I'm not sure if this is the right place for this..I've been a listener of the podcast for some time, and recently now a member of the online community. In short, I've been looking to get into real estate investing for some time. I have been working in technology sales for 7 years, and for the next 6 months, my plan was to get my "feet wet" in real estate knowledge to make the jump in Feb 2020.
Recently I lost my job, and I'm confronted with the question of finding work again in tech sales (which I'd prefer not to) or going all-in on real estate investing. I can structure myself financially to go into real-estate investing but it's quite a sudden and a large leap as well.
Has anyone had this experience going full-time in real estate investing? I'm open to any guidance on if I should pick up a job again as well before going full-time. Any thoughts or resources are appreciated.
Hi @Bryan Kurtz ! Welcome to the forums! I have seen a few people on here that have gone all in, but I'll let them tell their stories. Personally, I find it much easier to have some W-2 income at this point in the game. It's so much easier to get financing with a steady W-2 income, plus, the obvious point of having steady money coming in. I also would like to be a "full time" real estate investor, but while starting out getting my feet wet it's nice to have the full time job. But I tend to be a little more conservative!
When anyone is starting out in investment real estate, the most important thing to start with is what your desired strategy will be. Generally, if you have less available capital, you may want to start out with a few fix & flip investments to build up your investment potential and sort of get a feel for how things work. However, if you are looking for a consistent return over a longer period, I would suggest buy & hold and trying to obtain some rental income as cash flow. While it is definitely possible to be a full time investor, I would suggest that you do not rely on it as your primary income, at least to start. Once you build up your base and get a feel for what is involved with investment real estate, you can start to rely more heavily on it for your primary income.
I hope this helped and feel free to reach out with any questions!
New Western Acquisitions
@Danielle Wolter Thanks Danielle for the thoughtful response. You make a good point for financing, and getting approvals with a W-2 Income. Are you an investor in San Diego? I am currently in San Francisco, and that is the destination I'd want to move to.
@Bryan Kurtz I own a couple properties in San Diego, but am currently starting to invest in Memphis due to the high cost here in Socal. california is good for appreciation, but not so much on cash flow. Plus, it is harder to accumulate properties. Do you plan to invest here in in San francisco?
@Danielle Wolter No the cost is outrageous in San Francisco as well as in SoCal. Partially why I was curious about asking. I'd prefer to live in San Diego for lifestyle, and my intuition would be to need to invest out of state. Also whether or not starting out investing, if you should be only investing in your local area or not.
I recently put myself in a similar situation, except I quit my regular job. I contemplated getting another job for the steady w-2 income and the better loan approval chances or just going full into real estate investing myself. My only difference is that I have done a great deal of REI and have had a ton of success flipping houses. I know for a fact that I can make 2-3 times my normal w-2 job if I put all my efforts toward REI. Seems like a no brainer huh? My problem is that I've done all of my investing in Ohio and now I'm moving to SD. Trying to do it out of state is what hangs me up a little bit from just jumping right in full time.
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you