I've heard a lot of BP podcasts with people in a similar position. From what i've heard, wholesaling is the best approach for people who have little money to put down, but they want to work hard and hustle for the business. Everyone is different. There is no one size fits all approach.
I'm a newbie myself... if you were to quit in that short of a timeframe; rentals wouldn't be the impetus. Wholesaling and/or flipping would more likely get you to that goal to quitting within a year.
I never really took wholesaling into consideration but i definitely think it would be something I would be great at. Thanks for the suggestions!
@briannawilliams IMO I would suggest keeping your job when you're just starting out. It will be beneficial if unforeseen obstacles arise and will also benefit you if you're looking to borrow money as many lenders will require proof of secure income. Once you get established and have a steady flow of cash from the investment properties then evaluate your situation.
All the best in whichever you decide.
@Brianna Williams it’s definitely possible. The question is how do you do it. First, I would suggest making a list of your expenses. What can you trim? Are you renting or do you own? If renting, why not house-hack a small multifamily if you qualify? This can both lower your current expenses and bring in a little revenue.
Assuming you’re not in a position to buy a cash flowing asset that will generate $2200 monthly, start figuring out what you’re good at and how you can help others. Wholesaling is an option, but it’s not for everyone. Most people need help finding deals, underwriting deals or finding money for deals. If you can help with one of those areas it will make it easier to generate the income you seek.
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