Hello, I'm at a financial crossroads where I either need to leave my "permanent" corporate Information Technology job and return to higher paying but less predictable IT contract work - OR - find a supplemental source of income such as birddogging or wholesaling. Am I dreaming to think I can take this on at around 8-10 hrs/week on top of my current (50 hrs/week) workload?
Thanks so much for any input!
For clarity sake... in a few years of doing REI on the side, I would then plan to make a decision to either go full-time in REI (my preference at this point) or continue at my place of work and possibly lighten up on the wholesaling/birddogging, hoping that 1-2 promotions (and better budgeting!) would bridge my current gap.
Oh, and I've got a wife and 3 teenagers. Any advice on the feasibility of weaving all this together?
There are 168 hours in a week. After working your 50 hour job, that still leave 118 hours to spend on real estate and sleep. Could you do it? How hard are you willing to work?
Good Luck,
Mike
As scary as it sounds, I am right with Mike on this.
I would ad that anything is possible if you have the dedication, but if you don't then it would be smart to realize that before taking any drastic measures such as quitting your job.
Thank you both for your feedback. I'm not planning to quit my job anytime soon, but am taking a hard look at my choices: go back to contracting or stay put and take on occasional wholesaling and/or birddogging. I'm sure the dedication comes easier after the first deal.
Mike,
Do you honestly think you'll make more at wholesaling that contract IT work? Wholesaling is just a pretty term for contract real estate work. Which field are you better at and can make more money for your time invested as a contractor?
Thanks Tim. That's really at the heart of my question. So let me ask you (all), and I realize this varies, depending on systems (marketing methods, call screening) etc: How many hours do you put in on average to close, say a $10k net wholesale deal?
I would really appreciate as many responses to this question as possible, and feel free to PM me if it's a bit too personal to post. Thanks All!
TWO HOURS! That's a typical answer you'll hear to a question like that. A deal fell into my lap and I wholesaled it with 2 hours work for a $3k profit (actually true, I did have one like that). Now, back on planet earth, what they will never tell you is all the work that goes into marketing to keep a steady stream of wholesale deals coming. They won't tell you about all the buyers that back out or can't close. They won't tell you that in a bad market, there are relatively few buyers that can actually close and even those buyers can't do an unlimited number of deals. So, while you may have two hours in one deal, all the extraneous work often means that you can't close a deal regularly and can't make steady money. If you can't make enough money to meet your goal, is the average really relevant? Is the average really A BUNCH OF HOURS?
Are there people who make a living wholesaling - probably, but I don't know a single one!!! I do know several people who make a living in the rental business. I do know a couple of people who make a living buying, rehabbing, and selling to retail buyers. I know people who make a living as realtors and as property managers and operating mobile home parks, but I don't know a single person who is a full time wholesaler.
Mike
Of course, another option would be to keep your current job and do some contracting during those additional 8-10 hours a week. The return would be faster simply because you already know how to do it. There should be less ramp up before it became profitable.