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

[Joseph Canini]

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? 

[Mike H.]

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.