Progression
Goal is to transfer from W2 job to full time real estate. I'm writing down some steps that I believe will help me progress me towards my goal. Currently I hold a salaried position and have one rental property purchased six months ago. Any thoughts on this would be great!
1. Get job that creates income to provide for living expenses and fund investments. [x]
2. Purchase rental first rental property. [x]
3. Use income to purchase additional properties. [ ]
This step currently in process, have made a few offers but nothing has come to fruition.
4. Get RE license. [ ]
I believe that this will help showing myself properties, create flexibility around my job, and allow me to capitalize quickly on opportunities in the market. Earning commission and learning the in's and out's of real estate transactions would be an added bonus.
5. Use full time job and RE license to fund and find investments while searching for ways to make active income in RE. [ ]
My initial thoughts on ways that I could make active income in RE is agent for investors, property management, flipping homes, start own RE brokerage.Running my own business specializing in one of these aspects of RE would be ideal.
6. Transition fully to RE and quit my W2 job. [ ]
At this step I would have to very confident in my career choice and have a way to replace my income completely from my job.I would then use my active income to fund living expenses and personal investments.
7. Grow my business and RE investment portfolio. [ ]
8. Sell / get rid of RE business and live off income that is produced from my investment properties. [ ]
I believe that the hardest part will be transitioning from my W2 job to full time real estate. Any thoughts on this would be great.What do you feel is the best way to make active income in RE? (flipping, PM, investors agent, or mixture of them all)