Advice on Switching Careers

8 Replies

For the last 8 years, I have been working in banking. I have spent my time working my way up the ladder from starting in loan servicing, to becoming a loan officer, now working in fraud and risk management. Unfortunately, I am just extremely unhappy with the atmosphere I've been in since joining the banking world. It is too political for my liking. I have been successful in moving up the corporate ladder but my income seems to be topping out at a more rapid pace than my promotions. I also dislike the 9-5 sitting in an office. I'm now 30 years old and looking to make the gradual jump into the real estate. I have been researching different routes and avenues but curious to get first hand accounts from others what their experiences have been. I have excellent drive and motivation, and I feel my background in banking gives me an advantage to understanding the different types of loans and the finer portions of the lending aspect, since most people seem to finance homes.

I am crazy to leave a decent paying job, with benefits and retirement to escape the horrible day to day? I see so many stories of people being discouraged and getting out of real estate within 2 years.  Just looking to see what others have gone through in making a similar jump?  

Hi Bill. I found myself in a similar position about 5 yrs ago. Tired of working like crazy. I didn't quit my job straight away, mainly because i couldn't afford to, so I started RE and bit by bit closed deals until I'd saved up a years salary and then jumped in full-time. FT now for about 3 yrs and definitely enjoy the lifestyle of working for myself rather than other people. My old jobs didn't give me a retirement or benefits, so that was an easier decision. My advice would you don't know until you try it. Start in your spare time, see how it goes, and see where the potential is for you. I joined a real estate club because I knew I needed to be around other people all doing the same thing. That way, when I did feel like quitting, I at least had the right people around me to keep me going. RE isn't for everyone, but from my experiences most people that quit do so because they didn't make the kind of money they'd hoped for in the short-term, even though there isn't anything short-term about RE. I worked on a messy short-sale with title issues for 13 months before I got paid on that one..... but the pay-day helped me quit my final job.... just my thoughts and being part of a club I meet a lot of people who come in, but then only those with the right mindset stick it out and see the fruit.

@Bill Gray - I see this is your first post so I am going to presume that you are a relatively new member of BiggerPockets. Welcome!! 

Your story to me seems eerily similar to that of Brandon Turner's. He's kind of the poster child of BiggerPockets. You'll hear him on the podcast and hosting the webinars. He was a banker, like you. Purchased his first house hack and slowly scaled. He was able to quit his 9 to 5 job in just 5 or 6 years and become a real estate investor full time. 

This isn't a get rich quick game. You aren't going to be able to quit your job tomorrow. You could switch jobs tomorrow, but you may feel the same way about your next job in just a few years. 

I would suggest trying to purchase your first house hack. Purchase a property. Live in one part of it and rent the other such that your tenants are covering the bulk of your mortgage. Save save save. Next year do the same thing. If you consistently do this over the next few years, you will increase your odds of being able to quit your high paying W2 and do something that you are more passionate about on a day to day basis.

Hey @Bill Gray we have someone here named @Brandon Turner that is the Co-Host of the Podcast here on BP. If I'm not mistaken he too was in the banking industry before getting tired of it and it now doing this and investing and is very successful. Listen to some of his podcast and you will see what I mean. This guy is AWESOME and has really made a dent in his real estate pursuance. Hope this is motivational and helpful at the same time. I am in the same boat looking at becoming Financially Free with Real Estate. It WILL happen, it's just a matter of time. Good luck

@John Slater , thank you for your input and encouragement on the subject.  I too have been looking into similar groups around my area.  I am much more a people person than someone who sits behind a desk doing R, python, and v-look up queries to find fraud trends. Since moving into the management side of things, the politics have become even more of a drain day to day.  Seems like the gradual approach to find out if it's right for me has been a common approach, just hoping i'm able to get in enough exposure on a limited basis.

Originally posted by @John Slater:

Hi Bill.  I found myself in a similar position about 5 yrs ago.  Tired of working like crazy.  I didn't quit my job straight away, mainly because i couldn't afford to, so I started RE and bit by bit closed deals until I'd saved up a years salary and then jumped in full-time.  FT now for about 3 yrs and definitely enjoy the lifestyle of working for myself rather than other people.  My old jobs didn't give me a retirement or benefits, so that was an easier decision.  My advice would you don't know until you try it.  Start in your spare time, see how it goes, and see where the potential is for you.  I joined a real estate club because I knew I needed to be around other people all doing the same thing.  That way, when I did feel like quitting, I at least had the right people around me to keep me going.  RE isn't for everyone, but from my experiences most people that quit do so because they didn't make the kind of money they'd hoped for in the short-term, even though there isn't anything short-term about RE.  I worked on a messy short-sale with title issues for 13 months before I got paid on that one..... but the pay-day helped me quit my final job....  just my thoughts and being part of a club I meet a lot of people who come in, but then only those with the right mindset stick it out and see the fruit.

@Craig Curelop , thanks for the input.  You are right, this is my first post, but thought it would be a great outlet to get some information from agents all around.  I will certainly take a look at his podcast and look into Brandon's rise in the real estate game.  I have purchased a house before and that's all been well and good.  Unfortunately, not in a position to rent out some of it. Luckily, my wife is a nurse with a well-paying job, and with savings could probably sustain with me having no employment for a year.  At this point, it's more of a lifestyle change to find something I am happy with, rather than dreading going to work when I wake up in the morning.  I appreciate the feedback.  It makes me feel no so isolated that I'm far from the first or last person to be in this predicament. 

Originally posted by
@Miguel Dormany ,  Thank you for the input and encouragement. Will definitely be looking into Brandon's rise in real estate.  

Originally posted by @Miguel Dormany:

Hey @Bill Gray we have someone here named @Brandon Turner that is the Co-Host of the Podcast here on BP. If I'm not mistaken he too was in the banking industry before getting tired of it and it now doing this and investing and is very successful. Listen to some of his podcast and you will see what I mean. This guy is AWESOME and has really made a dent in his real estate pursuance. Hope this is motivational and helpful at the same time. I am in the same boat looking at becoming Financially Free with Real Estate. It WILL happen, it's just a matter of time. Good luck

@Bill Gray - Sorry! I wasn't too sure of your family situation. I agree, house hacking doesn't make much sense when you have a family. It's great that your wife has a high paying job. 

I would suggest looking for something that you may enjoy more. Perhaps it's a lower base salary, but you're able to earn commissions? If it's something you're passionate about, you'll likely have no problem earning  more than your current salary through commissions. 

If you're looking to get out of the 9 to 5, you came to the right place. This is exactly what BiggerPockets is all about. It's about real estate. But ultimately, BiggerPockets helps the average guy escape the 9 to 5 and build wealth through real estate investing! 

Do not quit your job till you are generating enough in RE to make it worth your while . Even though it’s sucks do not just walk away without a exit strategy based on considerable side profits