Quit My Job and Plan to Wholesale
Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes
Quit My Job and Plan to Wholesale
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Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
8yWhat 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..
556 Replies
- Specialist · Fort Lauderdale, FL · Member since 2016 · 187 posts · 128 votes8y
Well...I feel ok but "dabbling" (or hope as the saying really goes) is the first step on the road to disappointment . If you are going to do this then be "all in", and be prepared to make a real investment not just "Dabble". Those of us that are bearish on this course are not haters. We are (at least some of us) realists and highly experienced at that and are trying to help you understand that just because you are doing something different or being contrarian doesn't mean its a good idea or well executed. In this case "if I fail I fail" is not really the mindset you want going in...I genuinely wish you the best of luck and hope to hear about your success here on BP but I hope you'll take the time between here and when you start to actually plan and compare the realities of the business with your expectations. Good judgment is knowing when to pull out of a nose dive not just roll with it....and say "if I crash I crash"....Good luck either way
- Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes8yMelanie Hartmann I read your profile and in it you state that you want to wholesale to begin with and eventually have passive income. I’m assuming you mean through rentals. My question is why bother with wholesaling? Maybe it would be best to just start buying rental properties. Wholesaling is a strategy that typically attracts people with no money, because they think it’s a way to get started without capital. You have the ability to get capital. You said you and your Fiancé can live off his income alone. If you kept working you could save your entire paycheck and put it all towards buying properties. I’m not telling you what you should or shouldn’t do. Only you know your goals. I’m just trying to show you a strategy that maybe you hadn’t thought of before.
- Rental Property Investor · Atlanta, GA · Member since 2017 · 221 posts · 188 votes8y@Melanie Hartmann You dont have to explain yourself or your plans. I believe if you are determined to do this, then its actually easier than most think. You will do well. My advice, be the best marketer
- Specialist · Fort Lauderdale, FL · Member since 2016 · 187 posts · 128 votes8y
@Chuks Erinne is right, you definitely don't have to explain yourself but I can say with some certainty hope is not a strategy either.
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Again, all very true for everything stated above. I was being a bit snarky with the "dabble" comment. ;)
This all reminds me of when on a BP webinar Brandon polls the audience as to whether the deal he just analyzed in front of all of us is a "good" deal or a "bad" deal before actually running the numbers to show us the "truth."
Looking at the same surface level information (which I have presented here regarding my own situation - it's all been surface level, like an iceberg if you will), there is not usually a solid consensus for one side or the other. You can't "know" until you have a solid understanding of how the numbers work (surface) and how the potentially unforeseen/unknown factors (subsurface) impact those numbers. How do you like my metaphor?
Really, if I publicly detailed all the subsurface factors I'm fairly certain there'd be more consensus in supporting my decision. But again, it's my life and my decision. I really only need the support of my inner circle regarding that decision and I've got that. I made sure of that before jumping.
So, unless anyone has useful or practical advice or informationon moving forward with the decision I have already made (such as their experience generating leads, marketing, and/or closing deals, etc.) or words of encouragement, I shall promptly get back to my hustling now. Thank you!
- Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes8yJason DiClemente I see a lot of people on this forum that feel trapped in their jobs. They see real estate as a way out. It is a way out, but only if you play the game to win. Use the job, then get rid of it.
- Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes8y@Jonathan Hulen I think conservatively you should give yourself 8-12 years to replace your full time income plus a cushion plus whatever health insurance cost
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Melanie Hartmann:
Again, all very true for everything stated above. I was being a bit snarky with the "dabble" comment. ;)
This all reminds me of when on a BP webinar Brandon polls the audience as to whether the deal he just analyzed in front of all of us is a "good" deal or a "bad" deal before actually running the numbers to show us the "truth."
Looking at the same surface level information (which I have presented here regarding my own situation - it's all been surface level, like an iceberg if you will), there is not usually a solid consensus for one side or the other. You can't "know" until you have a solid understanding of how the numbers work (surface) and how the potentially unforeseen/unknown factors (subsurface) impact those numbers. How do you like my metaphor?
Really, if I publicly detailed all the subsurface factors I'm fairly certain there'd be more consensus in supporting my decision. But again, it's my life and my decision. I really only need the support of my inner circle regarding that decision and I've got that. I made sure of that before jumping.
So, unless anyone has useful or practical advice or informationon moving forward with the decision I have already made (such as their experience generating leads, marketing, and/or closing deals, etc.) or words of encouragement, I shall promptly get back to my hustling now. Thank you!
I have words of encouragement.. Baltimore is one of the better cities to wholesale in because of the vast amount of vacant properties the huge amount of rentals.. which leads to a huge amount of burnt out landlord syndrome and or just the general economics of many neighborhoods leads to a ton of turn over and tons of wholesale opportunities.. I fund a big buyer in Baltimore and most deals have some sort of wholesaler on them.. many times a cadre of them.. like 4 of them splitting a 5k fee that kind of thing.. but when you have end user prices of these going in the 20 to 40k range there is only so much room to mark them up to make sense for the bigger investor buyer.. When you go to Denver this will NOT be the case.. and then in some states like ORegon the assigning or marketing of contracts simply is not legal so you do have that as well.. but based on what I see in my fundings in Balt its wide open.. But make no mistake your up against some stiff competition that has been working these areas for years and years..
- Rental Property Investor · Los Angeles, CA · Member since 2011 · 122 posts · 67 votes8y
I truly wish you the best on this journey.
I hope that this was a calculated risk and weighed out multiple options before jumping in. As others have said, a job is very helpful in Real Estate investing because it provides you the capital needed to get started.
I highly recommend shadowing or working for a full-time wholesaler in your area.
- Real Estate Investor · Waldorf, MD · Member since 2014 · 592 posts · 320 votes8y
@Melanie Hartmann congrats! If my wife were to quit her job I better see FULL action in whatever endeavor she takes. She better not be at home with a wish and a prayer that it will all work out. I want to see her EXTRA busy build her business little a newborn baby. Always breastfeeding, changing the diapers, waking up in the middle of the night, until it grows up and start taking care of her. Just my two cents.
- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes8y
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!
I am in the USA alone. No family, no nothing.
I quit my job too but unlike you, I had no Boyfriend that provided some money. (no girlfriend even, not even a dog, heck or a goldfish).
You know what that did???
It made me step UP! It was do or die.
OK check this out... I made up a saying some time ago.. ad it goes something like this.
A cornered mouse will grow teeth!
HOW awesome i that saying!! Well... maybe not so awesome as a mouse already has teeth.. wait wait wait..
How about this...
A cornered mouse will grow fangs!
YEAHHH much better.
What this means ... is that when you have nowhere to go and are in trouble and it is do or die.. believe me, your mindset changes and you will become superwoman!
And to the dude that said.. "how does a job prevent you from doing this"..
ARE
YOU
KIDDING!!!
the REASON I outperform.. well everyone in my market when it comes to SEO is because I devote 100% of my time on it. A deal falls my way I am in my car on the way within an hour! (at least I used to back i the day)..
Dude.. doing this full time gives you WAAAAYYY better chances to become successful!
Remember that saying.. you don't have to outrun the lion.. just outrun your friend?
You need to be better than your competitor. IN EVERY WAY..
work harder, work longer, work smarter work more efficiently...
Good for you. Just don't get comfy with his incoming paycheck, and kill it!
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Jerryll Noorden:
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!
I am in the USA alone. No family, no nothing.
I quit my job too but unlike you, I had no Boyfriend that provided some money. (no girlfriend even, not even a dog, heck or a goldfish).
You know what that did???
It made me step UP! It was do or die.
OK check this out... I made up a saying some time ago.. ad it goes something like this.
A cornered mouse will grow teeth!
HOW awesome i that saying!! Well... maybe not so awesome as a mouse already has teeth.. wait wait wait..
How about this...
A cornered mouse will grow fangs!
YEAHHH much better.
What this means ... is that when you have nowhere to go and are in trouble and it is do or die.. believe me, your mindset changes and you will become superwoman!
And to the dude that said.. "how does a job prevent you from doing this"..
ARE
YOU
KIDDING!!!
the REASON I outperform.. well everyone in my market when it comes to SEO is because I devote 100% of my time on it. A deal falls my way I am in my car on the way within an hour! (at least I used to back i the day)..
Dude.. doing this full time gives you WAAAAYYY better chances to become successful!
Remember that saying.. you don't have to outrun the lion.. just outrun your friend?
You need to be better than your competitor. IN EVERY WAY..
work harder, work longer, work smarter work more efficiently...
Good for you. Just don't get comfy with his incoming paycheck, and kill it!
That's what I'm talking about Jerryll! Loved your post! You get exactly where I'm coming from and you did it! I plan to model your footsteps. I love quotes and metaphors! Haha!
Thank you for the real life encouragement! And no worries about being comfy, we are cutting way back and his income isn't always steady at the moment but it will do.
In keeping my job, I was spending about 20-25 hours a week just on commuting and preparing for work, not to mention the hours spent on the work itself both at work AND at home. It's not some job I can just go to, clock in, take a lunch break, and clock out, and be done. My job didn't work like that at all. It's not some "stuffy boring office job" to just hang on to. It's extremely stressful and taxing physically (yes, and yes, I did mean physically), mentally, and emotionally [and extremely rewarding under the right conditions]. If I stayed, I would have no motivation, time, or energy to venture out and really give it my all for real estate. Especially now with also carrying the bulk of home and child care duties. AND we're moving in the near future for the his job, so quitting was inevitable anyway...
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Account Closed:
What if you are alone with the LION?
What if you are running from the lion and its just you and your hefty 9 yr old son?
Then I'll be the mouse that grows fangs, haha! Or go back to working in my previous profession just in a different role.
- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes8y
Originally posted by @Melanie Hartmann:
Originally posted by @Account Closed:
What if you are alone with the LION?
What if you are running from the lion and its just you and your hefty 9 yr old son?
Then I'll be the mouse that grows fangs, haha! Or go back to working in my previous profession just in a different role.
Be the mouse!
BEEEE THE DAMN MOUSE woman!!
"Or" is not an option!
Mouse power!
- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes8y
Originally posted by @Account Closed:
What if you are alone with the LION?
What if you are running from the lion and its just you and your hefty 9 yr old son?
Ohh MEEE???
OMG dude, if it was ME.. the lion wouldn't be chasing me.. pffft no no, I would be chasing that bastard with a fork and knife!! Yelling at him to stay the hell still! GET IN MA BELLEHH.
I am from the amazon Jungles gUrlfriend! Lion may be king of beast.. but I am Lord of ALL!
Me.. running from a little ***** cat.. puhleaze!
- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes8y
Originally posted by @Account Closed:
Jerryl
Say you pick up a triplex. Can you gut and reno one unit while another unit has a tenant in it.
I do not have a clue..
Yes?
- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes8y
Originally posted by @Account Closed:
What if you are alone with the LION?
What if you are running from the lion and its just you and your hefty 9 yr old son?
So in all seriousness...
I get it, some people are dealt a heaver card of life, are in a worse situation, are not very fortunate from the start, have kids...
BUT, keep in mind, if you think it was easy for me? With my crazy accent, with no family, being a foreigner, being a dark skinned foreigner, no money, on a visa, no unemployment options...
It was really hard for me too...
the trick is... you can either complain, cry "unfair", feel sorry for yourself, and agree, that your crappy life gives you valid reason to give up and that it would be justified...
or you just step up. Built those arm muscles up and your thighs, tell that child to go an a damn diet... lift her up and start running from that lion..
or better yet.. take a stick and beat the living crap out of that lion with it and say to hell with you. I am not running!
Just do it. Whatever it takes.
- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes8y
Originally posted by @Account Closed:
Would you live in a triplex with active demo n reno going on?
hmmmm... I shall play along ^_^
I lived in a SFH of 1000 sq ft while demo was going on. I had no water, no kitchen you should see the toilet I made!!
- Flipper/Rehabber · Richardson, TX · Member since 2018 · 5 posts · 2 votes8y
Dive in and learn as much as you can as quick as you can. I would highly recommend getting a mentor to guide you.
- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes8y
Originally posted by @Account Closed:
would you live in a triplex that wasnt yours with an active demo n reno going on?
you are creeping me out dude. I don't want to play no more..
- Rental Property Investor · Sykesville, MD · Member since 2018 · 18 posts · 20 votes8y
@Melanie Hartmann It sounds like you made a solid financial plan before taking this leap. I’m excited for you. You’ll always find a place in special education if you want to return.
- Member since 2018 · 3 posts · 5 votes8y@Melanie Hartmann Taking chances is the one thing everyone wishes they did more of when they’re looking back on their lives so good for you. Only good can come from this and whether or not you’re financially successful isn’t super important. The most important and valuable part of this journey is what you’re going to learn about yourself and what matters to you. Wish you all the best and please do yourself the favor of looking forward to failures as opportunities to learn. Also, the best wholesalers are the honest ones.
- Imperial Beach, CA · Member since 2017 · 16 posts · 6 votes8y@Melanie Hartmann Very good!! You are a go getter I like that, just be consistent and what ever market your are in. Whish you the best!
- Investor · Singapore · Member since 2013 · 1k+ posts · 3k+ votes8y
Originally posted by @Jay Hinrichs:
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 ???
You are such a party pooper! Why should anyone keep a paying job when they can just be wholesale millionaires? Its so easy! All the gurus swear by it!
- Rental Property Investor · Honolulu, HI · Member since 2018 · 9 posts · 7 votes8y@Melanie Hartmann There's always going to be naysayers. If the people closest to you are on board, go for it! We've heard countless stories of people who have done the same thing or even had a wayyyy worse situation and have flourished and prospered. Is it the norm, definitely not, but there is precedent. You now have something that is very valuable in this business, TIME. Being a teacher, especially a special education teacher (I'm assuming) you're accustomed to challenges. Do your due diligence, hustle, and you'll do great. Good luck!
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