Hey folks – hope you’re having a great week. We’re on our way to Blue Mountain for a wedding. Blue Mountain is just north of Toronto, Ontario, Canada. It’s the ski destination in Ontario which always makes me giggle because you can actually drive to the top of the “mountain”. So maybe it’s not much of a ski hill but it is beautiful up there and it will make for a lovely spot for our friends wedding. And with the festivities kicking off today with golfing and a BBQ, I know we’ll have a lot of fun.
We arrived in Toronto a few days ago to take care of some business and visit with friends too. One of the pieces of business we tended to was meeting with our property manager and doing a property walk through of the triplex we still own in Little Italy. And while checking everything out we discovered a tree coming out of one of the basement windows. It’s in the back corner of the house coming out of a small second window (it’s a 2 pane window with a half foot space between the first window and the second). I guess that’s why the tenants never told anyone. Maybe they never even noticed it? But it’s definitely a tree and it is absolutely growing out of our house! I was in such shock when I saw it that I didn’t even think to get my camera out.
Anyway – we’re going to have that part of the house excavated – which is a delightful surprise (yep – that’s sarcasm!). I am sure you’ll hear more about this as it unfolds …
All this has absolutely nothing to do with the guest post I have for you today from Rachel Hernandez, the Most Valuable Contributor to the real estate blogging space according to us at Life as Real Estate Investors. This post was inspired by a powerful comment she left in reply to Shae Byne’s blog post: Doing the Things You Despise. It’s all about how Rachel structures her week for success … I know I really enjoyed and appreciated how she sets up her week and I think you’ll get a lot from it too!!
A Week in the Life of a Full Time Real Estate Investor
by Rachel Hernandez
Being a full time real estate investor has its ups and downs. The great thing about going full time is that there isn’t anyone telling you what to do – you get to control what you do, when you do and how you do things. But, there can also be a drawback – life can get pretty chaotic.
The thing about a 9-5 job is exactly that, 9-5. There is an endpoint. As a full time real estate investor and entrepreneur, some days there is no end point. Sometimes there are days where you just have so much work and so little time that it seems impossible to get everything done.
Let’s face it, sometimes work can take over and have a mind of its own. Though, work may not always be productive.
There’s a difference between productive and unproductive work – not all work is created equal.
As an investor and entrepreneur, I have learned to focus on the type of work that make me the most productive. Of course, there will always be work needed to be done that I don’t necessarily like to do. So, I’ve created a basic schedule of what I do every week. I’d like to share with you a typical week in my life as a full time real estate investor.
I’ve dedicated Mondays as my “admin” day. On Mondays, I do the type of work I don’t like to do but know needs to get done. We all know this kind of work. The types of things I do on “admin day” are mostly office related – anything that has to do with working in the office. Some office related tasks include: scanning receipts from the following week, accounting work, making marketing materials, returning emails, checking mail, etc. In the afternoons, I switch gears and do follow up work on the phone. Some of these tasks include: returning calls from the weekend, calling new leads, following up on old leads, calling folks in my network (such as park managers and contractors) to touch base, etc. Since I enjoy talking with people, this part of my “admin” day is not so bad. I have made it a point not to schedule any appointments on Mondays – this is the day that I schedule appointments for the week.
Since I have a sales background, rarely do I enjoy office work. For me, I’d rather be outside the office meeting and talking with people than stuck inside doing office work. That’s just me. However, as an entrepreneur I know that I have to wear many hats. And, one of those hats is my “office” hat. So, I dedicate Mondays as my one day a week to be in the office.
From Tuesday to Thursdays, I take it to the streets. For me, this is the best part of my job. I really enjoy meeting and talking with people. The best use of my time and skill set is to be in front of as many people as I can. Why? This is my strength and what I like to do. Tuesday through Thursdays I make it a point to be out in the field and be around people. Some of the things I do include: meeting with sellers, finding more leads, do more marketing, meeting with those in my network (such as park managers and mobile home dealers), etc. Being around people is the BEST part of my job. This type of work invigorates me. (Did I mention I have a sales background?)
I really work hard Tuesdays through Thursdays. Is it work? Yes. Does it involve a lot of energy? Yes. Do I enjoy it? You bet I do!
On Fridays, I really like to keep things light. I save Fridays for my “fun” days. Fridays are the days where I visit my favorite people in this business (such as park managers, contractors, mobile home dealers, etc). I’ve thrown many pizza parties, ice-cream parties and even early breakfast parties for my favorite folks on Fridays. Since we all know the saying “T.G.I.F,” I see Fridays as a celebration day. It always brings a smile to my face when people tell me they always look forward to seeing me again because I make it fun. And, that’s what Fridays are about – having fun.
Saturdays are a toss up. In the beginning, I worked Saturdays. (Actually, I worked everyday). Now, I try not to work Saturdays if I can. I try to squeeze in as many appointments on Tuesdays-Thursdays and sometimes Fridays. But, there are folks who just cannot meet during the week due to work. So, sometimes I will schedule appointments on Saturdays. If I do work on Saturdays, I really work. And, that includes answering the phone. Since I’m a morning person, I try to do all of my work in the mornings and finish up early if I can. Personally, I don’t like working on Saturdays but will put in the time if necessary.
On Sundays, I have a “no work” policy. I don’t answer the phone, I don’t check email – I relax. In the beginning, I used to work every single day and work all hours of the day (and night). But now, I have learned to be more balanced in my life – I make time to do things I like to do. And, this time is dedicated on Sundays.
So, there you have it – a typical week for me as a full time real estate investor. I would say there are things that I enjoy doing and things that I do not enjoy doing. But, I know this is all part of being an entrepreneur – I must wear many hats.
To be truthful, most of the time I spend has been really focused on what I do best – meeting and talking with people. This is what I’m good at and what I like to do.
Everyone has their strengths and everyone has their weaknesses. The key to my success is that I focus on my strengths, not my weaknesses. The reason why I focus so much time meeting and talking with people is because it is my strength. This is my method and style of running my operation – it is different for everyone. My style may be different from your style and vice versa. The important thing is to be true to who you are.
To be successful, I believe you must know yourself first and spend time on things you do best. Once you know yourself and focus on what you are good at, the possibilities are endless. As Aristotle once said, “Knowing yourself is the beginning of all wisdom.”
Rachel Hernandez was a prior landlord for several years before taking the leap to specialize in mobile home investing. She writes regularly about her stories and adventures investing in mobile homes at: http://www.adventuresinmobilehomes.com.