The Biggest Obstacle to New Investors – It’s Not What You Think

I spent 2 years researching real estate and speaking with investors before I jumped in. I saved vigorously because I was convinced that capital would be the biggest challenge to my real estate goals. While capital is still a challenge, I’m not sure that I would call it my biggest challenge.

The biggest challenge to part-time investing is working full-time.

Luckily, I have a job that gives me almost constant access to the internet—not to mention an incredibly flexible schedule. However, those perks come with the understanding that I will most likely be working more than 40 hours a week.

It feels like I’m working all day, every day. It’s a good thing that I really enjoy real estate investing! I can see how new investors could become burnt-out fast. My philosophy at the moment is to maintain the bare minimum of work/life balance that is needed to keep me moving forward. I’m motivated at the thought of a having a more satisfying work/life balance in the future. Fingers crossed that this all pays off!

So, for all of the newer investors out there who have yet to realize your dreams of quitting your day-job and achieving financial independence, this post is for you. These are a few of the things I do to help me get  through a day of work and real estate.

1. Organize Yourself. I use lists for every part of my life and I include ever minute task that needs to be accomplished. If possible, use a list aggregating app, like Out of Milk, so that you aren’t making multiple trips to the store or a rental property.

2. Prioritize Tasks. Decide at least the day before which tasks warrant priority for the day. Are they work-related are real-estate related? Maybe it’s a church commitment that demands your time. Either way, schedule it in and get it done first! If you spend time checking emails and sorting files, you could very well waste the time you had to devote to important obligations.

3. Learn to Say No. I’m no good at this one, but at some point you have to start turning down outside requests. Hopefully you won’t have to turn down a killer deal! Weigh the reward for each request that is asked of you and then make sure you’re able to politely decline if doing so would detract from other high-reward action items. Staying focused on high-reward action items will keep you motivated and energized!

4. Maximize Your Commute. If you are spending all of your time working, your family may begin to worry. Use your commute to and from work to touch base with close family and friends. Even short conversations can boost your energy. I also recommend using your commute to listen to podcasts and audio books about real estate. It will educate you and inspire you to keep going.

5. Schedule Housework. I don’t know about you, but if my house is a mess, my anxiety level is through the roof. If I don’t set aside a specific time to clean house and prep meals, then I will never get around to it. This is an important component for me—one that I intend to devote more attention to in 2014.

6. Blend Work and Play. Any time you can knock out two things at once is a major win. I seriously hate painting. However, I’ve found that inviting friends to paint with me (with promises of wine, beer and pizza breaks) can take the edge off. This way I feel like I have a smidgen of a social life and the daunting task of painting all by my lonesome is lessened.

To new or experienced investors, please comment with recommendations that have helped you. This is a very real struggle for some of us. Sometimes a small suggestion can make all of the difference! These tips sure have.