Should I keep my FT job?

2 Replies

I'm in a position where I can leave my job and live for a bit on a pretty decent bonus. I also have my broker's license and would like to work as a broker to help others find/sell homes as well as to find new properties for myself. I also have 3 kids, 2 of whom are in school full time, and would like a more flexible schedule. However, I could stay with my current job (I am a property manager by trade so this works well for investing) which would make it easier to buy more properties in the future. I currently own 14 units and am under contract for another 4, so it's been getting a tad more difficult to acquire more properties. How beneficial is it to have W2 income? How hard will it be to continue to invest in properties without steady income? All of you seasoned pros, please give me your advice! Thanks in advance!

Kathryn -  obtaining a loan through a lender  will normally require  2 years of  history of  consistent  positive income …...so if the plan is to use this  method of  financing  - keeping  the job is beneficial …..if you plan to use the more creative methods of  financing deals - then this issue isn't quite as important 

the other lender issue to be aware of is that many lenders  have a limit on the  #s of properties  with financing an applicant  has in their name …...some cap at  7  ...some cap at  10 ...some may not any cap