In the summer between my junior and senior year of high school, I spent a few hours working at a local strip club.
But don’t worry, Mom. I was just helping my plumber boss fix a leak. And it was closed that day.
I’ve also worked on a congressional campaign, run a handyman business, and spent time as a banker.
I was on a streak of pretty terrible jobs.
That is, until I discovered real estate.
Real estate has some tremendous superpowers — not the least of which is its ability to get you out of a terrible job. Today I want to share with you five ways real estate can make that happen.
Here we go.
**Hey, you. If you are reading this post, you must care about quitting your job. So why not come to this week’s BiggerPockets Webinar where we’ll be talking about that exact subject? Click here to hold your spot or to learn more! OK, back to the post.**
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
1. House Flipping
I know you’ve seen the TV shows. The annoying guy and attractive woman walk into the dirty house, the man takes the sledge hammer, pounds a hole in the wall, and 25 minutes later, they are touring the completed property and counting their profit.
Although house flipping might be a wee bit different than what you see on TV, you get the idea: buy nasty houses, fix them up, sell them for more, and make it rain.
2. Cash Flowing Rentals
Obviously, being a landlord isn’t the most glamorous job in the world, but behind male modeling, it’s a close second.
OK maybe not. But owning rental properties can be a great way to get you out of a job.
Think about it: If you made $200 per month in cash flow per unit after all the bills have been paid, how many units would you need to quit your job?
Whatever the number is, that’s your goal. So go out and start collecting rentals.
Imagine a scenario with me: Your neighbor tells you he wants to sell his go-kart for $500. You know that your cousin Jim-Bob has been looking everywhere for a go-kart. So you get the go-kart for $500, and then you charge JimBob $800 and make a cool $300 for just facilitating the deal.
Makes sense, right?
Well, wholesaling is pretty much the same thing. You find great deals, you find people who want great deals, and you put them together and make some cash on the spread.
Of course, there are a lot of rules and laws that govern this practice — and it’s easy to get yourself into trouble with wholesaling because you don’t want to break the law of “practicing real estate without a license.”
But if you do it right, you can wholesale just one or two deals a month and make enough to quit your job.
4. BRRRR Investing
BRRRR stands for “Buy-Rehab-Rent-Refinance-Repeat.”
It’s the basic idea that you buy a fixer upper, make it look pretty, rent it out to some rad tenants, refinance the loan so you get all your money back, and do it again. It’s kind of a cross between flipping and rentals and allows you to get the advantages of both without some of the risks of each.
Of course, as with any of these, there are right and wrong ways to do it. To learn more about BRRRR investing, be sure to read my free guide at www.BiggerPockets.com/brrrr.
5. Become a Real Estate Agent
I know, this one is a little different because it doesn’t involve YOU investing in real estate. Instead, you can make a nice income helping other people buy real estate.
Not only can you make good money as an agent, you also get first access to deals as they are listed. Yes, being an agent might be a “job” — but there is a good chance it’s a lot more fun than yours!
So don’t put up with a terrible job for the rest of your life.
Follow one of these five strategies and start planning your escape from your 9-5.
Are you using real estate to leave a terrible, no-good job?
Let me know what strategy you’re using and where you are in your journey!