Quit My Job and Plan to Wholesale

521 Replies

Hi All! I had to share. Against all conventional advice and wisdom, I've just quit my job. My fiance's job brings enough for us to cover are needed expenses and I have about a year's worth of savings built up on top of that. I have not done any deals yet but am planning to get into wholesaling ASAP. Just wanted to share. I'm going all in!

What was your job?

Im always so confused by these, at what point did your job prevent you from doing a deal? Was it not possible to do both?

I guess depending on what the job was then maybe that plays into it some...but curious of the thought process on this..

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Originally posted by @Melanie Hartmann :

Hi All! I had to share. Against all conventional advice and wisdom, I've just quit my job. My fiance's job brings enough for us to cover are needed expenses and I have about a year's worth of savings built up on top of that. I have not done any deals yet but am planning to get into wholesaling ASAP. Just wanted to share. I'm going all in!

WOW that takes some big ovaries 

Congrats and best of luck

Please update this thread as things move along  

Haha, you guys are funny! Well, there were SEVERAL factors at play in the quitting of the job - no need to bore you with those. I'll definitely update to state how awful or successful of a decision it becomes. There are safety nets in place so it's a calculated risk rather than a total risk.

Go Big or Go Home! :D

@Melanie Hartmann in my opinion, I would have already been wholesaling before quitting. Planning to wholesale now means likely 6 months to a year before your first deal. I wish you the best of luck! Hustle is the name of the game now!

I hope you had good reasons for quitting! Good to know that you're expenses are covered.

Let us know how things go and if you need any help :D

Thank you to everyone, both the naysayers and encouragers! I know most people in my life have advised me against doing this. Their points are valid but so are mine. There's more to my leaving then the following reasons listed here but one of the main reasons is that my family will be moving out of state soonish - so quitting was inevitable anyway. I worked a school schedule and didn't want to start a school year knowing I would be leaving before the school year was up. My career/profession doesn't allow for easy transition out mid-year and I knew I wouldn't be able to perform my job well under these circumstances. Fortunately, my profession is in high demand in most places across the country so finding a job after we relocate, if necessary, will be relatively quick and easy. I was the breadwinner for the past few years while my fiance worked part-time, went to school, and watched our kids (when he could) while I worked. He's now working a TON of hours and clears enough to cover our expenses. So now I'm home watching the kids and getting into real estate more heavily until we move. This wasn't on a whim and there are other factors at play. At this time it's the best decision for my life and my family. Keep on keeping on! Will keep you posted and hopefully write my first blog post for BP about it, whether it works out or not. Cheers ya'll!

Good luck, @Melanie Hartmann . I've yet to hear anything (yet) as to what you've done to prepare for this new job. Despite having income covered, nothing is guaranteed, and a dip into the savings for something unexpected could easily put you on your heels, for example.

Based on your first post, it says you are "planning to get into wholesaling ASAP" -- well allright, but what's needed in that planning stage? I would have been planning six months ago to "execute" upon receiving the first deal.

Of course everyone here wishes you the best, but more importantly, we wish that you're withholding key details that give you a chance at success. Haven't seen anything that says you're ready to go, other than the fact that you've said you're ready to go.

@Joe Papp, very valid point you made. I've been prepping on the side and educating myself. I haven't made an actual action move in wholesaling yet so I can't say whether I am "READY" or will be successful. However, I'm pulling the trigger very soon once I put a few more things together. Again, if all else fails, and it becomes necessary, I can easily get a job again in my field. It was one of the reasons I majored in school psychology. Unless Trump is able to do away with special education laws, the demand for my profession has grown every single year for the past few decades, nationwide, and is projected to continue on that trajectory. The district I'm leaving currently has several openings and has for a couple of years. So I'm trying out wholesaling in the meantime while we wait to relocate. If it doesn't work out, that's ok. I still ultimately want to own rental properties - that's always been the plan, and I will make that happen, one way or another. 

Wow! Hey, I've heard of people that need that pressure to motivate them. If your husband is 100% on board, then you get out there and be the best wholesaler you can be!! I wish you the best of luck!

Originally posted by @Roland Paicely :

Since you’re moving. Will you be wholesaling in your current area or your new place?

I plan to market in my current area for a few reasons: 1. I've begun making connections; 2. I am much more familiar with my current area having lived in and around it my entire life; 3. Not sure when or where exactly we will be relocating. It's currently looking like it might be Colorado in the next 3-6 months but that could fall through. I figure, if I can get some more boots set up here it might not be so bad continuing working the area since even states away I know or will easily be able to figure out decent locations, etc. Who knows, nothing might work but there are safety nets in place for that possibility.

@Melanie Hartmann Wow that’s interesting. I’d never do that. But I’m pretty unconventional in a lot of ways. Most wholesalers fail and those who make it spend a lot of money on marketing. You could blow your savings on marketing. It’s very hard to become good st this now since so many established wholesalers have been doing it since the last downturn. Good luck.

Am I the only one that thinks my job is a tool that will help my real estate career, and not a hindrance? This thought process is so bizarre to me. Job = more money.....the more money you have the easier real estate investing is....Even with wholesaling having money is necessary. Direct mail campaigns and other forms of marketing cost money. Why wouldn’t someone want to exploit every resource to maximize the chance of success? I’m not ragging on the OP. I wish her the best, I really do. I just can’t wrap my head around it.

Originally posted by @Jonathan Hulen :

Am I the only one that thinks my job is a tool that will help my real estate career, and not a hindrance? This thought process is so bizarre to me. Job = more money.....the more money you have the easier real estate investing is....Even with wholesaling having money is necessary. Direct mail campaigns and other forms of marketing cost money. Why wouldn’t someone want to exploit every resource to maximize the chance of success? I’m not ragging on the OP. I wish her the best, I really do. I just can’t wrap my head around it.

Most people can't! Most people do not support this decision. It was a difficult one to make. So, I totally understand where you are coming from. There are many factors that played into this decision. One being that I will need to quit soon anyway as we are moving out of state. The other being my profession makes leaving mid-school year difficult for SEVERAL reasons. There are many other factors that played into the decision. It is what it is. It's not for most. It wasn't for me either but sometimes enough is enough and you have to move on for your own sanity. On to greener pastures :) 

well keep in mind wholesaling is just brokering real estate  without a license.. and real estate sales which is what your doing has a very long lead time and lag time.. so if you planning on moving.. this to me is a waste of time and money.

If you have skills in special needs and child care.. I can think of a few things that would be WAY better long term.

1. would be to start your own Montessori school ( or a variant of that) I built a home for a lady that has 2 of them and she makes over 400k a year NET... probably be much more fulfilling to you long term and certainly more profitable and its a business you could sell for a good profit .  wholesaling you have nothing to sell your only as good as your last transaction.

My other point would be do you have any sales and marketing skills.. are you prepared to work the 18 hours a day it will take to  weekends nights etc.. can you handle rejection.. 99% of this business is handling rejection.. many cant. 

Anyway.. just some thoughts..  wholesaling is not quick money or a hey I am going to do it for 8 months make a big pile of money then move on..  

Also do you have the 5 to 10k a month you will need to market with no income ???

@Jonathan Hulen I'm with you on your mindset. Not only does my job provide income, it also provides proof that I'm loanable(?). My W2 income helps me get loans, which helps me scale. I have plenty of time, when I'm not working, to analyze deals, calculate returns, and view properties. This isnt a 50 hour a week job for me yet. I'll work until my real estate pays me enough AND my work cuts into time better spent on my business.
@Melanie Hartmann Only you know what you are capable of. Dont listen to the people saying you cant do it. If we all lived that way we wouldnt accomplish anything in life. Wish you the best of luck. Real estate is fun and well worth the challenge in the long run. Cheers!

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