Just quit the 9 to 5 rat race, now what? Live in San Antonio

13 Replies

Finally took the plunge and quit my job and am ready to put in 100% effort into real estate. While i was working i did see a couple of houses and still have a couple of buy and hold investments. I see the money in real estate and now want this full time. 

Question is what now? what do i go to get both feet into the real estate pool? 

Hello Joseph,

Are you wanting to get into Real Estate as in become an agent, or go deeper in the investing world?

I know there have been some great books written by bigger pockets members regarding the transition from full time employment to investing. Can you detail what you would like to do exactly? I think then everyone could give you a more precise answer.

@Joseph Canini , the ideal scenario would be to acquire properties while you had steady income as it would be easier to get a mortgage.

Without a "job" you will need to purchase via your cash, private loans or HML, which will cost a lot more.

You could look for a JV money partner.

thanks for the replies, i would like to acquire more properties and also possibly become a real estate agent. Brian as you know in SA properties, good properties, are hard to come by. Are there any jobs in the real estate / investing area that would be available that i might not know of?

Originally posted by @Joseph Canini :

thanks for the replies, i would like to acquire more properties and also possibly become a real estate agent. Brian as you know in SA properties, good properties, are hard to come by. Are there any jobs in the real estate / investing area that would be available that i might not know of?

 Welcome to the club! And that is a good idea that you are trying to find work perhaps as an agent. I am in the process of trying to do the same thing eventually. As for properties, I'd use the calculator on BP and try inputting stats for a few properties you may be interested in online. Then, if it makes sense, ask to see these properties in person and make an offer if it's a good deal. I'm also looking to invest full time in San Antonio, basically with no money down. If you ever want to link up, let me know. I'm also new at this. I currently have a mentor and I suggest you get one as well. 

Joseph,  

Getting your license would not be a bad idea in my opinion, primarily because you aren't working anymore but also so you can learn more about real estate in general.  

In the meantime, developing a working relationship with a local agent will help you see whats available on MLS. I currently work with several investors who will locate properties and then I will assist them with getting the info and placing offers. There are several agents on BP I'm sure who may be able to offer similar assistance. While good properties are hard to come by at times, patience is truly the key when doing investing. The deal has to make sense based upon what your goals are. If you haven't established what you want to achieve yet, that's the first thing to do.

As Mohammad suggested earlier, working with a mentor (plenty to be found at our local REIAs) would be a great strategy as well.

Best of luck.

@Joseph Canini I got to ask, why did you quit before you had a plan? My two cents would be get another job, make more money, buy more real estate, and then consider it again down the road.

I'm in the same boat as Zach on this one. There's obviously more to the story here. But its very hard to congratulate someone on quitting their job without knowing all the facts.

1) How much money are you rentals kicking off? Is it enough to pay all your bills? If not, how do you plan on paying your bills exactly from investing in real estate? 

2) How do you plan on investing in real estate without having any w2 income? Even if you become a real estate agent today, its going to typically take 2 years before a bank can use that income toward qualifying for your loans (self employment income).

Do you have private lenders (i.e. family, friends, etc) that would lend you money to do flips? If not, do you have a hard money lender that trusts you and will lend it to you? Or do you have a boatload of cash to do your own flips? 

3) What was the reason you quit your job now? You asked if there were any jobs in the real estate industry that you were not aware of. Typically, thats the kind of question you ask before you quit the job you're at.  It might have been a tad more prudent to figure that portion out before you quit your job and not after.

All that being said, there's something to be said for taking the risk and taking your shot. Hard work and determination can go a long way. And it should be real easy to stay determined given you don't have any other way to make money right now.

Hopefully, there's more to your story here that would support quitting your job though. i.e. Your rentals are bringing in 4 to 5k a month.  You've got a couple hundred grand in the bank to do flips. You've got family that will do your lending. Something. Maybe you've been making 4 or 5k a month wholesaling and your current job is preventing you from spending more time doing it to where its actually costing you money.

But from what little you've shared, it would be kinda tough to do anything more than wonder what we're missing given the pieces aren't necessarily adding up to where you need/want to quit your full time job.

Passion is one thing. But unnecessary risk is another.

You sort of have the cart before the horse. First you find what you want to do or have enough rental income to support you before you quit your job.

Not sure you really have any idea what you are getting yourself into. You may want to rethink your decision of giving up the 9 to 5.

You really should've had this planned before quitting, but.

Choose your strategy, and apply it as fast as you can. Live frugally, gather private money.

Everyone has their own path @Joseph Canini .

I left the corporate world in early 2015 with no plan either was that first year rough? Oh yeah! Did I learn a lot about who I was? Another oh yeah! 

This industry is not for the weak but for those that push through and have the abilities there is a place.

Best suggestions that I have read on this thread.

1. Find a good REIA. I prefer the Alamo RIEA that best. More content and education and less sales pitches for a Guru Program. Plus the benefits that you get by becoming a member of nation REIA is second to none in SA

2. Becoming an agent when you have no prior experience is a great way learn the ins and out of the industry while supplementing some income. I would just suggest that you find out what it is that you are wanting to do within the industry and find a brokerage that matches those values.

3. (my own recommendation) I would be cautious with the paid programs right now. While the education that they lay out is great, organized, and have networks to back them up (some) the market is very hot right now and I would consider it a bit foolish to spend that kind of capital on a program that was designed in the last down cycle. You spend that kind of capital on Marketing and you will figure it out.

Best of luck and feel free to reach out if you need anything

@Joseph Canini I started off full time with no other real options and dove right in.  It can be done, but it isn't easy.  I'm by no means where I want to be, but I've been able to transition and keep the lights on. 

Find sellers, find buyers, find private money, get your license, close deals.  I find the guys that do it are the ones that take off running and find their direction, the ones that I've seen not make it are the ones that wait for direction.  Just my two cents.

Good to hear Joseph and good luck! Start networking like crazy, read all you can about real estate, look to build  your team and look at as many properties as you can. Good luck!

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