W-2 Exit strategy

[Stephanie Cortez]

I am considering the possibility of leaving my W-2 job by Dec. I am in the beginning stages of planning what this will look like and if it is possible. Fears that come up for me are 1. Medical insurance 2. Taxes 3. Security 4. Emergency life situations. I am curious to know more about other folks journey into entrepreneurship. 

What factors did you consider before leaving and how much did you have in reserves, if any? 

What suggestions/feedback would you offer someone who is considering leaving their W-2? 

Also, medical insurance, how does that work as an entrepreneur? Is it astronomically expensive? 

Is there a best way to align your business LLC vs S-corp that makes the most sense for tax purposes?

[Bjorn Ahlblad]

My wife quit her W2 in 2017 after I retired in 2015. We are REI pros and do nothing other than manage our own properties full time.

I would caution you to be careful about any feed back from a bunch of strangers on the internet. Get yourself an accountant who knows REI in your state, and pose questions to them.

Find and join a local REI or land lord Association and attend meetings to get local perspectives on markets, LL/tenant laws and experiences etc.

Hang out here and search threads that may be relevant to you and your desires/needs.

Decide on your objectives from investing, taking into account your resources from financial and time perspectives. Only do what is relevant to you and objectives.

Be a sceptic, there is a lot of hype out there!

All the best! It can be a wonderful journey.