Career Change - did you do it? How?

Question

Hi All, I am currently a forensic accountant and fraud examiner considering to make a career change into full time real estate, whether becoming a project manager and investor. Its been a difficult time clearly for many, but certain events in my life has brought me to the conclusion, I truly rather be doing something that brings joy and a sense of accomplishment as opposed to pushing papers (pdfs, excels) all day.  What was your journey to moving over? What is your advice? Let me know.

Dan Weber · Answer

In addition to making sure you have adequate savings, the W2 job is critical for getting started investing as it is the easiest way to qualify for and obtain financing. I would look for a W2 job within the real estate field - property manager, project manager, assistant to either of these positions, acquisitions manager, executive assistant to top producing agent, etc...

Jody Sperling · Answer

Everything depends on your situation. Do you have $1,000,000 in accessible savings? $500,000? $100,000? $10,000?

My goal is to retire from Corporate America by age 40. I recently turned 40. I started out with roughly $30,000 in accessible cash.

We converted our primary house into a rental and put 5% down on a new primary to avoid locking a ton of cash in the house so we had some to protect against emergencies.

With the added income from the rental and my salary at work, I could afford to buy a new single family home every year. For me, that means I need to find creative ways to purchase two more houses per year from now until 40.

Once I have 15 single family homes as rentals, the income I will earn will more than replace my current income. I could quit earlier in the process, likely in two years, but then getting to a comfortable level of income would take a decade or longer.

So though I loathe what I do, I can sacrifice my enjoyment today for what I will earn from that sacrifice in five years. Perhaps, if I'm fortunate, and able to move faster, I can hit my goal sooner. Once I have 15 doors, i'll give my notice. Best of luck to you as you define your journey!

Steve Morris · Answer

"What was your journey to moving over? "

1) Grad engineer and owned rentals

2) Part owner in sales rep firm

3) Tech sales went in the toilet since manufacturing isn't done in the US much any more

4) Got real estate license

5) Found firm doing commercial, mostly apartments

6) Thought I was a genius since I'M AN ENGINEER!!!  Learned quickly I'm not that smart

7) Set budget of 20 calls a day, learned to listen instead of telling people how smart I am.

8) Burned thru 2 years without too much income, also found out people don't think I'm that smart since I'm a broker.

9) Am happier since I like sales and calling people.

What do you want to do is probably your biggest question.  If it's RE sales that's one thing, if it's investment, keep your day job.

Marlon Balogh · Answer

@Dan Weber I appreciate the suggestions. I think it will be a better move to get on hands experience as I build my portfolio.

Marlon Balogh · Answer

@Jody Sperling Jody, thank you so much for sharing your plans and layout of your decision making. I appreciate the sharing of numbers for perspective. It is also.my goal to at best for now buy rentals that will at the minimum pay for my monthly expenses while I consider a career change.

Marlon Balogh · Answer

@Steve Morris Steve thank you much for taking the time to respond. Its a journey for sure. I appreciate it. A lot of reflection on my end needed.

Career Change - did you do it? How?

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