A day in the life of a real estate investor/property manager: Ep. 13
Friday, always a good day. Closed a few transactions, made some good head way with other deals, and caught up on email, only have 30 to answer tonight.
We also signed up a few new clients on the management side of things.
One thing that I did take away from this week is time management skills. A lot of people talk about this subject, but few practice it well. Sure it is easy to say block time for this task at this time, but life has a way of interrupting. That pesky email pop up, that phone call, or that issue that need immediate addressing.
To be perfectly honest with you, it is all a bunch of bull. You can block off time, and if you are able to completely focus for that time, great, do it. But understand that things will come up and you will have to handle them. Prioritize what is most important, and sometimes that will me breaking the time block. I know it might sound foolish, but it is what must be done. If you are trying to run a business, you must keep things moving forward each day. If you do not, you will fail. Know what tasks need to get done first, then do them. If something more important pops up, you have to put the other task off until the other is complete.
Will this result in the best time management skills, no, but it will result in a growing business and great profit.
As always, happy investing.
-JM
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That's awesome. It sounds similar to my days.
Are you an investor too?
Only passively so far - I have two rental properties in Arizona that I have a company managing. I want to get enough real estate rentals going that ultimately I can quit my job, but I don't know what to get next or where to buy. I'd love to have an investment closer to home, but I live in Manhattan so the barrier to invest is super high. I've looked into rentals in other states via turnkey rental companies, but I hesitate for a bunch of reasons. And I don't have the cash freed up yet - I would need to get a HELOC or see if i can borrow from a 401k. So a lot of decisions and prep work.
I work at a company selling internet advertising where I have a lot of freedom but very high sales goals that I have to structure my own time to hit. I am juggling hundreds of accounts, with a few "whales" as they say here, many minnows and a fair number of dolphins. I am also working on several side projects trying to get multiple streams of income going. I hate my job but it pays the bills for now.
Well, two is more than most people. You are well on your way. Soon, you will have 100's.
Haha, thank you! Do you manage all the properties you own?
not all of them. We manage about 150, own 12
Wow, that's impressive. Did you start the managing company from scratch?
Yes. We did. We had a good amount of experience, but yes all from zero.