Investing in Real Estate While Working Full-Time
Fact – 99% of people who invest in real estate started while working a full-time job. That is straight off the dome and 100% accurate (along with every other stat my brain produces). Here’s the truth; investing in real estate requires money. And unless you have a large inheritance or an uncanny ability to pick winning lottery numbers, you likely have to work for your money. So, if your circumstance is the latter, there is a fair to good chance the start to your real estate investing career will be a part-time endeavor. Fear not, though, my friends. For the wiser half of the AP Boys is here to give you some stellar advice as always.
1. Accept the Fact that You will Make Sacrifices
Some quick math from my aforementioned big brain. There are 24 hours in a day and 7 days per week. That’s 168 hours per week. Let’s allocate 50 hours per week for your day job including a 30 minute commute to and from the office. In reality, most people work more hours and have a longer commute, but I’m feeling generous. Now you’re at 118 hours remaining. Now subtract the mayo-clinic recommended 8 hours of sleep per night: 118 – 7(8) = 62 hours remaining. Let’s take off 2 hours per day for preparing and eating your meals. This leaves you with 48 hours in the week assuming all you do is eat, sleep and work. Not accounting for any commitments outside of work, this is YOUR time to allocate how you choose. 99% of people choose to spend this time relaxing with family and friends, watching TV, getting exercise, enjoying hobbies and taking care of commitments outside of work. I’m here to tell you that if you want to invest in real estate, you will need to make sacrifices in some areas of your life. Whether it’s getting less sleep, spending less social time with family and friends or giving up non-value-add activities, that’s up to you to decide. If I have time to write this blog and work 70+ hours a week then you can certainly find time to invest in real estate. Either that or I just don’t have any friends…
2. Plan Your Days Accordingly
Working two jobs requires appropriate time allocation and management skills. Most of the world operates on a Mon-Fri 9am-5pm schedule. That’s not to say you can’t run your real estate business outside of normal business hours (you likely will have to). The point I am making is you need to be smart about how you allocate your time and plan out your daily schedule. Before going to bed every night, you should already know what your calendar will look like the next day and even the rest of the week for that matter. Write down the 5 most important things you want to accomplish every day that will help you move your business or personal life in the right direction. This is your “Power List” and 100% of the credit for this idea goes to Andy Frisella, an absolute G in the personal development game. Manage your personal life as you would your business, as they often become heavily intertwined.
3. Maximize Your Weekend Productivity
This one, I’ll admit, I need to improve upon the most. There are two, beautiful days in every week that just happen to occur in succession. They are Saturday and Sunday. If you’re like most people, you don’t have to work on these two days. Or do you? To invest in real estate, you will have to change your entire mindset about the weekend. It is no longer for rest and relaxation (I would include drinking in that list, but then I would be flat-out lying). No, my friends, the weekends are your opportunity to accomplish everything you couldn’t during the week. Saturday and Sunday should arguably be your most productive days of the week, at least when it comes to your real estate business. The good news is that you can still live for the weekend. Bad news is that the work doesn’t stop. Real Estate Investing is a 24/7 business, and if you don’t like that I wouldn’t recommend it.
So there you go. A+ advice as always. Hope you learned something. As Brendan would say, “First one is free… Next one will cost you”.