My wife told me to quit my W2

Grand Rapids, Michigan
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My wife told me to quit my W2

Will Walker
Rental Property Investor · Kalamazoo, MI (Kalamazoo) · Member since 2022 · 9 posts · 6 votes

1. Quit and put 40h/wk into wholesaling = uncapped potential/risky/unlendable

or

2. Grind out the W2 with security and lendability = drains my soul

SKIP THE FIRST PARAGRAPH IF YOU'RE ON A TIME CRUNCH.

3 SFRs, self managing rent-by-room strategy, tutoring in the evenings, side hustle on weekends, on top of full-time W2 and managing house hack renovations (working ~70+ hours weekly). I recently came from a decade of self-employment making average income and recently took this remote project coordinator role within the Pharma industry for reasons of financial security and improved lendability. I've already been promoted and have received a 20% raise within the first 6 months and have been assigned (consulting) to their largest client based on my performance. 

I feel incredibly fortunate to be where I'm at but I feel trapped.

I'm realizing the "floor" the W2 provides is cursed with a inherent "ceiling" my entrepreneurial temperament is repulsed by. My wife and I will achieve FI in 3-5 years with plenty of passive income to quit our jobs and go full-time into real estate which is my dream. However, I can't sustain this pace caged within the security of my W2. I love the idea of wholesaling and got a our primary residence at 60% of ARV even as the novice I am, but I have absolutely no time to drive for dollars or cold call but would love to start. My wife and I could still coast our way along living on her W2 and rental income but I feel obligated to provide more and build us a better life, I feel like I'd be risking that by going all in on wholesaling.

Advice? Am I being selfish or naive? What am I not considering? Has anyone been here?

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Kerry Noble JrPro Member
Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
3y
Quote from @Will Walker:

1. Quit and put 40h/wk into wholesaling = uncapped potential/risky/unlendable

or

2. Grind out the W2 with security and lendability = drains my soul

SKIP THE FIRST PARAGRAPH IF YOU'RE ON A TIME CRUNCH.

3 SFRs, self managing rent-by-room strategy, tutoring in the evenings, side hustle on weekends, on top of full-time W2 and managing house hack renovations (working ~70+ hours weekly). I recently came from a decade of self-employment making average income and recently took this remote project coordinator role within the Pharma industry for reasons of financial security and improved lendability. I've already been promoted and have received a 20% raise within the first 6 months and have been assigned (consulting) to their largest client based on my performance. 

I feel incredibly fortunate to be where I'm at but I feel trapped.

I'm realizing the "floor" the W2 provides is cursed with a inherent "ceiling" my entrepreneurial temperament is repulsed by. My wife and I will achieve FI in 3-5 years with plenty of passive income to quit our jobs and go full-time into real estate which is my dream. However, I can't sustain this pace caged within the security of my W2. I love the idea of wholesaling and got a our primary residence at 60% of ARV even as the novice I am, but I have absolutely no time to drive for dollars or cold call but would love to start. My wife and I could still coast our way along living on her W2 and rental income but I feel obligated to provide more and build us a better life, I feel like I'd be risking that by going all in on wholesaling.

Advice? Am I being selfish or naive? What am I not considering? Has anyone been here?


My thoughts.........why not find a partner that can JV deals and do things while you're at work? Build enough cash reserves with your streams of income and while you and a partner get the wholesaling biz streamlined. After you've scaled and got it working like a well oiled machine......you can quit?
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  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    3y
    Quote from @Will Walker:

    1. Quit and put 40h/wk into wholesaling = uncapped potential/risky/unlendable

    or

    2. Grind out the W2 with security and lendability = drains my soul

    SKIP THE FIRST PARAGRAPH IF YOU'RE ON A TIME CRUNCH.

    3 SFRs, self managing rent-by-room strategy, tutoring in the evenings, side hustle on weekends, on top of full-time W2 and managing house hack renovations (working ~70+ hours weekly). I recently came from a decade of self-employment making average income and recently took this remote project coordinator role within the Pharma industry for reasons of financial security and improved lendability. I've already been promoted and have received a 20% raise within the first 6 months and have been assigned (consulting) to their largest client based on my performance. 

    I feel incredibly fortunate to be where I'm at but I feel trapped.

    I'm realizing the "floor" the W2 provides is cursed with a inherent "ceiling" my entrepreneurial temperament is repulsed by. My wife and I will achieve FI in 3-5 years with plenty of passive income to quit our jobs and go full-time into real estate which is my dream. However, I can't sustain this pace caged within the security of my W2. I love the idea of wholesaling and got a our primary residence at 60% of ARV even as the novice I am, but I have absolutely no time to drive for dollars or cold call but would love to start. My wife and I could still coast our way along living on her W2 and rental income but I feel obligated to provide more and build us a better life, I feel like I'd be risking that by going all in on wholesaling.

    Advice? Am I being selfish or naive? What am I not considering? Has anyone been here?


    My thoughts.........why not find a partner that can JV deals and do things while you're at work? Build enough cash reserves with your streams of income and while you and a partner get the wholesaling biz streamlined. After you've scaled and got it working like a well oiled machine......you can quit?
    3Reply
  • Joel Case
    Rental Property Investor · Ocean Springs, MS · Member since 2022 · 349 posts · 301 votes
    3y

    My advice comes back to who, not how. Who could you train and hire to drive for dollars for you while you work the w2? 

    0Reply
  • Paul De Luca
    Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
    3y

    @Will Walker

    I think making the right decision for the long term will depend on a few things:

    1) If you quit your job and go full time with wholesaling, do you have a plan? Do you have someone you're learning under? How confident are you about your plan?

    2) Are you going to keep your side hustles going while you wholesale full time? Are you going to be hurting for income in the short term even with your wife working?

    Go with your gut. Maybe you fail to achieve success with wholesaling full time but at least you can say you tried. Worst case you have to go back to working a W2 job.

    0Reply
  • Caleb Brown
    Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    3y

    As a couple others said I would build a team while you are at your W-2. Sounds like you make great money to do so. As you build the team and scale then you can quit. I don't think it's wise to quit your W-2 since you have a family to support. I do think you'll excel at anything you do. You have already showed you work your butt off and produce results. Also don't burn yourself out, love the drive but take care of yourself. Congrats on the success so far!

    0Reply
  • Kyle S.
    Member since 2022 · 64 posts · 35 votes
    3y

    I'm in a very similar situation so dying to hear what people think especially full-time wholesalers.  

    0Reply
  • Melanie ThomasBusiness Member
    Real Estate Broker · San Antonio · Member since 2022 · 1k+ posts · 489 votes
    3y
    I would not advise you drop the w2. Not until you have have a plan B of some sort for steady income.
    [email protected]
    RentWerx Property Management4.73295 Reviews
    WebsiteView Page
    0Reply
  • Tristan GardnerPro Member
    Rental Property Investor · Mansfield, OH · Member since 2021 · 129 posts · 89 votes
    3y
    Quote from @Kerry Noble Jr:
    Quote from @Will Walker:

    1. Quit and put 40h/wk into wholesaling = uncapped potential/risky/unlendable

    or

    2. Grind out the W2 with security and lendability = drains my soul

    SKIP THE FIRST PARAGRAPH IF YOU'RE ON A TIME CRUNCH.

    3 SFRs, self managing rent-by-room strategy, tutoring in the evenings, side hustle on weekends, on top of full-time W2 and managing house hack renovations (working ~70+ hours weekly). I recently came from a decade of self-employment making average income and recently took this remote project coordinator role within the Pharma industry for reasons of financial security and improved lendability. I've already been promoted and have received a 20% raise within the first 6 months and have been assigned (consulting) to their largest client based on my performance. 

    I feel incredibly fortunate to be where I'm at but I feel trapped.

    I'm realizing the "floor" the W2 provides is cursed with a inherent "ceiling" my entrepreneurial temperament is repulsed by. My wife and I will achieve FI in 3-5 years with plenty of passive income to quit our jobs and go full-time into real estate which is my dream. However, I can't sustain this pace caged within the security of my W2. I love the idea of wholesaling and got a our primary residence at 60% of ARV even as the novice I am, but I have absolutely no time to drive for dollars or cold call but would love to start. My wife and I could still coast our way along living on her W2 and rental income but I feel obligated to provide more and build us a better life, I feel like I'd be risking that by going all in on wholesaling.

    Advice? Am I being selfish or naive? What am I not considering? Has anyone been here?


    My thoughts.........why not find a partner that can JV deals and do things while you're at work? Build enough cash reserves with your streams of income and while you and a partner get the wholesaling biz streamlined. After you've scaled and got it working like a well oiled machine......you can quit?

     I love this thought. I think it will also push you into looking for bigger deals as you'll have to split profits; ultimately the goal anyways 

    1Reply
  • Todd Rasmussen
    Rental Property Investor · Clarksville, TN · Member since 2016 · 1k+ posts · 1k+ votes
    3y

    @Will Walker

    I would imagine that giving up tutoring or a side hustle to start wholesaling 8-16 hours a week instead of your w2 would have a smaller opportunity cost for you. But wholesaling is a job and definitely not passive income, so it doesn't sound like it's the solution to your long term goals.

    A decade of self employment to any w2 position is going to feel like you are in a cage. I'd wave at the kids on the field trip and wait for the zookeeper to bring you dinner.

    In the meantime, look for time that has the smallest opportunity cost for you and do some wholesaling, from there you can objectively determine what gives the most value for your time. Network and rub elbows with your big pharma client and talk about real estate. Generating a couple leads for private money while you are employed might make a w2 tolerable.

    When you can't afford to put in hours at the w2, it's time to quit.

    Full disclosure, my last day at my w2 is 12/23.

    1Reply
  • Paul Garwol
    Lender · Nationwide · Member since 2022 · 46 posts · 28 votes
    3y

    Quit asap! Put your energy into what you want to do and you will be successful. 

    1Reply
  • Dan DiFilippoBusiness Member
    Real Estate Broker · Fayetteville, NC · Member since 2020 · 251 posts · 244 votes
    3y

    @Will Walker if you have a pretty clear plan for financial independence that you can achieve in a reasonably short time frame, which it sounds like you do, then I don't see why you'd want to risk that. Especially with recessionary indicators flashing the way they are. If I were you, I'd just strap in for the home stretch safe in the guarantee that it'll be settled soon.

    [email protected]910-745-6972
    Brookdale Property Management
    WebsiteView Page
    0Reply
  • Joe S.Pro Member
    Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
    3y

    What’s your success rate at wholesaling? Wholesaling is not easy regardless of what so many are saying.. A lot of the people that say go wholesale never did that for a living themselves… makes you wonder right?

    1Reply
  • Jonathan R McLaughlin
    Rental Property Investor · Boston, Massachusetts (MA) · Member since 2016 · 2k+ posts · 2k+ votes
    3y

    @Will Walker so two pieces to this the w2 and the wholesaling. Sounds like your wife is onboard to decide together which is huge.

    If you can hustle like you outlined, why not get your real estate license and become a real estate agent? Kind of a counter-cyclical time to enter, admittedly but you would have

    More and more varied experience than most agents and could still find your own deals.

    You are lendable now, which is huge. I mean, the cage is what you make of it, I know a number of friends who fufilled their obligations at work while building their business on the extra mile. Set a timeline: can you do a year? 1.5? Sometimes a plan takes the mental pressure off. 3 years sounds like a lot but it’s nothing in the grand scheme of things.

    Do you want kids or already have

    Them? Time with them is worth a lot of money better to grind when they are still hypothetical

    0Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    Be smart about it, make sure you're set up to do so. There needs to be a equal balance of dreaming and taking action 

    0Reply
  • Ashton Hines
    Real Estate Agent · Carrollton, TX · Member since 2022 · 29 posts · 19 votes
    3y

    Hi Will,

    Speaking from a similar personal debate, one thought that has helped me is to consider your W-2 as a way to interact with different people about real estate. You have experience so bringing it up could be a natural thing. Maybe someone you work with has extra 401K money that they want to put to work and you can partner or maybe someone you meet just inherited a house they have no idea what to do with. If you can close 1 deal a year solely based on who you are interacting with during your W-2 then you can see it more as a positive than just a transactional time for paycheck situation. Hang in there, when someone can work as hard as you do then it's not a matter of if but when things will work out. Don't put too much pressure on yourself to solve to puzzle in one well thought out move. 

    0Reply
  • Joe Minteer
    Rental Property Investor · Mechanicsburg, PA · Member since 2021 · 47 posts · 22 votes
    3y

    Every one of us who do the same daily grind and work our REI 24x7 feel the same way. A lot of advise out there about getting help, which is great for building your team. Work smarter and don't try doing it all. Find the realtors and contractors that make your business grow in the comfort of your daily job until you have the inventory and cash flow to bag the job.

    0Reply
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