Buy and Hold & Quit your job? Is it possible??

Accountant · Hoboken, NJ · Member since 2016 · 28 posts · 7 votes

Hi, I've been wondering about buy and holds a lot. Has anyone gone with this strategy alone and been able to quit their job/ use this as a full time job? Would love to hear about your experiences!

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Brie SchmidtBusiness Member

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Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes

Originally posted by @Nick M.:

Hi, I've been wondering about buy and holds a lot. Has anyone gone with this strategy alone and been able to quit their job/ use this as a full time job? Would love to hear about your experiences!

I quit my job in 2014 because of my buy and hold properties. My goal was $35k a month gross rental income, and when I quit we had $15k gross rental income with plans to add another $20k gross rental income in that first year. Luckily I was already using commercial financing which did not care as much about my personal income for the loans. So when my lender said quitting my job would not effect my ability to get a loan I did it.

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Brie SchmidtBusiness Member
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Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
9y
Originally posted by @Nick M.:

Hi, I've been wondering about buy and holds a lot. Has anyone gone with this strategy alone and been able to quit their job/ use this as a full time job? Would love to hear about your experiences!
I quit my job in 2014 because of my buy and hold properties. My goal was $35k a month gross rental income, and when I quit we had $15k gross rental income with plans to add another $20k gross rental income in that first year. Luckily I was already using commercial financing which did not care as much about my personal income for the loans. So when my lender said quitting my job would not effect my ability to get a loan I did it.
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Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
9y
What's a JOB?
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Jose Godreau
Real Estate Agent · Deptford, NJ · Member since 2016 · 49 posts · 17 votes
9y
Hey @Nick M., there are a lot of people who invest full time. I wouldn't suggest quitting your job right away but when you have an established foundation of rental properties its definitely possible. If you have any more questions feel free to pm me !
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Clifford Kearns
Investor · Culpeper, VA · Member since 2016 · 20 posts · 5 votes
9y
That's great, commercial properties that produce a good NOI Speaks for it self !!
Shoot for 1000 units in Multifamily Family Complexes and never look back!
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