Goodbye W2 world onto Real Estate now and in the future.

Goodbye W2 world onto Real Estate now and in the future.

Residential Real Estate Agent · Grand Rapids, MI · Member since 2013 · 803 posts · 689 votes

It has been a long time coming but I finally reached a breaking point and had to move on from the W2 world. Today is officially my last day with my W2 employer and I anticipate this being the last W2 job I will ever have. Just over two years ago I decided I needed a second job to accelerate my investing. Being a Realtor seemed like the obvious choice as my local market was picking up and we were already looking at several houses each week and wanted control over our own transactions. The first year was slow (3 houses closed) but the second year things dramatically picked up (35 houses closed). Now the third year I am forecasting another 50% increase in volume, so the writing was on the wall and it was time to separate from my day job.

We planned this for months, acquiring enough rentals to cash flow positively each month so we could cover all of the family's expenses plus more. We also stashed away enough cash for emergencies on each property. The plan is to never have to rely on a W2 job again so we planned for this and executed the plan over the last 6-8 months.

I will now continue as a Realtor and focus on a few rehab projects we have coming up. Being a Realtor and investing go hand in hand with each other. The time consumed is much less than my 40 hr/week job but the income is far greater. I will be able to focus on our business more each day and be able to take care of things that have been on the back burner.

BP has been an integral part of growing my business. I joined just over 2 years ago and the information provided as helped me get where I am. I have made several great connections that have helped me close several properties. The information and people here are invaluable and I am happy that I am able to also share my experience with the community.

Although this has been a dream of mine for a very long time I didn’t let excitement or emotions make the decision before I was ready. This was a business decision that took months of preparation and I have averaged no less than 80hrs per week for the last two years. Divided between my W2 job, Realtor business and rehabbing properties I have stayed very busy. I don’t plan on letting up on the intensity just focusing it on different tasks in the near future. Now that I have 40 more hours (plus 7.5 hrs from my commute) in my week I am excited to see what else I can do!

Thanks everybody,

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Investor · San Jose, CA · Member since 2015 · 76 posts · 64 votes
10y

Congrats! Sounds like a ton of hard work is paying off for you! I can't wait for the day I can write a post like this. Very inspiring. 

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  • Temecula, CA · Member since 2015 · 27 posts · 2 votes
    10y

    Congratulations Jake.  You made it very clear to yourself.  I'm inspired and encouraged. Thank you.

  • Baltimore City, MD · Member since 2015 · 30 posts · 9 votes
    10y

    Wow! Congrats!!!! Thanks for sharing and I wish you and your teams much success!!!

  • Residential Real Estate Agent · Grand Rapids, MI · Member since 2013 · 803 posts · 689 votes
    10y
  • Dave CarpenterPro Member
    Investor · Cedarburg, WI · Member since 2013 · 439 posts · 150 votes
    10y

    congrats Jake!

  • Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

    Congratulations @Jake Thomas. way to go

    Its all about freedom

  • Financial Advisor · Glendora, CA · Member since 2015 · 209 posts · 94 votes
    10y

    congrats man.  I'm really close to ending my W2 job as well.

  • Rental Property Investor · Bethalto, IL · Member since 2014 · 319 posts · 103 votes
    10y

    Congrats @Jake Thomas!  i hope to have a very similar post in the next couple of years.  While we have 4 units now, we are planning to buy 1-2 properties this summer.  

    Also, i am about 75% finished with my classes for getting my RE license in Illinois.  This will be a part time thing for me.  Any advice? How did you jump from 3 to 35 properties sold?

    Enjoy all of your extra time!  Make it count!

    DJ

  • Wholesaler · Newark, DE · Member since 2015 · 303 posts · 80 votes
    10y

    Congratulations and all the best in your future endeavors.

  • Investor · San Jose, CA · Member since 2015 · 76 posts · 64 votes
    10y

    Congrats! Sounds like a ton of hard work is paying off for you! I can't wait for the day I can write a post like this. Very inspiring. 

  • Santa Clara, CA · Member since 2016 · 12 posts · 2 votes
    10y

    Congratulations Jake!

  • Residential Real Estate Agent · Grand Rapids, MI · Member since 2013 · 803 posts · 689 votes
    10y

    @DJ Cummins networking and hard work is what got me from 3 to 35 closed transactions. As a Realtor a lot of the people you meet today won't be ready to buy or sell for 6-12 months or even longer. It just takes time to build your clientele and for them to finally come through and close. 

    Thanks for your support

  • Residential Real Estate Agent · Grand Rapids, MI · Member since 2013 · 803 posts · 689 votes
    10y

    Just a quick update from my first day as a non W2 employee. 

    Showed 10 houses to 3 different clients. One investor made a great cash offer I expect to be accepted. Another will be making a couple offers on potential fix and flips.  The last one was one of my retail listings and they plan let me list their house when ready next week.  I also secured two more listing appointments and did a load of laundry and the dishes.  :)

    I could not have done any of this while at my W2 job. I hope to have more updates later this year. 

    Thanks again everyone for the support. 

  • Investor · Houston, TX · Member since 2014 · 128 posts · 87 votes
    10y

    Awesome!  Congratulations!  I hope to have freedom from my W2 job some day as well.  I would like to hear more about your transition as you experience it.  It is a major change and an exciting one!  BTW - I spent 12 years in Michigan (Go Spartans!).  Grand Rapids is a great city and I have family there.

  • Clayton, NC · Member since 2015 · 17 posts · 11 votes
    10y
    Originally posted by @Jake Thomas:

    @DJ Cummins networking and hard work is what got me from 3 to 35 closed transactions. As a Realtor a lot of the people you meet today won't be ready to buy or sell for 6-12 months or even longer. It just takes time to build your clientele and for them to finally come through and close. 

    Thanks for your support

    I'm excited to see you became a realtor and have done so well too with both REI and realtor work. I've been planning to do the same and got my license last sept but haven't had the time due to day job to 'be an agent'. Planning to retire within next 6 months and begin doing REI and realtor work and was worried about it because I've heard that it can take up to three years for most people's work to pick up to where they can live off their agent's earnings. I live in an area (Raleigh/Durham) where the buyers are chasing down sellers to get houses so it should be a good transition.

    Thanks for the post and I'm very happy for you!

  • Grand Rapids, MI · Member since 2016 · 6 posts · 2 votes
    10y

    @Jake Thomas Excellent!!  You're inspiring!

  • Residential Real Estate Agent · Philadelphia, PA · Member since 2012 · 41 posts · 12 votes
    10y

    Congrats! I love reading successful stories!

  • Rental Property Investor · Wethersfield, CT · Member since 2014 · 152 posts · 122 votes
    10y

    I'd love to hear how you scaled so quickly from year 1 to 2!

  • Rental Property Investor · Park City, UT · Member since 2016 · 678 posts · 531 votes
    10y

    Congratulations @Jake Thomas!  I am sure that took a lot of courage to leave the W2 job.  Well done!

  • Flipper/Rehabber · Freeport, MI · Member since 2015 · 43 posts · 42 votes
    10y

    congratulations, on all of your hard work, preparation, and action.  You have succeeded because you went out and killed it.  Keep going.

  • NY · Member since 2016 · 116 posts · 29 votes
    10y

    congrats @Jake Thomas , that is also my goal. I'd also like to hear bit detail of your success story from day 0, so we all could learn. Maybe @Brandon Turner could interview you for next podcast. =)) 

    Congrats again! 

  • Real Estate Professional · Plainwell, MI · Member since 2015 · 144 posts · 31 votes
    10y

    congratulations Jake, just goes to show hard work and persistence pays off!!!

  • Dana WhickerPro Member
    Investor · Fernandina Beach, FL · Member since 2014 · 557 posts · 374 votes
    10y

    Congrats.

  • Real Estate Professional · Fort Collins, CO · Member since 2015 · 5 posts · 4 votes
    10y

    This is awesome to hear! The dream is alive and well. Congratulations and all the best for your continued success! 

  • Investor · Gainesville, GA · Member since 2016 · 37 posts · 7 votes
    10y

    Congrats! I can't wait to get there!

  • Residential Real Estate Broker · San Mateo, CA · Member since 2013 · 585 posts · 264 votes
    10y

    @Jake Thomas congrats! Now go crush it even more!

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