Work hours?

rucka356
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1043
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4/1/2008
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Knoxville, TN US
rucka356 12/18/2017 4:36pm
12/18/2017 4:36pm
newmann wrote:
I had just turned 40 when we purchased our first rentals back in 2005, a group of five small townhouses. Ended up with 26 over the...
I had just turned 40 when we purchased our first rentals back in 2005, a group of five small townhouses. Ended up with 26 over the next ten years plus a new beach house/rental and a couple stakes in some family property. Prices have been up the past couple years so no new purchases except for a couple acres of light industrial property I want to build something on. Refi'd over the years and lumped a bunch of them together to simplify things and accelerate payoff. Soooo close to having everything paid for....

Wish I would have done it sooner.
so do you all buy them thru traditional mortgages, cash, or a business loan? I have 1 now, would like to have about 5 or 6. Also, do you have them owned by a business or under personal?
look out below 12/18/2017 5:16pm
12/18/2017 5:16pm
Im a railroad worker, I'm broke if i work 40 hours a week. I usually get at least 30 hours OT a half (and per diem). With my new job i only work week days and no more callouts on nights and weekends. my record is four halves in a row with 75 hours OT. And there was the time in a flood where i was on the clock for a month straight, except for my trip to LL's. That ruined what would have been an $11,000 check!
newmann
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24444
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4/1/2008
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US
newmann 12/18/2017 5:28pm
12/18/2017 5:28pm
newmann wrote:
I had just turned 40 when we purchased our first rentals back in 2005, a group of five small townhouses. Ended up with 26 over the...
I had just turned 40 when we purchased our first rentals back in 2005, a group of five small townhouses. Ended up with 26 over the next ten years plus a new beach house/rental and a couple stakes in some family property. Prices have been up the past couple years so no new purchases except for a couple acres of light industrial property I want to build something on. Refi'd over the years and lumped a bunch of them together to simplify things and accelerate payoff. Soooo close to having everything paid for....

Wish I would have done it sooner.
rucka356 wrote:
so do you all buy them thru traditional mortgages, cash, or a business loan? I have 1 now, would like to have about 5 or 6...
so do you all buy them thru traditional mortgages, cash, or a business loan? I have 1 now, would like to have about 5 or 6. Also, do you have them owned by a business or under personal?
Either cash or a 15 year commercial rate with renewal at five years. Will use a line of credit to snatch one up quick if short on cash or if it is in bad shape and can’t be financed. Once remodeled it can be rolled into a note if needed. LLP and LLC for rental stuff.

Everyone I have ever heard complain about rentals usually has one or two. People that have 15 or more usually don’t complain. You know where you need to be now don’t you?Laughing

vetmxr
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1079
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1/10/2009
Location
NE US
vetmxr 12/18/2017 6:49pm
12/18/2017 6:49pm
newmann wrote:
Both the wife and I are pretty much 50 hours a week plus. Business requires us being here M-F plus rental property maintenance as needed. The...
Both the wife and I are pretty much 50 hours a week plus. Business requires us being here M-F plus rental property maintenance as needed. The end game is just to tend to rentals which realistically would require about 5 hours a week total by myself. Getting close, but there have been plenty of 80 hour weeks in the past and most any vacation ever has been crammed into a weekend. Very few times have we ever taken a week off in the past 25 years.
MR. X wrote:
There's a saying about business owners ,something about the only people willing to work 80 hours a week to avoid working 40.
newmann wrote:
I've always put a lot of hours into work regardless of whether it was for myself or others. It's just the way I'm wired. Making 5-6...
I've always put a lot of hours into work regardless of whether it was for myself or others. It's just the way I'm wired. Making 5-6 times the money and providing a lot of "perks" makes sticking your neck out worthwhile I guess. Doesn't come without a bit of stress...lol.
Couldn't have said this better myself. I was raised a farmer, so I got sunup to sundown ingrained in me growing up. Thank goodness my grandpa was religious so I got sundays pretty much off.....( except for planting, irrigating and Harvest times.) Started buying rentals and fixers at age 20 and have never looked back.

A 60 to 80 hour workweek is not hard when your building a successful business and love what you do. Now my son is working his way into the business and I can see partial slowing down in my near future. Of course my Idea of retirement is to buy a fixer upper house, casually get it ready to sell and collect a check.

I'm also seriously contemplating growing and retailing cannabis as soon as its legal here. That sounds like a fun retirement to me. Smile ........


I sure don't miss farming like I thought I would. That shits too hard on the mind and body. Unless you're a big boy, and we were not large farmers.

I hope I never "retire".....one of my biggest fears in life is waking up and having no reason to get out of bed. I need something to accomplish everyday.

The Shop

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Timo_2824
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553
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12/19/2016
Location
Wichita, KS US
Timo_2824 12/18/2017 8:24pm
12/18/2017 8:24pm
I average between 40-45 hours a week, but if I don't want to work I can bug out on Friday as long as I answer my phone if I'm needed. I even took a week of unpaid time off in October because I ran out of PTO. Been helping out with the Controls group the last month though since they lost a guy, got 63 hours last week. Not my cup of tea, 40 hours is good for me. I don't think I could maintain my marriage if I worked that much every week.
Ebs
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Posts
838
Joined
6/1/2014
Location
MI US
Ebs 12/18/2017 9:23pm
12/18/2017 9:23pm
It would be nice to be able to take a month or two off to pursue life stuff and forget you have a job for a while. Be a ski bum or world traveler for a while (all the stuff you're supposed to do when you're 20 and fun and broke) then go back to work for the rest of the year. Still haven't figured out that angle.
Black Diesel Bomber 12/18/2017 10:09pm
12/18/2017 10:09pm
70hrs a week, minimum. I can't imagine what it would be like to work a regular week and have the weekends off. There are no weekends anymore for a lot of people. I get to enjoy my Saturday nights working at the desk while Supercross is on, that's about it.

It will be worth it if the stress doesn't kill me before I'm done....I finally got around to setting up a trust this year though so if something happens to me it will go to my family.
kongols
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23996
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9/22/2009
Location
Riga LV
kongols 12/18/2017 10:13pm
12/18/2017 10:13pm
XXVoid MainXX wrote:
I work from home. Get up around 8, sign in around 8:30, surf the net most of the day along with getting laundry and other stuff...
I work from home. Get up around 8, sign in around 8:30, surf the net most of the day along with getting laundry and other stuff done around the house, sign back out about 5, repeat M-F, pick up check. Pretty sweet deal. Smile
I`m exactly the same.

Pit Row

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