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!
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..
out of curiosity where'd you hear this... from what I've heard it's the exact opposite with a few exceptions.
@Melanie Hartmann I can't recommend you or anyone else do what you did. The reason is, statistically you will fail.
However I can also tell you that, people who try to keep one toe in the water as a safety net fail at even greater rates. People who go all in like you tend to be more successful because they don't have another option. You become successful because you have to.
There are lots of active members here from Baltimore to network with and lots of investing groups in the baltimore area. Search here for the Friday landlord lunch which is one of the best groups for networking
I like this feller!
And not just because he has a beard!
Jerryll I am nominating you for a pod cast @Mindy Jensen you can talk about your SEO which I don't understand but maybe you can teach others.. and watching your rise.. your the essence of the BP. but I knew that between the robotics and other stuff I could not figure out what you mean.. your a driven dude.. and I was one of the first to give you a little bit of tough love.. but once you cracked the code your a winner.. but then again you would win at any sales and marketing you just happened to chose real estate.
I was always a rebel, stubborn, not much faith in the knowledge of others. There are 3 people that held my hand when I was still a noob... and one of the 3 people .. was not you!
Just kidding.
You have been by my side since the mortal days man! I owe you a shirley temple!
Seriously.. if you want to learn SEO or if you want me to help you do it, I am more than willing.. especially if you get me to hawaii and do it there.. but from my crappy bedroom is OK too..
Yeah man, you were giving me tough love, but I knew you loved me! ^_^
Who can resist my cute monkey face
GAAAAAdamn! I am sexy!
Any input on where to have logo done? Been tossing the idea of 99logos but it's way cheaper on fiverr or similar...
Most logo makers have a template they go off on. This means most logos have this "I an't put my finger on it but all these logos kinda feel the same".
I would suggest this..
Make your own. You don't have to be great at photoshop, if you stay simple.
out of curiosity where'd you hear this... from what I've heard it's the exact opposite with a few exceptions.
There's a "right" and a "wrong" way to do anything. I'm doing this the "wrong" way according to the masses. Good, because if the masses were doing this, it would truly be a waste of my time. I will fail and go back to a W-2 job with my "tail" between my legs. Right? I mean that's what the statistics say. Statistics have never bothered me. In fact, I rather love statistics (to a point, then it's just too complicated for my little brain). Statistics are a number and they mean very little. They are just "odds" and a tweak here or there and the very same numbers will give you very different results. In grad school, one of my professors was teaching us a 'NEW' way to analyze the effectiveness of an intervention. We used 2-3 different ways of analyzing said numbers, they all gave us a different answer and he, our professor, and the rest of the class - we couldn't make sense of it because it didn't make any damn sense. Also, you can manipulate charts and graphs to "show" anything you like because they are visual and we are merely human. It's really funny actually.
Opening your own business can be lucrative in general, but most burn straight to the ground. Some recover, case in point "Lego," check out their history. They almost completely died out, now it's EVERYWHERE. I'm just saying, statistics don't mean anything to the one person who makes it. You just got to find a way to make it work, until it REALLY DOESN'T, then go on to something else or try a different strategy. Being open and always learning and adapting are key here. The original owners of McDonald's were not willing to adapt and they were bought out and well, they missed out on what McDonald's has become because they didn't want to change and grow with the guy who ultimately bought them out.
Just as a side note... these "scores" for the Top Contributors on the right-hand side. Jay Hinrichs score is 8.58. My score has been going up and up and up. It's now at 7.72. It's basically saying I'm almost as good as Jay? I don't know what they hey that "score" means or is. It is meaningless. Jay and I are no where near on the same level of pretty much anything. You wouldn't know that just by looking at the scores though, now would you?
I wish you the very best and will forever send you good vibes. If and when you ever have any issues, feel free to ask in BP. You're going to have to hit the ground running so the more questions you ask as you go, the faster you will learn.
Also, you're going to come across some of those wholesale seminar people very soon. You're going to want to save you money for deals rather than give it to them.
Just and fyi
Good luck!
@Melanie Hartmann Go get em' Melanie, I hope you're not discouraged by what I'm sure is the sincere concern of others, however everyones definition of success is different so should/will their paths to getting there vary. Focus focus focus.
I wish you much success!
@Melanie Hartmann; wow, congrats! Wish you all the success!
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!
You can do it. Be obsessed with learning and taking action.....
out of curiosity where'd you hear this... from what I've heard it's the exact opposite with a few exceptions.
There's a "right" and a "wrong" way to do anything. I'm doing this the "wrong" way according to the masses. Good, because if the masses were doing this, it would truly be a waste of my time. I will fail and go back to a W-2 job with my "tail" between my legs. Right? I mean that's what the statistics say. Statistics have never bothered me. In fact, I rather love statistics (to a point, then it's just too complicated for my little brain). Statistics are a number and they mean very little. They are just "odds" and a tweak here or there and the very same numbers will give you very different results. In grad school, one of my professors was teaching us a 'NEW' way to analyze the effectiveness of an intervention. We used 2-3 different ways of analyzing said numbers, they all gave us a different answer and he, our professor, and the rest of the class - we couldn't make sense of it because it didn't make any damn sense. Also, you can manipulate charts and graphs to "show" anything you like because they are visual and we are merely human. It's really funny actually.
Opening your own business can be lucrative in general, but most burn straight to the ground. Some recover, case in point "Lego," check out their history. They almost completely died out, now it's EVERYWHERE. I'm just saying, statistics don't mean anything to the one person who makes it. You just got to find a way to make it work, until it REALLY DOESN'T, then go on to something else or try a different strategy. Being open and always learning and adapting are key here. The original owners of McDonald's were not willing to adapt and they were bought out and well, they missed out on what McDonald's has become because they didn't want to change and grow with the guy who ultimately bought them out.
Just as a side note... these "scores" for the Top Contributors on the right-hand side. Jay Hinrichs score is 8.58. My score has been going up and up and up. It's now at 7.72. It's basically saying I'm almost as good as Jay? I don't know what they hey that "score" means or is. It is meaningless. Jay and I are no where near on the same level of pretty much anything. You wouldn't know that just by looking at the scores though, now would you?
I don't think anyone is saying you're doing "it" the wrong way, if by "it" you mean pursuing an alternative career. I think the point that's trying to get pushed across is why wholesale? There's plenty of ways to make money in Real Estate and there's plenty examples of high performers doing just the role they chose.....
But again it falls back to why wholesale and not one of the the other ways that typically better returns on time/money spent...
And to clarify it's not that you can't or won't be successful, it's that you seem to have resources that would allow you to tackle something with a higher barrier of entry than wholesaling (which traditionally people use as a stepping stone vs focusing on just that). Also to add, we know you needed a job change so it isn't about that either, it's soley about how'd you come to setting your sights only on wholesale vs (insert million and one ways to make money in real estate).
Go for it!
Do consider some of the advice such as getting your license and working the real estate agent business alongside the investor/wholesale side.
I don't have enough people fuel to focus on being an agent. But, we still convert a lot of our marketing dollars into referral fees (I'm a licensed agent so I can refer leads out and if the other agent lists them they give me a % of their commission).
I think most people even the "naysayers" mean well. The delivery may just not be that great...
Take massive action and succeed!
@Melanie Hartmann If you don't take the chance, you will never have known the outcome whether it be failure or success . If you don't try you will always have that lingering what if question. I walked away from a full time job about 4 years ago to start my own business. Has it been a gravy train the whole time ? absolutely not. Every day is a challenge to get a better service out there than my competitors. Congrats on your move, life is short to not take chances at something you're passionate about. Don't get discouraged and keep moving forward. I wish you all the best.
@Melanie Hartmann This is amazing! It hits close to home for me because I did the exact same thing a couple weeks ago. I wish you the best and hope to be able to follow your journey! :)
@Tony Kim Maybe she meant the last 10 years?
I took a peek at your website. Looks very nice!
One thing I noticed is that it states in the FAQ section that house prices have taken a huge hit in the past 5 years. Was that intentional?
Thank you Tony! It's all in "work in progress" state at the moment - most of what you see is the text/template/content that came from the site I'm using. I plan to have my online presence personalized and finalized within the next two weeks (still waiting on my LLC to be filed). Then I will market like crazy!
@Melanie Hartmann This is amazing! It hits close to home for me because I did the exact same thing a couple weeks ago. I wish you the best and hope to be able to follow your journey! :)
Absolutely! I'll be starting a blog soon and am thinking of outlining my progress on that.
Let me know how things go for you Melissa! Maybe we can exchange notes! @Jerryll Noorden - check out his profile and blog for some really great tips!
out of curiosity where'd you hear this... from what I've heard it's the exact opposite with a few exceptions.
There's a "right" and a "wrong" way to do anything. I'm doing this the "wrong" way according to the masses. Good, because if the masses were doing this, it would truly be a waste of my time. I will fail and go back to a W-2 job with my "tail" between my legs. Right? I mean that's what the statistics say. Statistics have never bothered me. In fact, I rather love statistics (to a point, then it's just too complicated for my little brain). Statistics are a number and they mean very little. They are just "odds" and a tweak here or there and the very same numbers will give you very different results. In grad school, one of my professors was teaching us a 'NEW' way to analyze the effectiveness of an intervention. We used 2-3 different ways of analyzing said numbers, they all gave us a different answer and he, our professor, and the rest of the class - we couldn't make sense of it because it didn't make any damn sense. Also, you can manipulate charts and graphs to "show" anything you like because they are visual and we are merely human. It's really funny actually.
Opening your own business can be lucrative in general, but most burn straight to the ground. Some recover, case in point "Lego," check out their history. They almost completely died out, now it's EVERYWHERE. I'm just saying, statistics don't mean anything to the one person who makes it. You just got to find a way to make it work, until it REALLY DOESN'T, then go on to something else or try a different strategy. Being open and always learning and adapting are key here. The original owners of McDonald's were not willing to adapt and they were bought out and well, they missed out on what McDonald's has become because they didn't want to change and grow with the guy who ultimately bought them out.
Just as a side note... these "scores" for the Top Contributors on the right-hand side. Jay Hinrichs score is 8.58. My score has been going up and up and up. It's now at 7.72. It's basically saying I'm almost as good as Jay? I don't know what they hey that "score" means or is. It is meaningless. Jay and I are no where near on the same level of pretty much anything. You wouldn't know that just by looking at the scores though, now would you?
I don't think anyone is saying you're doing "it" the wrong way, if by "it" you mean pursuing an alternative career. I think the point that's trying to get pushed across is why wholesale? There's plenty of ways to make money in Real Estate and there's plenty examples of high performers doing just the role they chose.....
But again it falls back to why wholesale and not one of the the other ways that typically better returns on time/money spent...
And to clarify it's not that you can't or won't be successful, it's that you seem to have resources that would allow you to tackle something with a higher barrier of entry than wholesaling (which traditionally people use as a stepping stone vs focusing on just that). Also to add, we know you needed a job change so it isn't about that either, it's soley about how'd you come to setting your sights only on wholesale vs (insert million and one ways to make money in real estate).
I've (rather unsuccessfully) tried the other routes part-time for close to a year now. I figure wholesaling will be a much faster way to make money (while allowing me to work for myself). I have had a whole lot of NOTHING with my other REI attempts aside from wasted time and money. I can't find good enough deals going the traditional routes. Done right, I figure wholesaling will help me build up a significant amount of cash (over time), blow open my network, get me out of my comfort zone/build confidence and RE knowledge faster than "traditional" routes, and give me access to some really great deals for my own personal portfolio when the time is right! I was really AGAINST wholesaling initially. Thinking it was sleazy, illegal, and not worthwhile. The other ways have been too slow for me and we've had some expenses that ate into the savings I built up, limiting the types of decent properties I could buy to... basically nothing. Even if buying an investment property, I'd be able to buy one, for $200-$400 in cash flow IF LUCKY. Not enough to leave my job any time soon. Then I'd have to work several more years to build up another deposit again. Also, I did not have enough capital/knowledge to get into rehabbing without taking a significant risk to my family. So I began researching wholesaling, and well, this route seemed to be the most feasible with the least amount of risk and biggest turnout for my personal situation. It's not for everyone. It is a LOT of work. However, for me and my situation, it will work. Still not sure if/when we will be moving out of state so once that is finalized, I may look into obtaining my real estate license in that state.
I took a peek at your website. Looks very nice!
One thing I noticed is that it states in the FAQ section that house prices have taken a huge hit in the past 5 years. Was that intentional?
Whats the link?
The links are functioning but the sites are in progress (hence the generic text that Tony mentioned). One of my seller sites and my one investor site can be found on my BP profile. :) I plan to have my online presence scrubbed and fully personalized within the next two weeks and then I will begin my marketing campaigns.
I have had a whole lot of NOTHING with my other REI attempts aside from wasted time and money. I can't find good enough deals going the traditional routes. Done right, I figure wholesaling will help me build up a significant amount of cash (over time), blow open my network, get me out of my comfort zone/build confidence and RE knowledge faster than "traditional" routes, and give me access to some really great deals for my own personal portfolio when the time is right! I was really AGAINST wholesaling initially. Thinking it was sleazy, illegal, and not worthwhile. The other ways have been too slow for me and we've had some expenses that ate into the savings I built up, limiting the types of decent properties I could buy to... basically nothing
Melanie
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Everything in Real Estate is traditional. It doesnt sound like youve got a game changer. For you to succeed you have to be better than Jerryll Noodle.
I wish you well. But your above writings proves youve got urealistic expectations. Me and my buddies are not PROS. We not adding or looking to add- its not 2012-2013. Prices now are outrageous. Look at the numbers.
One guy snagged a $90,000 rental now worth maybe $400,000. The rents at the time were great. At $400,000 the rents now look silly.
Your exact comments are exactly why I didn't feel like explaining WHY I chose wholesaling. "Your above writing proves you've got unrealistic expectations." Based on what exactly? I don't need to explain myself but did... just for people to continue to poke holes and try to beat me down... what benefit is that for anyone? Honestly? It's all a waste of both of our times.
The people who have done it and are doing it GET IT. Those who aren't, well they don't. End of story...