Quiting my job to do REI full time

We did the same thing not more than 7 months ago. Jeff quit his Job of 18+ years and I moved from doing Real Estate Brokering to Investing Full time at the end of last year. IT has been a adjustment to not have that weekly income but the reward of setting our own schedule, designing our future and working toward making the living WE want is worth the decision.

We love doing this full time and are more than happy with our decision. Feel free to read my journal on how things have gone since we attended the EDGE. Just to give you an idea of what you CAN accomplish by taking this new step to changing your life----Since January 2013 we have acquired 7 homes have 3 under contract and sold/wholesaled 5. IT'S been GREAT!

SOOO we wish you all the success and we look forward to reading about your progress. If you have any questions or just need to reach out to someone else who's made this brave step feel free to reach out to us- we'd be happy to connect.

Hey you heard Dean and Matt say in there videos many of times, they don't advise you to quit your job until you get a couple of deals under your belt first and get your RE business going. Unless you have another income to support you until you get a deal done I wouldn't advice it. I mean look at Deans super star students, Ali didn't quit his job until about 3 years into his RE career. Matt Larson didn't quit his job until about a year or 2. And there's plenty more successful students. I'm not saying its not possible because anything is possible but you always want to play it safe when it comes to your income and paying bills. How about dropping down to part time at your job? So you still can get a check but have more time to get your RE business going. Think about.

It is one thing to put full trust, but you also need to pay the bills. Having a job also helps in getting financing as well. Best wishes!

I for one would never tell anyone to not follow their dreams. I am full time as of april of 2012 and I would not trade it for anything but with that said you need to make sure you have food on the table first. It will make it much easier to sleep at night. I wish you the best in your deals and leaving the JOB..Keith

I was let go after 10 years at my job last October. I did have a few deals under my belt and did have some reserve cash with a working spouse. It's been challenging even with all of that going for me.

The good: Love my boss. She lets me work at my own pace and prioritize as I see fit. When I have success, I know "I" earned it. I know I am on the right path...finally.

The bad: My boss is too lenient sometimes and I have to be responsible for motivating myself and not getting distracted with 'busy' work. It's harder than it sounds.

The ugly: Things don't always go as planned; water pipes burst, contractors don't work as fast as they should, etc., and the paychecks are few and far between at times. I also think my hardworking spouse sometimes thinks I sit and eat bon-bons all day. (Hardly the case but I COULD be working harder.)

One thing that I did that really helped was to hire a private life coach. It wasn't cheap but I have been able to get my systems in place and into practice. Without that organizational help, I'm not sure I would have made it.

Wish you the best. Be realistic and make sure you have some income to pay the bills first. It sucks to have to give up the little extras you have come to enjoy, but if you persist in learning everything you can and never give up, you will have a much better chance of getting out of the rat race and changing your life forever.

Since you also work in California, I would not advise you to quit your day job. California is a very brutal environment. If your livelihood depended on RE alone, I wouldn't depend on the California RE market. Stick to your day job until and when you became financial independent. Don't let anyone tell you otherwise!!!!

This is really good advice and so true. I have heard that Oregon is also a tough market. They seem to have some strange laws there. I know that you are wanting to be able to give it your all, but you also have to pay your bills. This is not a get rich quick game. It takes time and more times than not, it will take a LOT of time.

Karen

I agree quitting is very risky, sometimes it is the push needed. I am also in the process of quitting my job. I have been putting in 70+ hours a week with no relief in site. My only option is to quit to afford the time to devote to REI. We (my girlfriend and I) have our 401K, which we are converting to a self directed IRA as start-up capital. If you can it is an option for capital to get you through the starting gate.
You need to do what you feel is right, but be careful and good luck.

Follow your gut and take things one day at a time!!! I quit my corporate job in August 2012 without having done my first deal! It was right for us. But, my finacee has a job so he supports us while I continue to get up and running. We had a financial plan in place before I quit and I suspect you are working on the same.

Only you know whats right for you. Take things one day at a time and always move forward

Good luck!
Kristin

Well you did the first step go for it. Good Luck

Not a good idea to quit your job until you have the income replaced. I haved wanted to quit my job for some time but am hanging in there till i get the income replaced. I have wanted to quit several times my self.

This is not a get rich quick game.....As Dean Say's " It's Simple not easy....if it was easy everyone would be doing it"......more times than not the deal will fall through.....for one reason or other.....Be careful you still have bills to pay....Good Luck in your decision.......

Regards,
Sharon

I agree with sharon. I dont plan on quiting till i know that i have the income to cover my bills. Noting worth doing is easy.

I wanted to thank everyone for their support and advice.

We will have 1 full time income that can fully support us financially but we will need to tighten up our budget until I can get up and running. Plus we have 3 fairly new rental properties that will supplement half of my income. So, we are being as smart about this leap as possible.

I was so gung hoe to get started that I have now found myself on day 1 with a new cash buyer in California. I now just have to find them a property or 2.

I am shaking in my boots right now trying to work the system how I have learned. I have found a couple of good properties but they are all in pre-foreclosure.

Does anyone have advice on working with pre-foreclosures?

Again, thanks for all the support. This community is so supportive and I look forward to the day when I can impart advise to an up and coming REI.

If this is the path you wish to go than go for it. I wish you luck and the very best.

Sounds like you've thought about this and got a game plan going. Now go get it!!!

If you are dealing with pre-foreclosures in CA, familiarize yourself with
CALIFORNIA CIVIL CODE
SECTION 1695-1695.17
and make sure you use an equity purchase agreement rather than a standard purchase and sale agreement.

"No Rational Man Ever Became Rich"