What is your day like?

10 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.  :)

Monica Breckenridge, Real Estate Agent in Colorado (#ER100039396)
(719) 393-PINK
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.

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