The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Saturday, July 15, 2006

Taking a breather and lovin it..

I have to be honest, I am completely enjoying my break from real estate. I miss it though and think about it often (don't tell my wife), but its been good to spend more time w/ my son and working on my personal relationships.

There just doesn't seem to be enough time to do everything.. I don't think I'm a person that is over zealous, I just want a happy life, be able to do outdoor activities everyother weekend, and be a millionaire. That shouldn't be so difficult, right?

I now realize that my successful friends in real estate are sacrificing a lot to become weathly. It occurred to me that about half don't have any kids, which allows them to work harder. I do have one friend that has three kids, and he must not be spending any time with them based on the time he puts in.

In August, I plan to re-evaluate my finances to give me a update in my performance (everyone should do this). I have an excel spread sheet that does the following: 1) breaks down out salaries, and calculates pie charts on how much goes to 401k, taxes, insurances, take home, etc... This is very useful. 2) Income and expense sheet. This is very simple and I used the exact format as one of Kiyosaki's books. From there, I have a few charts that tracks net worth per year, and others.

I have other friends that are getting the burnout big time. They have followed in my foot steps and have rehab most of their properties. The last project has kicked their butts! If you remember, I birddogged a house next to my tri-plex. Its a 1930's house and they have owned it since October. They bought it for 75k and plan to sell it for around 250k-280k? They added two new rooms w/ a new bath, wood floors, succo on the outside, a/c, the whole works! She was the general contractor and they have done a lot of work themselves. They are getting the classic burnout from working with contractors.

We were talking that we need to go to lunch and brain storm ideas on working less and making more!

Bginvestor
|| Bginvestor, 7:14 PM

2 Comments:

I hear ya! I'm just now recovering from my bout of burnout. I've gotten back into the part of real estate investing I love--hunting for properties.

I think burnout is natural with anything that causes stress. And, you know as well as I do that rehabbing (working with contractors, particularly) causes stress for sure!
Blogger Trisha#1, at 12:48 AM  
I know exactly what you mean about "no time." It seems I'm busier at home than at work most of the time! However, I squeeze time for REI wherever and whenever I can. I use my breaks and lunch period at work to do searches, and use 1-3 hours on the weekend to do some other research. I use M-thru-F weeknights for strictly family time. It's funny, but I haven't experienced burnout yet - frustration, yes, a LOT, but not burnout. My wife is supportive of my venture, although, she also requires me to spend a lot of time with the family. It's stressful trying to balance things, but I do my best. For example, we loaded up our minivan and went to see several houses on Saturday. My wife wants to get a bigger house, so we looked at some bank ROE's that fit our "family house" criteria, and looked at some other REO's/HUD's that fit our "REI criteria" at the same time.

I figure once I get my next house and/or the renters move out of House #1, the stress will really mount. :-(
Blogger Steve, at 7:32 AM  

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