I would like to start investing in rental properties full-time but am not sure how I would be able to pay my bills if I quit my job. I am curious how some of you made the jump to full-time RE investing, and wanted to see if anyone had some tips.
I thought this thread may be helpful for people who have lost their jobs and have always wanted to go full-time into real estate investing. Look forward to all your comments.
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
17y
My advice...don't quit your job until you have enough money saved that you won't stress over not having an income for several months (or years)...
I'm a full-time RE investor, and couldn't imagine the stress of just starting out and not having several years worth of savings...especially with a family who depends on you...
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
17y
Took me almost three years before I was able to be 100% full time in RE to support my family, although I spent about half that time educating myself while investing slowly, carefully, and part time.
Property Manager · Dalton, GA · Member since 2008 · 100 posts · 21 votes
17y
I started in 2003 and invested part time buying 1 to 2 homes a year. I should have went full time in 2003 but I lacked the knowledge, experience, and the team I needed to make it work. I got involved in insurance for a couple of years and pushed real estate aside.
That didn't really work out so in 2006 I decided to just try going full time and go all in. I was young, had no family, and if I failed I failed it wouldn't be the end of the world for me.
I literally put every dime I had on the line. I got a hard money loan did my first rehab and sold it. I also used partners and any other means necessary. I did 3 deals in 6 months for a total of $40,000 or so in profit.
When the rehab market dried up I learned other tactics. Their is always a way to make money in real estate.
So for me at that time it worked. If you have a family, kids, and more responsibilities then just do it part time over the course of a few years until your ready. It all depends on your situation, financials, knowledge, and goals.
Whatever the case just be responsible and realize its not get rich quick.
Real Estate Investor · Memphis, TN · Member since 2009 · 31 posts · 10 votes
17y
The honest and valuable feedback here on BP is great. A big THANKS to the experienced guys who chimed in on this one.
Over two years ago my wife and I (we were dating at the time) took a bit of a naive plunge into going full time while living off the profits of our first significant deal for an entire year. We learned a lot that year, unfortunately we learned what didn't work instead of the opposite. Not having a team, system, or steady cash flow in place was too limiting for us to overcome so I went back to work.
Our passion to create wealth and income with real estate never died so we decided that she could continue on with our efforts full time while I work supporting the both of us and our endeavors. It works because it's just the two of us and we're determined. That year of learning lessons has not and will not go to waste. Like many have already said on this thread, we're working to get everything in place before going "all in". While the original poster of this thread might be fortunate enough to be able to skip the preparatory steps, odds look against it.