Quit My Job and Plan to Wholesale

Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes

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!

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Matt K.

Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes

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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Nobel Nazrul
Member since 2022 · 2 posts · 0 votes
4y
Congratulations!!
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Kawliga Dukes
Investor · Virginia Beach, VA · Member since 2020 · 3 posts · 2 votes
4y
It looks like this post is pretty old, and I only read a couple pages of the replies, so I don't know if you have received any useful advice. I have started wholesaling in Virginia Beach. I was born in Baltimore and have had my eye on that market as a possible future investment. What I do here is buy my properties at tax auctions and then sell them to Flippers in my area. I started with no money and went to auctions for a year just to learn the process. Anyway look into tax auctions in Baltimore, they sell liens there and most of those liens are for 6 months and will most likely not be redeemed allowing you to do a foreclosure on the property and own it for almost nothing.. And maybe keep in touch with me, because I have just recently started to look outside my area for properties.
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Tony Kim
Rental Property Investor · Los Angeles · Member since 2018 · 844 posts · 1k+ votes
4y
Quote from @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 can't believe it's already been 4 years since you posted this. I feel like I just blinked a few times too many and now 4 years have passed because I remember this thread very well. Hope you are able to maintain continued success!!
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Patti RobertsonBusiness Member
Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
4y
I hate to be a naysayer, but this is a terrible idea. For one, wholesaling is just another job. You won't build wealth wholesaling, and wholesaling is by far the hardest real estate strategy right now. Without a job you will never get financing to be able to hold rentals, which is how you will build wealth. IMO it is best to keep the job until you have enough tax return income to qualify for loans from your real estate venture.
757-472-2547
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Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
4y
Quote from @Patti Robertson:

I hate to be a naysayer, but this is a terrible idea. For one, wholesaling is just another job. You won't build wealth wholesaling, and wholesaling is by far the hardest real estate strategy right now. Without a job you will never get financing to be able to hold rentals, which is how you will build wealth. IMO it is best to keep the job until you have enough tax return income to qualify for loans from your real estate venture.

What you have said is mere opinion. I will indisputably prove you wrong. This message may appear blunt however I am trying to help you, and the best way in my opinion to do that is to be absolutely direct and blunt. Take it however you will. Take this with an open mind and I promise you you will increase profits drastically what ever it is you are doing. So here it is.
1)
Wealth doesn't mean "owning houses".
You said: "will never get financing to be able to hold rentals, which is how you will build wealth." ... again.. that is wrong. Holding rentals is not the only way to build wealth. Never let ignorance or lack of knowledge be the tool by witch you judge others or their actions by. Doing so you assume you are universally correct, and you are not!
2). ANYTHING that gets you money builds wealth, right? Your W2 can build you wealth. Flipping can build you wealth, wholesaling can build you wealth. It depends what you do with that money. If I make 3M/year being a sexy international spy, and with that money I buy houses in Belize I am building wealth too right? Think further, stronger, be more clever and creative with your thinking. You are thinking "limits" you should be thinking "opportunities".
3) I HATE it to NO END, when people use their incompetencies and project them to others, and then advise them what to do or not to do or form opinions on. OMG I can NOT stand that! You said "wholesaling is by far the hardest real estate strategy right now"... FOR YOU!! If you suck at wholesaling, it doesn't mean everyone is bad at it right? Do you see the ego in this? Because you think it is the hardest thing you immediately assume it is hard for everyone. You are saying you are the best at everything. If you can't do it, then no one else can. Do you see what I mean? I of course know you didn't mean it that way, but yet that is the way you think. Please change that!
Let me tell you all something. There is NOTHING to wholesaling. NOT A DAMN THING. The only challenge to wholesaling is getting motivated seller leads that are willing to sell their house below market value. Do it right and it is MORE than easy!
Let me show you how easy this truly is:
All these leads came from people that looked for me. I don't do a thing. Don't spend a cent, don't lift a finger, super motivated sellers. Do you think wholesaling is hard when you have sooo many people begging you to sell their house ? No!
3)

"Without a job you will never get financing to be able to hold rentals"

You just said that wholesaling is an other job. Correct. It is a job and therefore you are employed (self employed) and you CAN get financing.
4).
Because of wholesaling I don't NEED to ask for damn financing. We make over $250K/month in profits. I can buy AND rehab a house every month with my OWN cash without my reserves even NOTICING I just bought yet an other house. Do you start to see the limiting mindset you have? Its not good to think this way.

If you are not yet making multiple 7-figures/year, I can tell you right now it is because of a limiting mindset.
I GUARANTEE it!
Now, you have valid concerns, yes. I am not discrediting what you said or your concerns. But realize that those are concerns that. Concerns come from limitations of YOUR skills, not others.
Hope this gives you a push to change that way of thinking and do even better!
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Rain Pecson
Member since 2021 · 3 posts · 0 votes
4y
Quote from @Melanie Hartmann:

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

Good morning Melanie. I am new here and also in wholesaling. I just started looking for homes in my area to wholesale yesterday. I am a security officer, musician and real estate investor here in Calgary, Alberta Canada and just waiting for my security licence so I can get back to work in 3 more weeks but before that I hope I get my first deal ASAP.

Blessings,
Rain Pecson
Real Estate Investor

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Chad Gray
Raleigh, NC · Member since 2019 · 57 posts · 54 votes
4y
Quote from @Patti Robertson:

I hate to be a naysayer, but this is a terrible idea. For one, wholesaling is just another job. You won't build wealth wholesaling, and wholesaling is by far the hardest real estate strategy right now. Without a job you will never get financing to be able to hold rentals, which is how you will build wealth. IMO it is best to keep the job until you have enough tax return income to qualify for loans from your real estate venture.
With all due respect, it's a good thing she didn't take your advice. Her post is four years old and if you scroll down and see where she's at now, it worked out quite well for her. Wholesaling is a great strategy for this with the knowledge and work ethic to make it work. At the end of the day nothing can beat sourcing your own off market deals.
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