How to do real estate your full time job

Question

I'm new to this world and I see people doing real estate full time but I also see people owning like 3 houses and cash flowing for a few hundred dollars a month. How can you make the jump from doing real estate on the side to making it your full time job.

Chris Seveney · Answer

Honestly, i strongly recommend against it for 99% of people. It is vert capital intensive and cash flow may appear consistent but its not. Unless you have a 2-3 year savings cushion I would not recommend someone get into real estate full time unless you are working for another person. But if you are doing it alone,. make sure to have lots of $.

James Mc Ree · Answer

The short and obvious answer is you need to replace your current income with real estate income and savings. Calculate this on a post-tax basis because real estate as a business may give you more deductions than your W-2 income.

I built a model out for many years and tracked my progress year-to-year until I achieved my goal, then kept on tracking it as I no longer had that W-2 safety net if something went wrong. Anticipate something going wrong and have a contingency plan before you leave the safe and secure W-2.

You can also make a career change to a real estate-oriented job to do real estate full time, but I don't know if that is what you have in mind.