What made you quit your job and go all in with Real Estate?

36 Replies

Hi Bp community! 

Just curious, when did you make the move to quit your job and why did you quit? Just wanted to hear your stories and the motivation behind your decision. Thanks everyone! 

I had a great job that I mostly liked, but I quit when it was getting in the way of my REI goals and my bank said it wouldn't prevent me from buying more because I had enough rental income

I was painting on 40ft ladders in zero degree weather, so real estate looked like a pretty cushy option in comparison!

@Dave Van Horn Wow! Looks like you've been doing well in it so far! When did you quit to pursue real estate? 

@Brie Schmidt One day I'll get to that point. Action is the way to go right? 

I quit my day job when my 2 year old baby girl told me she didn't want me to go to work one day.  She told me she missed me.  I was a single mom at the time, and it broke my heart.  I enrolled in RE school shortly thereafter and haven't looked back.

That 2 year old baby girl just turned 23 and is on her way to UC Davis to go to PA school and earn her masters degree......ahhh how the years have flown by!

Those are prescious moments you don't get back.  Going into RE gave me the ability to manage my own schedule and be home when my daughter left for school and home again when she got back.  It allowed us to travel when we wanted to throughout the Summers and over her school breaks (I didn't have to worry about how much PTO I had available).  We even took off and spent a Summer in Atlanta - the WHOLE Summer!  What great memories.

Thanks for the opportunity to reflect! :)

@David Wong Since 2002 full time! But I really got started investing in 1989 part time and was Realtor since '86.

I retired when I qualified for early Social Security. Between Social Security, corporate pensions, real estate and being debt free, I am doing just fine. Haven't had to touch the 403Bs. My daughter is on track for a pretty sweet inheritance. Lots of people complain about the corporate rat race, but the pensions are sweet. Think about this before you ditch the W-2.

Jobs get in the way of life. Once you get comfortable doing deals and have enough confidence in your ability to make your own money and control your own destiny it becomes a no brainer to ditch the debilitating JOB. Best thing I ever did, just wish I did it ten years earlier.

I didn’t have a choice! I left the military and had to sink or swim!

The money and drive to make it happen.

@Cara Lonsdale Absolutely! I honestly want to know more about how people did it and the why behind it. Currently I am working a pretty stressful job since it is a start up and I want to get the hell out of this rat race. Thank you for replying! I really do appreciate it. 

Originally posted by @Bettina F. :
I retired when I qualified for early Social Security. Between Social Security, corporate pensions, real estate and being debt free, I am doing just fine. Haven't had to touch the 403Bs. My daughter is on track for a pretty sweet inheritance.

Lots of people complain about the corporate rat race, but the pensions are sweet. Think about this before you ditch the W-2.

I'm absolutely with you, I wish I had thought about it before I got out of the military, but now there is no turning back. Gotta keep moving forward and at the moment I'm working for a Start up so sadly, the pension is almost not there.. Not that I know of at least.

Originally posted by @Cesar Rebolledo :

I didn’t have a choice! I left the military and had to sink or swim!

 Looks like I am in your spot and searching for that deal. 

Originally posted by @Cesar Rebolledo :

@David Wong Are you still looking in the Norther VA area?

 I am. I have a few that I will be viewing tomorrow morning. 

Hi @David Wong . I started in the summer of 2014 part time flipping on the side. I was working with a partner and we were buying at the courthouse steps. After buying and flipping 2 houses, my partner decided to do something else so I teamed up with my twin brother and we decided to try to buy houses on our own. We somehow bought a rental using the Bank of Dad in Feb 2015 and then put our first flip under contract in June of 2015. I decided at that point, with a stay at home wife and two kids under 3, it was time to quit my job...not necessarily advisable.

I asked my dad if he'd float me for 6 months and to my surprise he said he would. I told him we for sure would be up and running by then, no problem. My brother and I formed a flipping company and we started marketing. 6 months later we had no new houses under contract and were still trying to get our flip sold. In the meantime we'd been racking up operating debt. 

So I went to my dad again and asked if he'd float another 6 months. He should have learned his lesson but he didn't. By now it was January of 2016 and we desperately needed deals. We barely scratched together 7 deals that year, 3 of which made no money and by the end of 2016 we were $80,000 in operating debt but were high on optimism. So we stopped doing things that don't work and started doing things that do work and spent 2017 climbing out of the hole. Now it's Feb 2018, operating debt, (and Dad) is paid back and we're actually a legitimate business that is finally growing.

The motivation behind quitting my job was that I realized I was taking a paycheck but wasn't able to dedicate my brain to what I was being paid to do. I just didn't feel right about being paid a full salary yet thinking about real estate all the time. I know some people can stay effective at their day job while working on the side but I couldn't. Also, I realized in order to market the way we wanted to, we'd need someone to manage the marketing campaign full-time. 

Doing it on the side until you make enough money to replace your job is probably the preferred method but the whole burn the boats plan can work to if you have some support and a solid strategy.

@David Wong I first lowered my expenses of living to an all time low of 15K/year then bought enough rentals to surpass that in cashflow (including vacancy, mortgage, taxes, insurance, maintenance). Then I flipped 2 houses to prove to myself I knew how to make money. Next I got 2 deals under contract that should profit more than I will make in salary this year. Boom! put in the 2 week notice at the corporate job! 

That was this past Friday (counting down the days) so obviously this could end up being a failure but I'm okay with that

I spent over 30 years working as an actuary in the health insurance world.  I've been working myself into an early grave to put money in someone else's pocket.  I grew up poor and when I was young I valued safety and security only to discover that there is no such thing. I've worked for companies that have been bought and sold, one lost $900M in two weeks when my wife and I were in Romania adopting two little boys, another company was raided by 200 FBI agents. If I'm gonna put in 18 hour days, I might as well do it for myself.

Spent a couple years doing restaurant/customer service management, had a really strong foundation with my family business and it didn't feel like a huge leap. I was already doing it part time for about 6 months before I jumped in full time

@David Wong I would recommend against leaving your job. It gives you a safety net so you are not doing dumb things in your business like doing bad deals or treating people like paychecks.

Man, these are some truly inspiring stories! I'm definitely gonna take them to heart. Everyone is very different obviously & sometimes taking that leap of faith is all you need but i'm gonna stick to @Lane Kawaoka 's advice for now... I'll "burn the boat" once I'm able to supplement my salary for sure though! 

The money was making it clear when I made the jump.

I quit when it was apparent that my RE income was going to exceed my W2 income that year and the hours I was devoting to my "day job" were detracting from an even better bottom line. And frankly I was enjoying the RE work more... 

Originally posted by @Lane Kawaoka :

David Wong I would recommend against leaving your job. It gives you a safety net so you are not doing dumb things in your business like doing bad deals or treating people like paychecks.

 Thank you, I was just curious on how and why people left. I enjoy my job at the moment, but I can see its not sustainable for what I want to do in life. 

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