How do I quit my job and invest full time instead

General Real Estate Investing
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How do I quit my job and invest full time instead

Stephen Kozlowski
Columbia, SC · Member since 2014 · 6 posts · 2 votes

Subject says it all. I want to do exactly that, but how?

I bought my first home late December 2013 and currently have been rehabbing it. The goal is to flip for a profit. At this time, I have been working for a company for about 2 years (first job out of college) and I want out.

I want to flip my current home and move on to the next property to do it again and so on, but I don't see how I can do that without keeping my job. How were some of you able to do this? Any insight would be greatly appreciated.

Thanks,

Steve

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  • Ken Kim
    Investor · Chicago, IL · Member since 2012 · 26 posts · 6 votes
    12y

    My advice is keep the job and build a savings and continue what your doing going from one property to another. Even think about rentals on some for building monthly cashflow.

    To me, the benefit of real estate with a full time job and cashflow from rentals, it helps reduce your AGI and overall propel you towards even more cash.

    Also, look to join a real estate investors group/club in your area and learn more on this website as I read about others on here going from 0 experience to 100% full time REI than I could have ever imagined.

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  • Charlie Miller
    Investor · Davenport, FL · Member since 2013 · 73 posts · 22 votes
    12y

    Sounds like your current flip is taking a long time...most flippers are in and out in a month or two from what I've seen.

    Get a few under your belt to see how you do financially but I wouldn't quit your job until you have a lot of experience and a good team in place.

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  • Leon D.
    Investor · Chicago, IL · Member since 2012 · 190 posts · 85 votes
    12y
    Stephen Kozlowski Honestly, there's no responsible way to do this, so quickly. Consider some of these things: you need income/savings to pay for food, insurance, transportation, utilities, retirement savings, perhaps a family some day, the list goes on and on and on. And these are all must haves... what happens if the house takes longer to sell than you expected? Or you take a loss? Or there's an expensive surprise when you rehab? Or you're injured severely enough to keep you bedridden for three months? I'd guess every response you get to this will say to keep your job and do this on the side for several years. Full-time flipping is a lot like sitting down at the poker table. Educated playing will make you money, but you WILL sometimes lose, and you have to have a wallet big enough to survive those times. Assuming you don't inherent a pile of cash, the most obvious way of fattening your wallet is with savings from a 9-5 job.
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  • Tim G.
    Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
    12y

    You work harder than you have ever worked on anything before in your life.

    Then slowly it starts to come together and if you are really good, you don't even need to quit if you don't want to. You've learned how to do both and enjoy the double income.

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  • Stephen Kozlowski
    OP
    Columbia, SC · Member since 2014 · 6 posts · 2 votes
    12y

    @Ken Kim @Charlie Miller @Leon D. @Tim G. Thanks everyone and I know it's a process, I am still in the stage of "I want it now".

    Understanding that it's a must to have a job for those unexpected expenses and safety net, would you suggest getting a job that is related to real estate? Does it matter? I would think I would want that because I would learn information/processes/ideas that would help me in the future and help better educate me in the field of real estate from the inside. Suggestions?

    I really appreciate this guys.

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  • Alex CraigBusiness Member
    Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes
    12y
    My advice is wait to you are really good at real estate investing before you quit your job. I flipped houses, owned rentals and had a full-time job for the longest time. I hated the job, but I felt I was not good enough at real estate to get away from it. What I did like is the income that all three provided, I was pretty much able to do anything that I wanted. Also I waited until I had enough savings before quit my job. Another thing to consider is when you have a job you are more bankable to buy property.
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  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    12y
    Originally posted by @Stephen Kozlowski:
    Subject says it all. I want to do exactly that, but how?

    I bought my first home late December 2013 and currently have been rehabbing it. The goal is to flip for a profit. At this time, I have been working for a company for about 2 years (first job out of college) and I want out.

    I want to flip my current home and move on to the next property to do it again and so on, but I don't see how I can do that without keeping my job. How were some of you able to do this? Any insight would be greatly appreciated.

    Thanks,

    Steve

    Hi Stephen,

    Our goal is to buy and flip as many properties as we can and as quickly as possible but keeping the same quality in place.

    We do this full time but are definitely looking forward to being able to hold most of the properties we purchase and once a substantial portfolio is built, hire someone to take the daily calls and look after the entire operation.

    I use to complain about my workload when I was a laborer and not having enough time in a day to focus on investing.

    My ex-girlfriends dad asked me.

    "How many hrs are there in a day?"

    "24" I replied.

    "But I spend 12-14hrs a day laboring and traveling to and from work" I argued

    He said "I am happy for you, see you have another 12hrs to focus on investing. Don't sleep"

    hahahaha

    Crazy stuff - ill never forget that conversation

    Thanks and have a great day.

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