The W2 Dillema - this is our thoughts
So we’re on our first deal, not anything ground breaking but about $250/mo pure cash flow. I like the whole game.
Both my wife and I have W2 jobs (nurse and engineer) as well as 3 boys aged 4 and under. Daycare is absolutely outrageous. (As much as our primary and rental mortgages combined). And it’s going up again in January. We manage it ok but it’s not worth it anymore at this point.
I also 1099 contract on the side (30 hrs/mo max) and it pays minimum 2 times my W2 hourly.
1 of us will be quitting our W2 early next year.
We also plan to stack on our 1 unit in 2022.
Ultimately, we’re leaning towards my wife keeping her W2, I would leave the W2 and be able to increase my 1099 3x and still care for the boys during the day.
This would allow me to focus on scaling the REI quicker as well.
There’s fear right. But we think we just have to go for it.