I need to hear “I quit my job!” stories, please!
Rental Property Investor · Eugene, OR · Member since 2019 · 17 posts · 78 votes
I need to hear “I quit my job!” stories, please!
Most Popular Reply
Investor · USA · Member since 2015 · 325 posts · 447 votes
5y@Kyle Robertson
Dude, JUST DO IT!
I left my job in March. The hardest thing was just walking out the door.
I wanted to leave my job from day one but I had tons of buddies and made good money. My job was also pretty easy and my total comp package was probably around 125k a year.
The biggest problem was I never saw my family. I have a 7 and 2 year old. With the exception of Sunday I was always working. They were growing up and I wasn’t around.
One day I looked at the 3 houses I had sitting vacant and turned to my wife and said. “I am quiting tomorrow. Is that ok with you?” She gave her approval and I walked in the next day and quit.
Benefits: you stop being so lazy about your business. I would always say, I am not going to raise rent because if they move I don’t have time time to work on stuff. It was killing my profitability. Now we are at market rents.
Fear should be every persons enemy. Make your choice based on love. How much better will your life be with 50 hours back and time with your kids!
If you are really having trouble read 4 hour work week. It has a few pages that talk about quitting.
I would say good luck but I think “Just Do It” is more appropriate!
107 Replies
- Investor · Tampa, FL · Member since 2017 · 589 posts · 251 votes5y
I think you accomplished what you were aiming to do. Congrats. It should be enough for you to walk away. Here is the chance to do what you want. Who knows maybe you will get bored and go back to work, hopefully doing something different that what you were. At least now you have choices!!
- Flipper/Rehabber · RI · Member since 2020 · 70 posts · 61 votes5y
I worked full time plus commute while fixing my first house. Took a little over a year. It was always the plan to leave the job but about 2 weeks before I was done I got fed up and never came back from lunch.
That was almost 5 years ago.
- Developer · Danville KY · Member since 2015 · 85 posts · 110 votes5y
@Kyle Robertson sounds like you already have everything in place to quit! Just do it and enjoy time with your family!
- Investor · USA · Member since 2015 · 325 posts · 447 votes5y
@Kyle Robertson
Dude, JUST DO IT!
I left my job in March. The hardest thing was just walking out the door.
I wanted to leave my job from day one but I had tons of buddies and made good money. My job was also pretty easy and my total comp package was probably around 125k a year.
The biggest problem was I never saw my family. I have a 7 and 2 year old. With the exception of Sunday I was always working. They were growing up and I wasn’t around.
One day I looked at the 3 houses I had sitting vacant and turned to my wife and said. “I am quiting tomorrow. Is that ok with you?” She gave her approval and I walked in the next day and quit.
Benefits: you stop being so lazy about your business. I would always say, I am not going to raise rent because if they move I don’t have time time to work on stuff. It was killing my profitability. Now we are at market rents.
Fear should be every persons enemy. Make your choice based on love. How much better will your life be with 50 hours back and time with your kids!
If you are really having trouble read 4 hour work week. It has a few pages that talk about quitting.
I would say good luck but I think “Just Do It” is more appropriate!
- Rental Property Investor · Eugene, OR · Member since 2019 · 17 posts · 78 votes5y
@Kai Van Leuven
I love this. I don’t know why this is so dang tough for me just to jump. I have a stay at home wife and three kids, so the idea of turning away from a steady/safe paycheck is beyond scary.
- Rental Property Investor · Los Angeles, CA · Member since 2013 · 1k+ posts · 1k+ votes5y
@Kyle Robertson sounds like the boat is close enough to the dock to board if you so choose. If it was me (I’m very conservative and have a family) I would make sure I could survive off my investing income, have sufficient reserves for my business and 6 - 12 months of living expenses saved in an emergency before taking the leap so I have enough financial runway to make the transition and not look back. If it doesn’t work out just go back to work. Maybe you and your wife can work out a deal that gives you the ability to quit when your biz income reaches “x” and we have “x” saved? Ladies generally have a need for security, especially when there is a nest involved (kids!).
- Investor · USA · Member since 2015 · 325 posts · 447 votes5y
@Kyle Robertson
I was the same way, for too long. This is the thing, I am a hustler. If I needed to, I could get my old job back. I could do something else. You have already proven you can make it happen. Bet on yourself.
- 5yLee RipmaPro MemberRental Property Investor · Prairie Village, KS · Member since 2015 · 2k+ posts · 2k+ votes
Yesterday was my 1 year anniversary of quitting my job.
I am going to guess you said "when I have cash flow that equals my w2 I'm going to quit my job" now you have achieved it. You owe it to yourself to quit! Don't let yourself down like that!
Here is the thing about quitting your job - do you really think you'll never make a penny again? Never do anything that makes you some kind of active income again? I doubt with the ambition you have shown in getting to your goal that you won't ever make any income again.
I think people wait too long to quit. I didn't even have close to my W2 income replaced with cash flow when I quit. I would have needed 3x the rentals I had to replace it. But I knew that once my time was freed up I would make other ACTIVE income. That has 100% been the case. I have matched the income from my (low) six-figure salary. And this was a weird year with COVID. I'm sure I'll make 3x my salary next year. I also am developing and launching a software product. I never would have done this when I had my job. So you really will get other active income.
I actually did something for my job that sounds incredibly cool, I'm a field biologist, my specialty is endangered species surveys. I literally got paid to skip through meadows identifying plants and butterflies. It's been a year, and I don't miss it. Quit for a year and see. You can always go back after a year (hint, you'll never go back).
- Member since 2020 · 22 posts · 26 votes5y
Hey Kyle, Great work! I am working toward the same thing, but I only have 12 doors to my name so far. But I think you can do it! When you do this full time, you will be motivated to succeed, even more thanyou currently are! I believe in you!
- Member since 2020 · 2 posts · 4 votes5y
Good Luck!! I hope you can reach to the you want to be!!
I will pray for your success - Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes5y
@Kyle Robertson quitting was hard for me. I did not just quit a job, I quit an almost 20 year career I worked my butt off for, I quit buisness friends on three continents I have enjoyed working with and built great relationships with over the years, I quit the status that I had achieved, I quit my dad's dream that I will be continue to climb the corporate ladder all the way...
It felt like jumping from a bridge, it was one of the biggest decision in my life, probably equal to moving from Austria to Milwaukee for the job. And now I was about to quit.
My assumption was that we'd live of the cash flow, which had already exceeded our acive income. We were ready and prepared, my wife had a job as a teacher. She said we could sell our nice house and move into one of our rentals and live of her teacher salary - in hind sight a completely irrational thought.
My company wanted me to move to China, that was my cue to quit. I was happy and sad at the same time, excited, liberated and a little scared. I had just walked away from something I had dedicated my last 20 years to..
What happened? I did some projects around the house, chilled a bit, cooked a lot (I has now a stay at home husband with a working wife) and then decided that watching daytime TV and watching rents come in was not very fulfilling.
So I got licensed, because I always wanted to have access to all the data agents have at their fingertips and never seem to do anything with. And because I never could find an agent who knew more than me.
Turns out that getting licensed does not teach you much of anything useful, the way to learn is by doing lots of deals and being dialed into the industry. So that's what I did and it took on a life of it's own, I joined KW and became one of the top agents in my office, started a team - On Point Realty Group.
I believe the point of quitting your job is NOT to retire early; the point is to catch a break and figure out what your next path is going to look like. And you can pursure something that does not pay. I made a grand $700 after expenses in my first half year as an agent and it was no problem. That was the point. The next year it was enough to cover our living expenses and it kept on growing, because it is a game that I enjoy and I love chasing deals and helping people. I work probably 60 hours a week and my wife is sometimes asking me why.
Last week I was out in my open top fun car in beautiful fall weather shooting video footage of new subdivisions for my YouTube channel. Best gig ever :-)
- Investor · Marin County California · Member since 2018 · 1k+ posts · 2k+ votes5y
First, no paycheck is safe. You can be terminated tomorrow from any W2 job for pretty much any reason. You can always go back and get some job (assuming you are under 50).
However, you have a young family.
Do you have a plan for covering healthcare costs? These add up, believe me.
- Phoenix, AZ · Member since 2018 · 8 posts · 5 votes5y
@Kyle Robertson great discussion topic! I’m in a similar situation as yourself. I’m at the point we’re I’ve lost a lot of motivation at work and am not as productive as a result. I can’t stand that feeling because I know how hard I work when I’m passionate about something or pursuing something on my own. I’ve started writing down things I want to do/pursue and ways to make money doing so - aligning passion with income. Sounds like you have a good amount of passive income coming in that maybe you don’t have to look for additional income - good on you! I’m not quite there yet, but on my way. I’m also the type of person that works better under pressure, and leaving my W-2 job would certainly force me to be creative. I can imagine you won’t just sit back and relax after quitting - you’ll find ways to be creative to bring in even more.
Personally I just closed on a triplex and own one other property. I'm in the AF Reserves so have access to VA loan and Tricare, so I don't have to worry about finding third party health insurance when I go it alone. I'm thinking of getting RE license, but also putting together a business plan on something I'm really excited about and could be really lucrative. I know I won't pursue my business idea with the busy W-2 life I currently live. Between the military, task apps, new business, etc. there is never a better time to be able to make supplemental income and be my own boss. That's my approach anyway, and I'm building my 1-5 year plan based on all of that. Best of luck to you and always good to see we aren't the only ones with these types of questions.
- Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes5y
@Kyle Robertson
Thanks for your honesty in this area. I'm in a similar boat as you. I have matched my W-2 income this summer from our net rental income. (Yahhoo!) It was an 7 year journey for us too!
But... I am struggling at work to stay passionate about what I do. I always told myself I would quit work the day I lost interest but I have 4 kids and it's feels difficult to lose the growth we have had to get to this point.
I keep feeling like next year might be worse than this year from a macro economy perspective. Should I wait 1 more year... Or will I always say... "Next year I'll quit"
- Rental Property Investor · Eugene, OR · Member since 2019 · 17 posts · 78 votes5y
Originally posted by @Joshua D.:
I am struggling at work to stay passionate about what I do. I always told myself I would quit work the day I lost interest but I have 4 kids and it's feels difficult to lose the growth we have had to get to this point. I keep feeling like next year might be worse than this year from a macro economy perspective. Should I wait 1 more year... Or will I always say... "Next year I'll quit"
Man, I feel like I just wrote that. You summed up my exact feelings, both personally and about the macro economy. My W2 job will get me through a recession, but I’m not 100% confident in RE after living through 2008. About a year ago I tentatively set June 30th, 2021 as my quit date. At this point I’m still narrowed in on that day like it’s the only light in the dark. But I’m scared as hell about what might happen between now and then. And I don’t like living my life that way. - Member since 2020 · 437 posts · 675 votes5y
@Kyle Robertson
I know that’s what you want to hear. I also know such headlines / ‘brag bro’ posts are very popular here on BP. Yup ‘I quit my job’ / xxx doors by the age of 19 / XX of equity in 2 years etc. Those posts do grab a lot of attention.
But all I’ll say is I built all my RE holdings because I
had an amazing day job and career. I worked hard, did well in it, got paid handsomely, had a few liquidity events and kept going.
Never thought of quitting, never wanted to. I know everyone’s situation is different.
- Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes5y
I just quit a long time ago but my wife 'quit' by being downsized.
She got a severance and benefited, I didn't. Can you get laid off in some way?
- Investor · Tucson AZ · Member since 2019 · 31 posts · 37 votes5y
I quit my job in April this year. At the time I only had 3 rental properties. It was one of the scariest/hardest decisions to make but i am so glad I had the courage to do it. My stress levels went way down and I feel so much better physically and mentally. I used my free time to dive deeper into real estate investing. I'm closing on my 6th rental property this month and life is great.
My advise is if you have a budget and the numbers all work, do it! You won't regret it.
- Chicago, IL · Member since 2017 · 12 posts · 10 votes5y
If I had 50 doors, I'd quit my day job for sure.
- Rental Property Investor · Fishers, IN · Member since 2016 · 335 posts · 470 votes5y
I think you've hit your mark and shouldn't question yourself. I agree with @Lee Ripma. People that set massive goals and achieve them aren't wired to sit around and do nothing forever. Maybe that's what you need for a little while to clear your head, but you'll find a goal to work towards that will make money, whether it's continuing to grow in real estate or something else.
One way to ease the transition mentally would be to get another "job" doing something you would totally love. Forget about what it pays. If its $30K a year, or its part-time, or whatever, it will give you a little bit of a buffer on top of the income the 50 units provide.
- Member since 2019 · 1k+ posts · 1k+ votes5y
@Kyle Robertson
Stick with your day job. For the next 12 months (minimum) put 100% of your rental “income” (meaning profits) into an account. Don’t touch it for anything. Month number 13 walk every single property and take a hard look at conditions and required inputs. Then thoroughly assess your reserves. Can you cover absolutely everything? If so, consider it, maybe.
Great way to ensure you’re working a day job at 50 is retiring at 40 without enough savings and passive earnings.
Set aside the romance of measuring phallic items online with mainly folks who haven’t even done what you are trying to accomplish. Focus on dominating the heck out of what you do and building the system that runs without your input. Or at least, as little of your input as possible.
The cautionary tale of “retiring” on ~$10k monthly income with no allotment for management, cap ex, and maybe 2% vacancy and R&M needs to be told here much more often than it is. But we live in the age of fanboy/girl instant gratification requirements. So... we get flash in the pan “guru’s” teaching how to be successful at _____ via Instagram while driving their leased Porsche and leveraged to the point that they’re cutting costs by pumping regular instead of premium. Don’t fall for it. The satisfaction of walking away won’t come near to equalling the disappointment of it all falling apart if under funded. Cashflow is absolutely critical to holding long term. The importance of that cannot be overstated.
- Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes5y
Your kids 3, 6, 8 will still be there to hang out with at 4, 7, 9.
Work one more year to get through the election and covid.
- 5yDan DiFilippoBusiness MemberReal Estate Broker · Fayetteville, NC · Member since 2020 · 251 posts · 244 votes
@Kyle Robertson I haven't had the success you had, so take this which as much salt as you like (of course, the term "salt" is etymologically related to "salary and I'm not sure you're into that).
Is it enough to have an equal level of income? I have no idea how much you make, how much you need, but I imagine you'll find that good deals look less attainable when your passive income now has to support both your lifestyle and portfolio expansion.
And I have no idea what your present income is, but perhaps try to scale down from 50 hours to 25 and see how it goes? And then if that works out, retire fully?
Either way, I'm glad your investments have been successful enough to even get you to this node on the decision tree! Good on you!
- Investor & Agent · Tulsa, OK · Member since 2016 · 1k+ posts · 1k+ votes5y
@Kyle Robertson
It’s been a year now self employed and it’s been messy, hard, semi-depressing at times, small moments of questioning myself —- done in a pandemic... a lot of crazy highs and lows and emotional roller coasters... some of my greatest single-time paychecks and some stretches with with almost nothing... having a
bad@$$ wife helps a ton as she went back to work for a while to support me...
I’ve paid off debts, I’ve grown, I’m helping others, I’ve learned a ton, and I have zero regrets. I’m not yet in a place where I can live on any investments but I’m actually in a much better place to get there.
And... I know for a fact a job will still be waiting for me if need be. I turned down at least 5 to do this. But right here, right now, I’m happy. Much more excited about building my own dreams than HAVING TO BUILD anyone else’s, & ironically it’s while actually encouraging others to build theirs.
- 5yKamal TripathiPro MemberBordentown, NJ · Member since 2017 · 25 posts · 14 votes
@Kyle Robertson great. Your story is inspiring for people li,like, me to move towards Financial Independence. Thank for sharing.
When it comes to quiting a W2 job, my only concern is health insurance. If that's taken care off, nothing else worries me. Frankly W2 job is a rat race.
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