life can be conducive to RE work. In my earlier days I spent the summers doing rehabs. These days it is generally spent managing contractors doing turnovers, or trying to hustle as an agent and make a few commissions, although I'll still take on some rehab jobs in the summer if it makes sense.

full time investor. 

Every day is a little different, I hate that. 

Some days I do marketing, some days I do rehab work. And everyday I look for money and for deals. 

Originally posted by @Scot Howat :

full time investor. 

Every day is a little different, I hate that. 

Some days I do marketing, some days I do rehab work. And everyday I look for money and for deals. 

 I am curious why is it that you hate every day being different. It seems variety would keep it interesting.

Originally posted by @Joe Splitrock :

 I am curious why is it that you hate every day being different. It seems variety would keep it interesting.

In my case, I have a set routine for every day of the week. My mind runs on autopilot - the time I get up, the clothes I wear, the foods I eat, the chores I have to do, the appointments I have to keep, and so forth.  This routine provides a background structure for my time and activities.

Because I'm not using brain power to make these trivial repetitive decisions, my mind is free to think at a higher level - what kinds of investments should I make, who should I be building relationships with, how would I handle a major financial or economic downturn, and so forth. 

I'm a full time underwriter for SBA lending at a bank.

I spend most of my days making sure people are on the up and up and analyzing DSCR for commercial businesses.

While I'm here I also spend way too much time busting chops on BP , I write lots of my blog while at work, I look at properties here as well. Lot of desk time

gym after work, then I usually go home and work on my business for a few hours.

Also, I listen to audiobooks all day. in the shower when I wake up, in the car for every commute, while going over financials at work, and while at the gym.

I spend a solid 18 hours a day trying to get better

@Joe Splitrock interesting topic.

I’ve only got a couple properties, no kids (yet) and use property managers so it’s usually pretty easy to manage.

Wake up around 7, go to day job as engineer from 830-430ish. Home around 5. If I go to the gym it’ll be after work.

I can answer emails sometimes during the day otherwise I do that after work.

Right now I’m networking locally and virtually in the market I hope to buy next in (Memphis) to give myself more options of agents to work with. I’m also casually studying the market and which areas I want to buy in and which to avoid. This has become a lot easier than say a year ago when I was starting because now after a while of doing it on my own I can just email my PM and ask his opinion of an area or address.

Obviously it’s more time intensive during a turnover but otherwise it’s usually 2-3 hours a week excluding research or looking at properties.

7am prep breakfast for kids

8am to 3pm
Free time / manage tenants / look for deals / look for lenders

3pm pick up kids from school

Prep dinner
Family time
Bedtime with kids

I'm a routine kind of a guy.  I can get a lot more done when I'm focused, so if I'm constantly changing then I'm not as effective.

5 days a week I run a restaurant. Well, 7 days a week I run a restaurant... But generally only work 5 days a week, but those are a minimum of 12 hour shifts. Sometimes closer to 14 hour in summer months. Truly the most mentally and physically exhausting job I have ever had. Buthis job will allow me to just pay all my bills and anything else and then just put money from REI right back into more deals. Biggest issue for me is the time/energy to really analyze enough potential deals or getting to REIA meetings because the closest one is 45 minutes from me.

my day...

Partner decides to quit on his sweat equity contribution to the latest flip that was entirely his idea. He's put in a total of 3 days in 3 months.

Electrical inspector arrives & OK's all but wants 2 more AFCI breakers. Then spends an hour lecturing & showing my wife how to mud drywall corners.

Plumbing inspector arrives wearing a distinctive but impressive pro-Trump & NRA tee shirt & passes all but the shutoffs to the upper floor 1/2 bath as they require bleeders. Then laments for 40 minutes his 30 years as a plumber trying to make a living & now barely getting by on town wages.  

Patience is an acquired trait in this business.

Originally posted by @Brian H. :

5 days a week I run a restaurant. Well, 7 days a week I run a restaurant... But generally only work 5 days a week, but those are a minimum of 12 hour shifts. Sometimes closer to 14 hour in summer months. Truly the most mentally and physically exhausting job I have ever had. Buthis job will allow me to just pay all my bills and anything else and then just put money from REI right back into more deals. Biggest issue for me is the time/energy to really analyze enough potential deals or getting to REIA meetings because the closest one is 45 minutes from me.

The restaurant business is hard. Lots of respect for you working that much. I hope you can transition away from that as you get REI deals, because working that many hours that is not sustainable long term.

Originally posted by @Pat L. :

my day...

Partner decides to quit on his sweat equity contribution to the latest flip that was entirely his idea. He's put in a total of 3 days in 3 months.

Electrical inspector arrives & OK's all but wants 2 more AFCI breakers. Then spends an hour lecturing & showing my wife how to mud drywall corners.

Plumbing inspector arrives wearing a distinctive but impressive pro-Trump & NRA tee shirt & passes all but the shutoffs to the upper floor 1/2 bath as they require bleeders. Then laments for 40 minutes his 30 years as a plumber trying to make a living & now barely getting by on town wages.  

Patience is an acquired trait in this business.

That is why I have avoided partners in real estate. Only person I would trust is friends, but if they let me down then I lose the friendship. Not worth it so I go alone. I know when partnerships work they are wonderful, but then I hear stories like yours too. Good luck!

@Joe Splitrock true...

but he is fully vested financially & has agreed to pay for any help I hire so it's going to be a better outcome after-all. 

Originally posted by @Joe Splitrock :
Originally posted by @Brian H.:

5 days a week I run a restaurant. Well, 7 days a week I run a restaurant... But generally only work 5 days a week, but those are a minimum of 12 hour shifts. Sometimes closer to 14 hour in summer months. Truly the most mentally and physically exhausting job I have ever had. Buthis job will allow me to just pay all my bills and anything else and then just put money from REI right back into more deals. Biggest issue for me is the time/energy to really analyze enough potential deals or getting to REIA meetings because the closest one is 45 minutes from me.

The restaurant business is hard. Lots of respect for you working that much. I hope you can transition away from that as you get REI deals, because working that many hours that is not sustainable long term.

You ain't lying and I think about it every day.  My first flip that was under contract to sell ended up being terminated because of income discrepancies on buyer side so the lender wasn't into it. So I am back on the market.  Ready to move forward! haha

Wake up and go to work.
Work from 7 - 4.
Counting down the days until I'm 48.
Get home and jump on the trampoline with the kiddos.
If we're building a house at the time and it's at the finishing stages, go back to work.
If we're painting cabinets for someone, go back to work.
If we're making concrete counter tops, back to work.
Right now we're getting back together after Harvey, so back to work lol.
If not, play some guitar, listen to my oldest play guitar or piano or take turns with the kids doing pull-ups, maybe watch a movie or go to dinner.
If I have receipts to archive, I'll do that later or make a change to the management program I wrote if I'm feeling ambitious, or watch the tube.
If it's Friday (summer time) sometimes spontaneously book a hotel in Uvalde and go float the river.  Pretty soon it will be between that and ATV'ing in Arkansas which is probably the greatest thing ever!

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