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
6y@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
- Specialist · Grand Rapids, MI · Member since 2016 · 1k+ posts · 611 votes6y
@Kyle Robertson
I fell into the worst case scenario the first time I quit my job I went from everything going well to not being able to work and mounting medical bills. Struggling to pay medical bills I had to sell alot of real estate to pay for bills. I was still in my 20s and like many others I knew that I could continue to hustle as my passive income could take care of my usual expenses. I say this not to discourage you but to let you know that it is my opinion to make sure. My situation could have been alot different if I was on a spouses insurance, diagnosis was sooner and or a number of things but had I not gotten sick I am certain I would have never gone back to a W2 job yet my retirement may not have been so comfortable. My second time around I know I am primed. I have almost 7 years of living expenses, leisure funds and vacation saved up. I could get sick again with an additional 100k of year medical bills and my family could still get by without us losing our home. This retirement I go into knowing I never have to work a day in my life where as the last I went in believing I could get to that point so my advice is how comfortable do you want to be in your retirement. Its a tough balance for sure and I know the feeling of counting your days to retirement but be sure when its time.
- Rental Property Investor · Eugene, OR · Member since 2019 · 17 posts · 78 votes6y
@Kevin M. Thanks for sharing. I’m eyeballing a property management company as my post-retirement gig. I know a lady who manages around 200 units who is set to retire and I’ve already made an offer. That would be my slam dunk scenario. She said she has another year and she’s ready to pull the trigger.
- Rental Property Investor · Eugene, OR · Member since 2019 · 17 posts · 78 votes6y
@Brian Adams Thanks Brian, it’s interesting you found your way to my post because I read through a lot of yours a few months back. Next up on my journey through real estate education is large apartment syndications. You mentioned in your thread about Dave Lindahl... his book on repositioning apartment complexes is my bible (Multi Family Millions). He’s a great author, offers very little unnecessary fluff and gives very actionable suggestions.
I'm currently reading about the art of raising money. I have never partnered or JV'd with anyone, so all 50 of my doors were paid for out of our own bank account. Now that we are bumping up against our reserves that we swore we would never surpass, it's time to go back to school (self education that is). I am very driven and confident we will make a successful venture into the world of syndications, I just want to make sure I'm an "expert" before becoming a steward of other people's money. Thank you for the inspiration. I'm sure there is a ton I could learn from you!
- Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes6y
Well, technically, I didn't quit my job - my job quit me. I've been out of the work force since August of 2016.
- Rental Property Investor · Collierville, TN · Member since 2015 · 7 posts · 13 votes6y
@Jay Hinrichs my wife and I are both a part of our llc , would that count? Or would we have to employ someone else ?
- 6yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Jason Watson:
@Jay Hinrichs my wife and I are both a part of our llc , would that count? Or would we have to employ someone else ?
check with your insurance provider but I do believe you need to be paying a w 2 employee.. and it has to be arms length I could be wrong but I have two w 2 s on my payroll so we have a group policy.. its a huge differnce.
- Investor · Philadelphia, PA · Member since 2017 · 48 posts · 12 votes6y
@Kyle Robertson if you are done purchasing doors sure quit, but I could never understand leaving W-2 money in the table. Social Security, 401k and health care need to accounted for. Then you will never be able to get another loan without dual income. Keep your job unless you are 50.
You came in this world with nothing, everything you have was worked hard for. You're obviously a smart man having achieved this. If I were you, I wouldn't be concerned because you are much better off that when you started life and, now that you've done it once, you can do it quicker even if the worst case scenario would happen. Which is almost impossible to happen.
But your bigger issue is the stress your wife has. Find a way to keep the door open at your company and leave on good terms. Then the wife will be more reassured that you can go back if things don't work out the way you expected. CONGRATS!- Rental Property Investor · Eugene, OR · Member since 2019 · 17 posts · 78 votes6y
@Ben I. Thanks for your insight and the kind words. Problem with my current W2 (Lieutenant with a FD) it will be filled as soon as I leave, so going back won’t be an option. I’m looking for a Plan B just in case this solo venture doesn’t work, preferably in real estate as a property manager company owner. We shall see!
- Rental Property Investor · Canton, OH · Member since 2017 · 1k+ posts · 1k+ votes6y
@Kyle Robertson
I can go either way on this. But kudos to you as it sounds like you can quit now if you'd like. I will just give you a few thoughts that might help with your decision.
1. With a W2 job you basically double your salary.
2. It's way easier to get financing when a bank sees a W2 job on your personal financial statement.
3. You can reinvest 100% of your realestate income back into the business which will help you grow quicker.
4. Who the hell knows what COVID legislation will continue to get passed that hurts landlords.
Hope this helps, and best of luck!
- Investor/Agent/Entrepreneur · Dallas, TX · Member since 2016 · 464 posts · 564 votes6y
I quit my job 2 years ago, after 5 years in the corporate world. I'll keep it simple, it comes down to your mindset & principles for what you want & why you wish to leave the W2 life.
My principle: freedom > $$
So even though I left a nice six figure job, and turned down a 35% bump from another employer (remote job, before remote was commonplace) literally a week after resigning, it was the principle of the matter that made me walk away. I chose my freedom to do whatever (pursue my businesses), so no matter how much $$ anyone threw at me I wasn't going to turn around ever again. Also, I knew that any W2 job is worth pennies in relative to the potential of what I could do with the increased time to invest into other businesses. Also nothing is as valuable as the time I got to myself to do whatever I wish.
So I think having a strong inner principle that you can lean on when things are tough, feeling gloomy, or other jobs seem tempting, can help drive you back to what it is that you truly want for yourself.
- Rental Property Investor · Eugene, OR · Member since 2019 · 17 posts · 78 votes6y
@Ujwal Velagapudi really well said. I feel the same as you, I just haven’t found the courage to pull the trigger like you did. Thanks for the inspiration.
- Real Estate Investor · Coatesville, PA 19320 · Member since 2011 · 108 posts · 178 votes6y
I quit my 9 to 5 job after 15 years, taking care of Athletic Fields and running a shop at a school for Court Committed kids between the ages of 13 to 18 in 2011. I was able to have my wife retire from 17 years of teaching at an Elementary School in 2015.
I dove into Real Estate in 2005 looking for more out of life. I did pretty much everything between 2005 through 2012: Rentals, Rehabs, Beach Rentals, New Construction and Subdivisions. I had 14 units and was over leveraged when the marketed crashed in 2008 / 2009. I also owned property on the Gulf Coast of Texas that got hit by Hurricane Ike. I also got involved with another Investor and did some deals with him. I thought he was seasoned and found out the hard way.
Somethings worked out and Somethings were a disaster, but I learned so much from those 14 units. I let most of them go: short saled some units, some where foreclosed on, some where wiped out from the Hurricane and I kept a few. I learned how to deal with Insurance Companies and Lenders.
I also met some seasoned Investors that were buying Non-performing 2nd Mortgages in 2007. I invested in their Note Fund from 2007 to 2009, making a 18% yield on my $25k and saw what they were doing. . I bought my first Non-performing and Re-Performing 2nd Mortgage Note in 2008 and began learning the Note Business. They became my Mentors, Partners for Payment Relief, Dave VanHorn and his Partners. My Mentors and the Note Business changed my life.
I began building my own Note Portfolio and I created an Asset Management Company that manages Non-performing 2nd Mortgage Notes (some 1st, but my skill is with 2nds). I've managed over 1,000 Non-performing 2nds for about 150 Note Investors. I've also bought over 150 Non-performing and Re-Performing 2nds in my own Portfolio. I have 2 Note Companies. I put my 10,000 plus hours in.
My wife and I rolled our 401ks and Pensions into SDIRAs. My SDIRAs and my HSA also invest in 2nd Mortgages. I now control my whole financial dashboard.
I'm glad I took the leap and created a better future for my family. We now have our time to spend with our 17 and 15 year old. We have time to travel and do what we want, when we want and with who we want. Real Estate is very powerful and life changing.
Go for it. If you want it bad enough it will work out for you. Learn from Investors that are truly making money. Learn how to add value to others. Learn how to solve the Banks problems. Believe in yourself. Treat it like a Business. Continue your Education and continue Networking with others. Build it slow and steady. Don't compete with others just get creative and worry about your Business.
Most of all and the key to success is LFDA. Laser Focused Daily Activity, that's the magic ingredient.
Good luck.
- Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes6y
Originally posted by @Nathaniel Booth:
@Marcus Auerbach
That’s awesome! I just started with KW and hope to be an agent full time one day. Keep up the good work! Also, what’s your YouTube channel name?
Easiest way is to find my YouTube channel is on my BP profile page!
Welcome to KW, make sure you sign up for IGNITE, I tought a session yesterday and we had a lot of fun
- Real Estate Agent · Fayetteville, NC · Member since 2020 · 7 posts · 6 votes6y
@Marcus Auerbach
Awesome, I’m in ignite right now. I’ll keep an eye out for it!
- 6yDaniel SmythPro MemberRental Property Investor · Rockford, IL · Member since 2019 · 471 posts · 342 votes
I guess it depends on what your w2 job is.
I work in construction, and have for almost 40 years. I can see things others need books to comprehend! To have made the empty land something special, takes a skill that rewards you often.
All of my work is not W2 work, but if I had to stop working as a carpenter, you might as well put me in a box!
Real Estate has given me the freedom to think more forward to what I previously thought was only for the very rich and famous. I can see the way, and I now understand what I must do to get where I wish to go.
I just need to live another 100 years so I can enter all of those doors that open up to me as I get more involved in REI!
If you like what you do, learn to manage your real estate investing, and then work your W2 job because you really want to, and are not forced to because the rent is due!
Stay humble, and burn no bridges before their time!
- Investor · Ashburn, VA · Member since 2020 · 140 posts · 145 votes6y
I quit my high paying (loan originator) W2 job with barely any cash flow at all from my properties and just banked on my knowledge, hustle, etc. If you already have income from the properties to match your earned income, then I would do that in a second. I can almost guarantee your real estate success will take off once you're full time and focused on it 100%!
Clearly defined goals and taking action on it one step at a time can definitely get you there. By the way, I am in process of writing my first book on my journey to FIRE.
I liked it, someone said to buy more property to cover your health expenses too.
- Real Estate Agent · Oklahoma City, OK · Member since 2020 · 471 posts · 462 votes6y
This is more of an "I am going to quit my job soon" story, currently working full-time as an engineer but have my real estate license and am a beginning investor. However, my current job is very accommodating for a side hustle, but is draining enough to be a daily spark of motivation towards quitting! I think if I really enjoyed what I do it would be much easier to get "stuck", but since I know there is more in store for me I continue to press on. I plan to build a solid base doing real estate agency stuff as well as rental income before I say "I QUIT." I look forward to it, but there is a lot of work ahead of me, thanks for the all the stories!
- Real Estate Agent · Member since 2020 · 7 posts · 2 votes6y
First of all-congrats to you to get up to this point! Second- don't doubt yourself. All your hard work has paid off and this is only the beginning. It is definitely scary being uncomfortable. But remember you have to be uncomfortable in order to be successful. I would suggest that it is a great idea for you to leave your job and keep pursuing your passion in real estate create. Again congrats to you. Do not let outside sources affect your dream!
- Rental Property Investor · Rochester, NH · Member since 2020 · 16 posts · 1 vote6y
what do you all do for health insurance when you're finally able to quit your W2? My job is also driving me towards an early death - or a 25 to life for aggravated manslaughter because I'm so fed up at this point. but I may have pending health problems on the horizon, and not having health insurance is scary =(
- Rental Property Investor · Tallahassee, FL · Member since 2018 · 55 posts · 48 votes6y
Congrats Kyle, the fact that you are here in the first place is amazing! I think this decision is a big one and definitely something you have to decide as a family, so make sure both parties are on board before you pull the trigger. This will never not be scary, but I think that with someone that is as successful as you have been you will make it work.
As for my story it shows that you are actually taking a very careful and well prepared exit. I quit my W2 job after house hacking my first duplex and before I had hit my rat race number. I saved enough for a year worth of traveling the world (on a budget). And told myself I had one year to acquire more properties using OPM to cover my living expenses after that year. The traveling got cut short due to family reasons, but I never went back to a W2, I cut living expenses to next to nothing, the house hack helped that, and then I took it one property at a time to gradually expand my income and have kept my expenses about the same. I was also miserable at my job and no matter how much I had to cut my expenses to make it work, I never even thought about applying for another job. I think that the happiness you receive when you can spend more time with your family and away from the draining job has a much higher monetary value than most people would give it.
Good luck on your decision!
- Rental Property Investor · Doylestown, PA · Member since 2008 · 1k+ posts · 1k+ votes6y
@Kyle Robertson - I had a W2 job for my first 4 years out of college and then decided I was done "working for the man". Started and sold a web design firm, started and sold a greeting card company, started and failed at a handbag company, started acquiring real estate 6 years ago and I'm up to 127 units. I live off the rental income and different lump sum payments when we sell a property after buying, rehabbing and renting it for 5 years. My acquisitions have gotten larger and a recent deal appraised at $1M more at closing than I bought it for. I'm in the process of adding more value to it but it has the potential to be a real life changer for me. I'm also in the beginning stages of planning a new construction $5M multi family in my hometown. I have architectural drawings and have met with the borough discussing the plans. Exciting stuff. 6 years ago I had a rental portfolio of exactly zero properties and I feel very very fortunate to be where I am at now... and where I am headed. I fee fortunate but not surprised because I mapped out 10 years of real estate acquisitions when I started and I am right where I wanted/expected to be at this point. You can do it Kyle. Just map it out.
- Boring, OR · Member since 2018 · 18 posts · 10 votes6y
What's the absolute worse that can happen.
You quit your job.realize in 6 months you want more money.
Get another job at that point.
Id spend a minute both you and Wifey and really ask yourself wants the worse that can happen?
What are you scared of? Real questions. Id bet a dollar you could find a solution that doesn't involve doing something you hate day in day out.
To me it seems like your the type that's going to rise to the occasion.
You seem like a dude that with the extra time on your hands your not going to sit around and do nothing. I really don't see you regretting the decision.
Do it for your kids, if not for yourself.
Please do us all a favor and post what you decide. Id love to hear your update.
Been full time investor now for 20 years. Watched / watching children grow up, spend plenty of time with family, out of debt, just bought another family home on oceanfront, cash.
I never thought I would be in this position.
You can do this, just be wise and buy the deals, don't be too proud to buy the low income housing deals, Go after the highest return, keep your emotion out of it, stick with it through the good and bad times..Be patient
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