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Forums » Investor Psychology » When can I quit my 9-5 job?

When can I quit my 9-5 job?

51 posts by 36 users

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Real Estate Investor · San Antonio, Texas


Bob Mc Intosh,

You have the right idea! Pay your self through your LLC & beyond that have multiple LLC's so you don't apply for a loan & show employment through the same one!

Each LLC is a seperate legal entity so the rules of how many loans you can have apply to each seperately. You can only have 4 loans with 1 LLC with 2 you get 8 & so on.



Real Estate Investor · Pennsylvania


Everybody has different goals and purposes. I do agree with a lot of people here to keep your 9-5 for a little bit longer. Think about it, your employer supposedly pays for your health insurance, plus just think of your job as play money or money you can reinvest in. I personally will quit my job when 1.) I can pay off my personal loans and school loans off first, 2.) My real estate business REQUIRES me to be there more than my 9-5 3.) I make more than from my rentals than my 9-5. Just think this way, the people here are more financially intelligent than the mass of people out there. We are not better than they are, we are just more financially prepared. I got into rentals because I saw how the current economy is. If anything ever happened to my job, or something unfortunate would happen to me, I have my real estate business to at least cover my expenses. Just a thought.



Real Estate Investor


I know this is an old thread so maybe some folks have changed their tune a little but.....

It really seems like everyone on this thread is saying that it is impossible (or highly improbable) to make a living on REI only. I find that hard to believe.... but if it is true then I am pretty bummed out about that.

I have a feeling there are MANY people out there making a good living doing nothing but REI, I know a few of them in fact. Its not going to happen over night for anyone starting out but it can happen.

I think there is just a little too much doom and gloom in this thread (again, it could be a reflection of the time when the thread was started).

Just my 2 cents, that and a 5 dollar bill will get you a cup of joe.



Real Estate Investor · Garland, Texas


Originally posted by Michael Gonda:
I know this is an old thread so maybe some folks have changed their tune a little but.....

It really seems like everyone on this thread is saying that it is impossible (or highly improbable) to make a living on REI only. I find that hard to believe.... but if it is true then I am pretty bummed out about that.


I have a feeling there are MANY people out there making a good living doing nothing but REI, I know a few of them in fact. Its not going to happen over night for anyone starting out but it can happen.

I think there is just a little too much doom and gloom in this thread (again, it could be a reflection of the time when the thread was started).

Just my 2 cents, that and a 5 dollar bill will get you a cup of joe.

Michael, I just read this thread for the first time. It's an oldie, but goody. I think some of the posters are just conservative, rather than pessimistic. Also I know that some in the thread do make good livings from real estate investing, including Mike, Rich, Will, and likely others.

On a side note, bank lending has gotten
much more challenging as the thread has progressed over the past few years.



Jon Klaus, SellPropertyFast
E-Mail: [email protected]
Telephone: 214-929-6545
Website: http://www.facebook.com/Buttermilks


Real Estate Investor · sioux falls, South Dakota


As Jon said, many on BP have shared their successes in RE with the members. Yes, you can make a successful living in REI, in any area and in ANY economy. It just takes different strategies and actions. Good luck. Rich

p.s. Knowing Jon above, he's been VERY successful in his program.



Developer · Rochester, New York


i recently got laid off & am hoping to make REI my main focus moving forward. I've spent about 2 years saving, and 3 years investing. The loss of the job is definitely a hit financially, but I'm willing to sacrifice the income to have more time working REI.

Here is to hoping!
9-5lessly,
Mark


Small_leavesMark Updegraff, Updegraff Development LLC
E-Mail: [email protected]
Telephone: (585) 666-3069
Website: http://www.UpdegraffDevelopment.com
http://UpdegraffDevelopment.com Real Estate Investment & Property Management, Rochester NY


Real Estate Investor · Hartford, Connecticut


I know im really late as well but i really could not help but to chime in on this thread. i found it searching through the treasure chest so here goes!

Jon K, you couldnt of said it any better! i know people that are liveing solely living off of REI.

However everyone is right an it also takes time to build but im sure it can be done.

Here's my question to you guys....How much reserves would you guys say would be a great number to have saved up, while your in the process of cutting your leash from your job?



Real Estate Investor · Bellingham, Washington


The beauty of REI is that you get cash flow so you don't have to work but you like to work. It all depends on the job. If it is work you love and it doesn't interfere with REI then use it for income verification.



Real Estate Investor · Ellicott City, Maryland


Originally posted by Geoffrey Murphy:
Here's my question to you guys....How much reserves would you guys say would be a great number to have saved up, while your in the process of cutting your leash from your job?

It really depends on your personal situation and your business plan...

For example, if you need $50,000 per year to live, and expect that it will take 6 months to make your first million, then you need less than 6 months reserves.

But, if you need $50,000 per year to live, and expect that it will take a year before you make your first penny and then another 2 years before you're making $50,000 per year, then you need somewhere between 1-3 years of reserves.


Small_lishproplogoJ Scott, Lish Properties, LLC
E-Mail: [email protected]
Telephone: 770-906-6358
Website: http://www.123flip.com
CHECK OUT MY BIGGERPOCKETS BOOKS: http://www.biggerpockets.com/flippingbook


Rehabber · Santa Clarita, California


Great answer given by Jason and I would add to that with this:
If you think it will take you one year to create enough income to replace that $50k anual income job, then count on it taking longer (18 months or two years) and make sure you have enough reserves saved up to account for that.


Small_be_logoWill Barnard, Barnard Enterprises, Inc.
E-Mail: [email protected]
Website: http://www.barnardenterprises.com
http://www.InvestorExperts.com


Real Estate Investor · Hartford, Connecticut


Will & jason, great points guys, i really needed them. You guys are awesome. That is my ultimate goal because im young and still reside with parents. So im doing my absolute best to build up a huge nest egg and also to het this ball rolling!





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