Should I take more time for less money?

Should I take more time for less money?

Member since 2021 · 4 posts · 1 vote

Background to me: currently 22, a decent amount saved up (60k), and my goal is to own long hold rental real estate then eventually get into flips, airbnbs, and build a business around that. I’m in the position where I have to decide between two jobs, what would you do in my position?

Job 1: 70-90k over the next 3 years, than 100k or more after that, however this comes with 65-70hr work weeks. Construction job, with lots of travel time, it is union so I have good benefits but no pension.

Job 2: I would be returning to my old job, mostly a desk job making 40-45hrs a week. At this job I would be making 65-70k. Decent benefits as it’s a big company and gives the typical 401k match.

With my goal being to be an entrepreneur and own my own business I feel as tho I’d be able to use those 20hrs a week to focus on building what I truly want to do. However with the other job it’s more money, which would obviously help when it comes to down payments, etc, but with the hours I’m exhausted and feel like I have no time. Put in my position which path would you pick? Thank you very much for your time!

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Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
3y

Don't tell us how much you'll make.  Tell us how much you'll keep. 

What's important is the gap- how much you save.   

High wages but long hours, travel?  No thanks. Unless maybe housing is provided and you can save 80% of your take home so you bust it for 2 years. 

What will be each living  situation?   At home?  Paying rent? High rent?

Focus on the gap so you can invest and get free. When I quit to go full-time REI years ago I only made $39k but my savings rate was high. I know people that make $300k but pay a lot of taxes and can't save a dollar.

Which situation helps you keep more?  That's what really matters. 

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  • Jay ThomasPro Member
    Real Estate Agent · Houston, TX · Member since 2021 · 1k+ posts · 715 votes
    3y

    At 22, it's important to take the time to build a social life, and Real Estate is a great way to do this. Joining Real Estate organizations such as REI groups or Local Landlord Associations will give you access to valuable networking opportunities and resources that can help you get ahead in Real Estate. All the best on your Real Estate journey!

  • Lender · Long Beach, CA · Member since 2023 · 21 posts · 8 votes
    3y

    No reason you can't work full time and keep working on a scalable investment plan in the meantime. 

    To start with you can buy your first home, live in it for a year and then turn it into an investment property after that. First time homebuyers only need 3% down payment. This way you can read and learn what it takes to run and build up a portfolio of investment properties while not wasting any time.

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