Rental Property Investor · Raleigh, NC · Member since 2020 · 66 posts · 89 votes
Hey all,
I'm relatively new to real estate (only one property), but I'm incredibly passionate about it. I also enjoy my day job, but certainly don't have the same passion for software that I do for real estate. I'm in a great position because my company does real estate consulting and I understand real estate better than most at the company, but sometimes it is hard to see the value in developing my tech skills when I see myself investing long-term. Also for some context: I will see some of the upside in an acquisition, which could happen in the next few years, so my work on innovating there will likely have a much greater short-term payout than real estate. Should I continue to work extra hours at my day job, or spend that extra energy learning real estate? Any thoughts would be much appreciated!
Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
5y
Only you know the right decision for you. It is a special thing to be able to work and make a solid living, and roll that into your real estate investments. Active income to build passive wealth. Map it out and make a plan!
Real Estate Agent · Sioux Falls, SD · Member since 2014 · 159 posts · 111 votes
5y
Hi Danny, These are good thoughts to ponder. A few thoughts on this I had are do you know your "Freedom Number"? Like how much cash flow you need in order to not work anymore? Lets say for arguments sake that you need 5k in net cashflow to quite your job and be financially free. And that with each property or unit you buy you get $100-300. You can work it out to see how many doors you need in order to retire. If it will take a bit to get that it would be good to turbo charge your income so you have more to dump into getting more doors. So from that angle it would be good to focus on your job earning more until you are ready to make the next purchase.
Personally, I left my "Day Job" when I only had 6 doors BUT in reality I was transitioning into a different W2 job that was directly in real estate = Property management. After a few years even when I left that I still went into being a real estate agent which is 1099 but defiantly a job. Currently, I have 34 doors but I still enjoy working. The cash flow from my rentals just builds extra reserves for safety, and goes to upgrade units to future increase rents and the property value.
Lastly maybe you could think about what it would be like once you have your Freedom number. I imagine that hanging out on a beach would get old after awhile. So what would you enjoy spending your time doing to contribute to society? Would it be helping grow your current employers company? Maybe to gain more freedom at that point you could transition to more of a consulting role so you wouldn't have to have a set schedule.