Should I take the job or noooo?

Question

GOD is good 1st & foremost. We back at the round table again. Corporate America fell in love with my smile, abilities to converse, & humbleness. I have a potential salary paying job on the counter and it's a much higher pay from what I'm getting now. I'm really not sure if I want too take it. I'm not sure if this is a blessing or a distraction to my ultimate goal. I refuse to work a job for 40+ years. I'm a Real Estate Mogul. Smh lol. The potential job offer according to my VP and director the salary is 55k -60k yearly. I will have to relocate my family and potentially be working 60 per week sometimes. Where I work now it's a lil above minimum wage but I work 8 days on & 6 days off. With the 6 days off it could either be a vacation or time to work my business. I work and have reserves. I have 100k invested into RE. I'm currently invested in a duplex all cash in. Looking to refi of course and repeat the process. Should I even be considering the job ? I am only 26.

Isiah Ferguson · Answer

@Andrew Johnson That's another way to think about it. With the mindset of the job being temporary & do not expand my current expenses, it'll make sense to move forward with the job. As long as I'm focused on the plan with expanding my portfolio through my job.

Bob B. · Answer

Congratulations on the job offer and the raise sounds great as long as your living expenses don't increase.

Save every $ you can and keep investing.

Don't buy anything right away.

Andrew Johnson · Answer

@Isiah Ferguson Alternative way of thinking:  DO trade your time for dollars until your have enough dollars in REI income to offset your need for those "marginal" work dollars.  Meaning, if your current job pays $40K a year and this pays $60K a year, work until you have rental cash-flow of $20K a year.  Then you could ask yourself how long it would take you to achieve that $20K a year cash-flow goal with your $40K a year job vs. your $60K a year job.

You can also ask yourself what having that extra income would allow you to do.  Would it allow you to pay a property manager?  If you paid a property manager how much extra time would you have to hustle for more deals?  Could you use the money for a marketing campaign to find an off-market property?  Just think about it this way:  assuming you're self-managing your units right now, how much of that work is $10/hour work?  A $60K/year job works out to be $28.85/hour.  So is the "highest and best use of Isiah's time" spent being a property manager or working at this new job?

All of that said, I have no idea how you spend your time, if you manage the properties yourself, etc.  I could just be making up imaginary scenarios that have no relation to your situation at all.  The main goal of my reply is just to get you to maybe think your decision through in a different way.

Andrew Johnson · Answer

@Isiah Ferguson I'd say take the job.  But, of course, that's with no clue what you do now or would be doing then.  On a practical level a better W2 will help your DTI as well as just plain allowing you to rebuild your reserves faster.  Take a look at the number of people who post talking about how they can't qualify "for a great deal" because of income.  I could make the argument that a new job with a better W2 is just going to open up more real estate opportunity doors for you.  That said, I don't know if either opportunity can help you down your real estate path.  Anything from sales to finance can help build a skillset that will last you a lifetime whether it's in the "corporate" world or as a Real Estate Mogul ;-)

Craig Curelop · Answer

@Isiah Ferguson - If you've got a duplex that you have 100% equity in, I presume you are cash flowing nicely from the property.

Whether you take the job or not depends on your goals and your risk tolerance. Taking the W2 job will be much safer, will allow for easier financing, and with a bit of frugality you can save a significant amount of your income from the W2 to invest in real estate and achieve financial freedom over the next ~10 years.

If you are on a sprint to financial freedom and are not afraid to take risks then putting the investment into your own business might be worth while. Just remember that going off on your own will likely come with significant financial set backs that will double as education.

Isiah Ferguson · Answer

@Bob B. that's understandable, sounds about right.

Isiah Ferguson · Answer

@Andrew Johnson I really don't want too trade my time for dollars. My free time I have  is freedom. The salary can big a big part my of REI. I think I'll just have to regroup and plan accordingly. I really just don't want to be slaving and working crazy hours. Smh or maybe I need to sacrifice for a little while ?

Should I take the job or noooo?

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