{"id":122225,"date":"2020-02-12T05:00:05","date_gmt":"2020-02-12T12:00:05","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=122225"},"modified":"2024-02-24T13:18:25","modified_gmt":"2024-02-24T20:18:25","slug":"should-you-quit-your-9-5-job-for-real-estate","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/should-you-quit-your-9-5-job-for-real-estate","title":{"rendered":"Should You Quit Your 9-5 Job to Become a Full-Time Real Estate Investor?"},"content":{"rendered":"<p>Does everyone who owns real estate actually quit their 9-to-5 job and become full-time investors? Today, let&#8217;s talk about how many people actually go all-in.<\/p>\n<h2>Who Is the Average Investor?<\/h2>\n<p>Now, understand this: The average <a href=\"\/renewsblog\/2013\/01\/04\/how-to-rent-your-house\/\" target=\"_blank\" rel=\"noopener noreferrer\">investor owns three to five properties<\/a>, so they don&#8217;t own a lot of them. Most people get into real estate because they want it for down the road; they want it for the future. That&#8217;s what they&#8217;re planning on.<\/p>\n<p>Realize that when you buy real estate, you don&#8217;t just buy it and then all of a sudden quit your job so that you can sit on the beach and hang out and let the cash flow come in. It doesn&#8217;t happen that way. It doesn&#8217;t happen <em>right<\/em> away.<\/p>\n<p>It&#8217;s something that has to happen over time. And the only way that you can do that is by having some structures and procedures in place.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/ainY4xs7LF0\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>Where Do You Want to Go in Life?<\/h2>\n<p>More importantly than anything is having goals and making sure that you set those goals up to get you to where you want to go.<\/p>\n<p>See, most people quit their job because they want to have a pathway to <a href=\"\/renewsblog\/2016\/03\/28\/financial-freedom\/\" target=\"_blank\" rel=\"noopener noreferrer\">freedom<\/a> that they think a job is not giving them. The challenge we have as investors is sometimes we <em>do\u00a0<\/em>first, and then we <em>think<\/em>.<\/p>\n<p>So, we buy a deal, and then we realize that maybe that deal was not aligned with our goals. And now we have a property that is not something we should have ever bought, because we never thought it through first.<\/p>\n<p>You&#8217;ve got to think it through. You&#8217;ve got to make sure that whatever you&#8217;re buying aligns with your goals\u2014before you even <em>think<\/em> of quitting your job. You&#8217;ve got to make sure that this is something that will get you closer to your goal, not take you further away.<\/p>\n<p><strong><em>Related: <\/em><\/strong><em><a href=\"https:\/\/www.biggerpockets.com\/blog\/landlord-vs-real-estate-investor-which-are-you\" target=\"_blank\" rel=\"noopener noreferrer\">Landlord or Real Estate Investor: Which One Are You?<\/a><\/em><\/p>\n<p>In the famous book <a href=\"https:\/\/amzn.to\/37jsewn\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Rich Dad Poor Dad<\/em><\/a>, he talked about &#8220;minding your business.&#8221; What he meant by that was that you focus on your income-producing job, and then you focus on your asset-producing business. This means you work your 9-to-5 job during the day, and then in your off-time on your nights and weekends, that is when you mind your business and create your asset column to build up your portfolio.<\/p>\n<p>You never, ever quit your income-producing job unless you have enough revenue coming in from your assets, from minding your own business, to be able to support the lifestyle that you want to have.<\/p>\n<p>Remember this: This is not a movie. This is not a book. This is your life. Never put yourself in a bad position, because you think it&#8217;s the right thing to do And you didn&#8217;t plan it out.<\/p>\n<p>Don&#8217;t just decide you&#8217;re going to quit your 9-to-5 job when you don&#8217;t have enough income coming in from your assets. Always make sure you&#8217;re strategically planning it out.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-106445\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/01\/investment-philosophy.jpg\" alt=\"investment-thinking\" width=\"702\" height=\"336\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/01\/investment-philosophy.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/01\/investment-philosophy-300x144.jpg 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/p>\n<h2>Do You Have a Strategic Plan in Place?<\/h2>\n<p>Remember, owning real estate is just numbers. It&#8217;s a mathematical equation. The numbers will tell you whether or not it works.<\/p>\n<p>When you decide that you&#8217;re going to quit your job, make sure that your assets are overtaking your income. And you may be able to make enough money from your assets but you don&#8217;t need to quit your job. You may enjoy what you&#8217;re doing.<\/p>\n<p>I&#8217;m an airline pilot. I have enough portfolio money coming in from my assets that I don&#8217;t need to quit my job. I can keep flying, because the revenue I have coming in from my rental properties will support my lifestyle.<\/p>\n<p><strong><em>Related: <\/em><\/strong><em><a href=\"https:\/\/www.biggerpockets.com\/blog\/real-estate-investing-success\" target=\"_blank\" rel=\"noopener noreferrer\">Pitfalls New Investors Need to Avoid to Be Successful in Real Estate<\/a><\/em><\/p>\n<p>Now, you look at your job a little bit differently. You&#8217;re not angry. You&#8217;re not upset. Maybe you&#8217;re not bent out of shape. And you are your own boss, and you&#8217;re able to have the freedom that you want to have, because you built your assets and you minded your own business.<\/p>\n<p>So, again, don&#8217;t think of just quitting your job right away and doing something drastic, because you heard someone else do it or you read a book on it. Make sure you plan it out. Make sure you think it through, and make sure that everything that you&#8217;re doing is strategically set up.<\/p>\n<p>Don&#8217;t make decisions on emotions. Make decisions based on your plan that gets you to your goal.<\/p>\n<p>So, we just talked about whether or not you should quit your job. And again, remember, there is no right or wrong reason or answer on how to do it. It&#8217;s whatever matches you and whatever helps you get to where you want to go with your goals.<\/p>\n<p><a href=\"https:\/\/www.youtube.com\/user\/BiggerPockets\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-114268\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/6.jpg\" alt=\"ad-youtube-channel\" width=\"706\" height=\"125\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/6.jpg 706w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/6-300x53.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/6-702x125.jpg 702w\" sizes=\"auto, (max-width: 706px) 100vw, 706px\" \/><\/a><\/p>\n<p><em>What do you think? Are you aiming to quit your job? Or do you have different goals? <\/em><\/p>\n<p><strong>I&#8217;d love to hear from you in the comment section below.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Does everyone who owns real estate actually quit their 9-to-5 job and become full-time investors? Let&#8217;s talk about how many people actually go all-in, and why some people who could choose another route. <\/p>\n","protected":false},"author":612019,"featured_media":118371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[],"class_list":["post-122225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-development"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/122225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/612019"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=122225"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/122225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/118371"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=122225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=122225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=122225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}