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
- New to Real Estate · Member since 2018 · 9 posts · 1 vote8y
Hi , I too am new to wholesaling and although I’m starting part time ! I am too hopeful of the future in this industry ! I see a lot of negative opinion so on this post like WOW give the girl a chance. I rooting for you hunn, you can do it.
- Rental Property Investor · San Jose, CA · Member since 2016 · 114 posts · 54 votes8y
@Melanie Hartmann, wishing you all the best. You are truly believing in getting out of rat race here. But from I have heard from so many BP podcast, Wholesaling is more of a job than investing. You have to keep doing it day in and day out. I would say at some point you will want to move out of it & start investing when you have enough dough to buy some investment properties.
- Specialist · Edgerton, KS · Member since 2018 · 50 posts · 23 votes8y@Robert Schumacher This is a tremendously balanced post! I am still working my 6 figure job to start my own real estate investing business to replace my job. I’m learning that it’s way easier being an employee than a business owner...if my business is going to be successful it’s because I put the effort into it! Many of the things mentioned are necessary beyond just having an “all in” attitude...which is also necessary in my opinion. Have a plan, set goals, establish a system, get a coach/mentor, hustle, and be resilient! You will have bad days but if you had a good reason for stepping out then you won’t quit! On a personal note, I am also a pastor of a “mission” church that I started with just my wife and kids. It’s very similar to a business startup. I started with BIG ideas and dreams knowing it’s what was called to do but this isn’t a mega church overnight situation...one day at a time, one person at a time, one service at a time I’m going to get there! A lot of ups and downs but I always remember what my purpose is and it keeps me going! If you don’t start with a powerful reason WHY you’re not going to find the motivation and drive to see it come to fruition. So, quit your job or hang on? That’s your decision to make but remember you better have a reason WHY and then get to WORK! My 2 cents from the cheap seats. AM
- Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes8y
All I have to offer is good luck. On paper 1-2 deals a month sounds good, but I am on a lot of wholesaler lists in my area and only the one large company even comes close to sending me 1-2 a month (they usually get 3-5 at a time and then go months without any). Most only send one every few months. Don't take the negativity personally (no one knows you), it is just the amount of posters who come in here swinging to be wholesalers and probably 75% or more never return again. Try and be he exception to that rule.
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
"May the odds be forever in your favor."
Knowing full well they are not. For me, they NEVER have been. If you knew my background and upbringing you would never have guessed I would have gotten to where I am.
I bought my first house about a week before turning 23 (with no financial help from "mommy and daddy"). In fact I helped my mom purchase her FIRST house just 2 years before I purchased mine. My realtor treated me like a child the whole time. Never used her again. Oh and I was fired from that "good" job I had for 2 years, just 3 months after buying that house. Still have that house with no financial help from anyone but myself (and unemployment).
I had a ~10% chance of getting into the (only) grad program I applied to. Out of the ~14 who made it in with my cohort, 3-4 didn't complete it. They also told me later on that they "took a chance on me." They didn't really believe I'd make it either... Ha!
I worked a full-time job, a part-time job, and had a house, and a toddler all while going to grad school full-time and then some. I have a master's plus. No more formal school for me. I don't want that. People often ask if I'm going to go for a Ph.D. No, thank, you!
Against all conventional advise and wisdom, I only applied to one undergrad school, one grad program, and one district to work for. I also "took a break" after high school and after undergrad (having an unplanned pregnancy during) and STILL went back to finish both. In fact, I worked part-time and finished my undergrad in THREE (not 4 or 5) years, with honors no less. "They" said NONE of that could be done. Y'all be tripping!
When I set my sights on something, I don't waste time on things I don't want, and I. GET. IT. DONE!
Thank you. You're welcome. Good day!
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Adrien C.:
I quit my job January 2016 to wholesale full time. I did 3 small deals in the fall of 2015 and had a small list of 250 absentee owners I was mailing. My goal was to do 12 deals at $10K each in 2016. I figured if i worked super hard, networked a ton, and educated myself, i could get it done. I had insurance residuals coming in so i wasn't worried about my income for 5-6 months. I busted my A and did 6 deals for $30K in the first quarter. It was tough and i second guessed my decision several times. I fought through it, networked more, got more experience, etc. I finished the 3rd quarter at 20 deals and $200K. I partnered with another wholesaler and over the last 7 quarters, we've put systems in place, hired people, and run a legitimate business. We'll do about 85-90 deals this year (mostly wholesales but some flips and keeping some rentals). We use a ton of private money (@Jay Hinrichs- want to chat?) and close on all our deals. Our buyer's list is gold to us. We take care of them by doing events and hosting the biggest baddest investor meet up in my area. Our buyers get great deals and keep coming back. We'll top $1.5M this year and it's the toughest market to find deals I've seen.
So my advice to you: ignore the negative people here, set a goal and a big why to go with the goal, and go get it done. Work past when you want to quit and don't stop learning. Joining a mastermind was the best $15K i ever spent. Good luck.
I have funded deals in crown point and other areas there.. I ran into either your partner or a competitor at a mastermind last month..
And Sharad Mehta and I have done deals there I am sure you have sold him property... always looking for a good vendor..
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes8y
I truly wish you good luck and I hope it works out for you. I suspect you'll end up looking back on this time later in life as a "Hey, I wish I hadn't done that" moment. We all have them - against all ration and sound advice we do something that turns out to be completely stupid. My thoughts:
1. Building a network takes time. If you are moving in 6 months or so, I would be surprised if you complete any wholesaling deals. It's not impossible but you would likely have to double the amount of time you were spending on your conventional job. Since you'll be taking care of kids at the same time, which is a job itself, I suspect you'll have far less time than you think to build your network and find deals - and that will all be virtually for naught anyway, since wholesaling really tends to be 'boots on the ground', i.e. you're not going to successfully wholesale in Maryland from Colorado.
2. I can sense your frustration and hostility (at this point, anyway) towards the 'naysayers', but you should really be thanking them. Yes, a lot of this 'advice' is after the fact - you've already quit - but I don't really see a lot of negative Nancys, I see a lot of realistic people who are telling you that (successful) wholesaling is not the stay with the kids, make a ton of money for half the hours fantasy that many people like to believe.
3. What happens if you don't relocate?
If you want to wholesale, and think you can make a good living at it, good for you. Some people do. The vast majority - probably more than in any other facet of RE - fail. They spend a lot of money on letters and bandit signs and driving for dollars and taking people out for lunches and have nothing to show for it at the end except a pile of credit card bills. Wholesaling is a job - it is not RE investing. What you have done is traded a set hours, paying job with some benefits for a no set hours, no base pay job that will require expenditures. You talk about buying materials and paying for commuting, but you are discounting the costs you will have trying to build a wholesaling 'business'. If you average 10k per deal, which is probably high, after costs and taxes you are going to have to average one deal per month. You discount the money you paid into your pension, but not only is that your savings (i.e. it's your money, if you never collect you can just withdraw it), if this doesn't work out and you go back to work somewhere else it's part of your time in service.
Anyway, I'm sure you're tired of hearing lectures at this point so I'll stop. I really hope it works out for you, and if it does you should come back on here and tell us all to pound sand :) If it doesn't, however, you should also come back here and ask what's the best way to prepare crow!
Skyline Properties - Sacramento, CA · Member since 2018 · 2 posts · 6 votes8y
Wow. I left a six-figure job in LA with about 6 months of money in the bank and working spouse and did just great. It wasn't wholesaling but there was still some reinventing to do. @Melanie Hartmann, you will do fine and your backup plan (your industry is in high demand) covers any miscalculations or shortcomings.
- Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes8y
@Melanie Hartmann you've spent considerable time telling us about how the odds were against you and how the what you left behind wasn't worth it...
Let's get to good parts, more like what you expect to get out of the new career. I only mentioned flipping/realtor because those both typically are seen as a step up from wholesale... and by step up better returns/more growth.
I get that your moving, but what I don't get is that flipping/realtor/wholesale all those require similar skill sets but typically the first two require more funds or more education. But all 3 are generally location dependent, so not sure how you use it as excuse not to be a realtor, but wouldn't it have same impact on your wholesale career?
I'll also be the first to admit, I don't wholesale so I was more looking to learn from you why that seemed like the choice vs proof you made the right choice. Like you said, it's your life to live, I was just curious why wholesaling, what the numbers looked like etc... figured they'd be pretty nice considering what you walked away from. - Property Manager · Murfreesboro, TN · Member since 2015 · 85 posts · 48 votes8y
No need to defend yourself or your decision to leave your 9-5. If you feel that you have put systems in place to help you transition into this career then good for you. Most people don't have the guts to do what you have done. Everyone's entry in RE is not the same. Sometimes brave decisions looks foolish to people who don't understand.
Good job and I hope it works out for you.
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Candace Ellison:
No need to defend yourself or your decision to leave your 9-5. If you feel that you have put systems in place to help you transition into this career then good for you. Most people don't have the guts to do what you have done. Everyone's entry in RE is not the same. Sometimes brave decisions looks foolish to people who don't understand.
Good job and I hope it works out for you.
Exactly Candace! I'm definitely done attempting to defend my decision now. Why do I have to to detail out every little nitty gritty thing that I am going to do? I mean, I didn't think it was necessary to state things like, "I do not plan to be home alone all day with children and do this business"... what?!? I did have a "day job" before this right? I know how daycare/babysitting works, bwahahaha! I'm not asking anyone here for a business loan... why does anyone care to nitpick every little detail? I'm done with it... I've got a business to run. I don't have time for these shenanigans!
- Investor · Cincinnati, OH · Member since 2016 · 208 posts · 157 votes8y
Im not saying wholesaling is easy. I will say, I’ve inadvertently wholesaled two deals from leads generated by my mailer campaign- intended to be deals for me to buy.
I might have a benefit of being in a good midwestern market that people from zip codes starting with a 9 love... but I do think some people make wholesaling out to be way harder than it is.... that being said, I have a good full time job, and 6 rental properties, so I can see where having no income could make things difficult if you’re relying on your income from wholesaling.
I’d suggest focus on a very specific area that you can learn better than some guy sending out 40,000 letter a month.... I get them, people who have sold to me get them.... they get thrown away. I hand write mine.... slow.... but I get about 9% call back. I put them in pretty envelopes and play off the excitement someone may have for opening up a birthday card or invitation or some kind.
There are a million different strategies... you can make it an art or a science.... either way, good luck and I hope to hear more about your path.
Cheers,
Jake
- Rental Property Investor · Miami, FL · Member since 2016 · 9 posts · 4 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!
“If you want to take the island, burn the boats”
Alexander the Great, who created an empire that stretched from his home in Macedonia to India, ostentatiously burned his ships when arriving in Persia in 334BC. As his few thousand troops were facing a few hundred thousand of the enemy, one of his commanders asked, “How will we get home?” to which Alexander replied laconically, “We’ll use their ships.”
In Asia there was Chinese general, Xiang Yu, who ordered his troops across the river and quietly burned the bridge behind them, a tactic that got the boys so motivated that they beat the mighty Qin at the Battle of Julu in 207BC.
Julius Ceasar, the Ancient Roman who wrote long letters home so that everyone would know about his incredibly wonderful victories...
So, decide what you want to do. Start doing it. And burn everything else that you see as a potential crutch. Make no mistake. That's not a crutch that will enable you to hobble to success. It will only make you want to hobble, when all the time you could have run...sprinted to success!
- Member since 2018 · 10 posts · 3 votes8y
@Melanie Hartmann Good luck with the move! Awesome that you're trying.
- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes8y
Originallhy posted by @Fred G.:
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!
“If you want to take the island, burn the boats”
Alexander the Great, who created an empire that stretched from his home in Macedonia to India, ostentatiously burned his ships when arriving in Persia in 334BC. As his few thousand troops were facing a few hundred thousand of the enemy, one of his commanders asked, “How will we get home?” to which Alexander replied laconically, “We’ll use their ships.”
In Asia there was Chinese general, Xiang Yu, who ordered his troops across the river and quietly burned the bridge behind them, a tactic that got the boys so motivated that they beat the mighty Qin at the Battle of Julu in 207BC.
Julius Ceasar, the Ancient Roman who wrote long letters home so that everyone would know about his incredibly wonderful victories...
So, decide what you want to do. Start doing it. And burn everything else that you see as a potential crutch. Make no mistake. That's not a crutch that will enable you to hobble to success. It will only make you want to hobble, when all the time you could have run...sprinted to success!
You my man are brilliant
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Matt K.:
Oh I didn't realize this was a facebook post where you make an announcement and we all just say congrats, my bad.
I thought this was where talk details and learn from each other... silly me. - Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Jake Walroth:
Im not saying wholesaling is easy. I will say, I’ve inadvertently wholesaled two deals from leads generated by my mailer campaign- intended to be deals for me to buy.
I might have a benefit of being in a good midwestern market that people from zip codes starting with a 9 love... but I do think some people make wholesaling out to be way harder than it is.... that being said, I have a good full time job, and 6 rental properties, so I can see where having no income could make things difficult if you’re relying on your income from wholesaling.
I’d suggest focus on a very specific area that you can learn better than some guy sending out 40,000 letter a month.... I get them, people who have sold to me get them.... they get thrown away. I hand write mine.... slow.... but I get about 9% call back. I put them in pretty envelopes and play off the excitement someone may have for opening up a birthday card or invitation or some kind.
There are a million different strategies... you can make it an art or a science.... either way, good luck and I hope to hear more about your path.
Cheers,
Jake
Thank you! I love that idea! I know I'd be much more willing to open them and call back. Thank you for sharing what you have done!
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Jerryll Noorden:
Originallhy posted by @Fred G.:
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!
“If you want to take the island, burn the boats”
Alexander the Great, who created an empire that stretched from his home in Macedonia to India, ostentatiously burned his ships when arriving in Persia in 334BC. As his few thousand troops were facing a few hundred thousand of the enemy, one of his commanders asked, “How will we get home?” to which Alexander replied laconically, “We’ll use their ships.”
In Asia there was Chinese general, Xiang Yu, who ordered his troops across the river and quietly burned the bridge behind them, a tactic that got the boys so motivated that they beat the mighty Qin at the Battle of Julu in 207BC.
Julius Ceasar, the Ancient Roman who wrote long letters home so that everyone would know about his incredibly wonderful victories...
So, decide what you want to do. Start doing it. And burn everything else that you see as a potential crutch. Make no mistake. That's not a crutch that will enable you to hobble to success. It will only make you want to hobble, when all the time you could have run...sprinted to success!
You my man are brilliant
I know right!
p.s. I've gotten my UPS mailbox, a google voice number, filed my LLC, and created da websites. Now I have to personalize all of this and move on to the SEO portion of things and all the rest of it BUT it's all up and running getting that "time" on Google. :)
*Oh, and I can hear it now... in so many words... "Oh you poor, silly girl. You should not have wasted all that money and time doing any of those things. Just go back to your W-2 job and save up money on the side. You are going to fail at this! You silly, silly child." - There, I've saved you guys some time! It's already been said. ;)
(I use this same tactic on my 9-yr-old and he finds it amusing, ijs)
- Rental Property Investor · Austin, TX · Member since 2018 · 30 posts · 7 votes8y@Melanie Hartmann kudos to you Melanie. As you can tell, not many people would’ve made the decision you made..but that’s what sets you apart. If you believe you’ve made the right decision, then pursue it wholeheartedly and relentlessly. I wish you the best
- Katy, TX · Member since 2017 · 372 posts · 140 votes8y@Melanie Hartmann great to hear! Congrats on the proverbial leap! My only advice as someone who’s done the same thing and ended up homeless, don’t chase deals/cash. Besides that I wish you best of luck. I hope you left your job in good terms so once you have systems in place and it’s almost automatic you can jump back in the workforce, such a transactional business needs you to feed it cash and structure
- Chicago, IL · Member since 2016 · 88 posts · 29 votes8y
I am not sure if I should say congrats or sorry.
I wish you achieve your goal and become financially stable in a short period of time. This was definitely a very bold move and a lot of people are scared to pull the trigger, including me. Thank you for sharing your story and keep us posted. - Investor · Indianapolis, IN · Member since 2017 · 145 posts · 158 votes8y
==> 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.
Once you've said that, you can say anything else you like, even, "So I'm going to learn to play the mandolin for a living, although I don't own one yet."
Wholesaling is a great business once you get it built up a bit. I don't know, maybe Baltimore is a good place to do it. A beautiful old city with plenty of beautiful-but-distressed properties. I lived there for a year, back about 40 years ago, and I truly loved it.
Actually I just read down a little further and it seems you are leaving Baltimore soon. Well, all that stuff I said about it is still true. It's hard to say if you'll have time to close a deal before leaving. For most people, getting that first deal or two takes a while. But you can spend your time learning and reading about RE and getting your feet wet in the business.
And here's some advice. Meet all the RE people you can before you leave, and learn and build relationships. Then after you move, you may meet people elsewhere who will want to invest in Baltimore, or you may find people in Baltimore who want to invest in your new area. You never know what may come of meeting new people.
Wishing you success.
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