How to Use Real Estate to Quit the 9-5 Grind

David:
This is the BiggerPockets Podcast show, 9 1 9. What’s going on everyone? This is David Greene, your host of the BiggerPockets Real Estate podcast, and I brought back up with me. I’m joined today by Rob Abasolo and Dave Meyer on a special show.

Dave:
And on this special show. Today we’re gonna be answering the age old question, which real estate strategy works best, specifically if you want to leave your nine to five. So let’s start with you two. Rob and David, how long have you been out of your nine to five? I’m still in my nine to five. And how long did it take you to get there?

Rob:
Okay, first of all, technically you are still in your nine to five, but you work at BiggerPockets. Yeah, I mean, it’s like you get the best of both worlds, so I don’t wanna glaze over that. Now me, I have been out of my nine to five in advertising. Oh, in the last, I would say three years. Three, three and a half years.

Dave:
Rob, how long were you investing before you got out of your nine to five?

Rob:
About four or five years.

Dave:
Okay. That’s pretty solid. What about you, David?

David:
I, God, that’s, I’m so bad with dates. I think I left being a police officer in 2016 and joined. I got outta my nine to five and got into like a seven to seven as I became an entrepreneur and just worked way more <laugh> <laugh> in real estate. But I bought my first investment property in 2009 and I’ve been steadily buying ever since. And in today’s show, we’re going to be sharing the path out of the nine to five jungle and into the world of full-Time real estate.

Rob:
Well, you know, the reason we’re talking about this today is because it actually came up pretty recently and it comes up pretty often in the BiggerPockets forums. In this episode, you’re gonna hear about what some of our community members recommended and what we recommend as investors slash experts in this space.

David:
So if you are someone who’s been listening to this podcast wanting to get out of your current job at Into a better one that’s real estate related, this is a show for you. Let’s get into it. All right. This first question comes from a community member named Rodney Love and it reads, which real estate strategy works best to escape the nine to five rat race by Rodney Love. I love how we always call the nine to five a rat race. I don’t know if rats love that. Doesn’t seem like it’s quite fair to them. Yeah,

Rob:
No one ever thinks about the rat’s feelings

David:
In this. Exactly. It’s not really fair. I mean, what if rats just like exercise?

Rob:
There have been a lot of great rats in history, ratatouille, the Ninja Turtle’s dad. I mean, there’s some good rats out there.

Dave:
Splinter, of course.

David:
Splinter. Oh yeah, that’s a great one. He is a hero, right?

Rob:
Our producers are like, stop, answer the question. <laugh>,

Dave:
Stop talking about rats.

David:
This is actually a great question. ’cause there’s a lot of people that say, Hey, I’ll figure out the long-term wealth later. My most pressing need is to figure out how do I get my time back and how do I get out of this job that I don’t like? Rodney goes on to say, what real estate strategy did you use? Example, if you had between 20 to 70,000 to invest in real estate, how would you use that to replace your income of $7,000 a month? Fix and flips tax liens, mortgage notes, rentals, Airbnbs. Help me here guys.

Rob:
Okay, so this was a very popular post. I got over 90 comments in the forums, and we’re gonna pull in a few of those comments, take you through those. But then after that we’ll hop into our, our advice and our recommendations based on our anecdotal journeys. So an investor name, James has three pieces of advice here. So I’m just gonna read us through these tidbits and then let’s, let’s talk it out a bit. So first advice here for replacing W2 income with rental cash flow is a much longer process than one might imagine. Unless you’re really aggressive, it’s probably gonna take 10 years or more. That’s advice number one. Tip number two here, house hacking might be the quickest way. If you live somewhere, then you might as well get paid for it. I really love this. I think this is something that we talk about pretty often on the show. And the last tip here is, I think fix and flips are just another job. They’re not an investment. If you stop working, the cash flow stops working. So, you know, he kind of gives a, I think, a pretty realistic representation of, yeah, it’s not as easy as people say, what do y’all think?

David:
Yeah, this is something that when I got into real estate investing, I asked similar questions. How do I get enough cash flow to replace my income or provide the lifestyle that I want? And then once I was in it for a while, I realized that was an oversimplified perspective. What actually works is focusing on building equity and then converting that equity into cash flow. And that’s because you have more control over how you build equity in a property. You decide what price you pay, you decide what location you invest in, you decide how you’re gonna add value to the property. Cash flows typically only increase as rents go up and expenses stay the same. Investors don’t have as much control over that. We set out this last year when insurance doubled or tripled in some areas. And property taxes are going up and rents haven’t been able to keep up with inflation because people can’t afford them because everything else is becoming more expensive. But if you focus on building equity snowball, then you cash that out and turn it into cash flow. You can get out of the rat race 20 to $70,000. That’s almost impossible to turn into $7,000 of passive income. You’re gonna have to have some kind of active effort if you want to be able to make seven grand a month.

Rob:
Yeah, I I think you can turn $70,000 into $7,000 a year <laugh>.

David:
That’s a great

Rob:
Point. Yeah. Uh, but yeah, a month, you know, it’s, it’s an uphill it’s an uphill battle.

Dave:
Yeah, I think what David just said about focusing on equity and then converting into cashflow is super important. And if I may, I just wanna share just sort of a little framework for thinking about this, but if you know how much money you want to make, and the, the original question said $7,000 a month. So if you multiply that by 12, that means that you wanna make $84,000 a year. If you figure that your average cash flow on a deal, let’s say it’s 6%, and it could be 5%, it could be 8%, whatever you’re saying. But if you wanna make 84 grand a year, divide that by your average cash on cash return. So 0.06, that will tell you how much equity you need to earn. So in this example, that means you would have to have $1.4 million of equity invested into real estate at that 6% cash on cash return.
And that’s what will allow you to replace your income. So I know that’s a bit of math, but the point here is that if you think about it that way, then you can start to ask yourself, what is the fastest way to get $1.4 million in equity that I can invest rather than trying to build up cash flow bit by bit. Because generally speaking, I personally believe that that takes longer than just saying, all right, I need to get 1.4 million in cash flow. And once I have that, I can invest it into, you know, a 6% cash on cash return relatively easily when I’m actually ready to pull the trigger, quit my job and escape that damn rat race.

David:
Great perspective.

Rob:
That’s true.

David:
Yeah. You know, the math that I use, Dave, is, is similar to you. I realized somewhere along the journey that if I get a 12% cash on cash return, $40,000 would turn into $400 a month, $60,000 would be $600 a month. And so I just sort of use that number. So if I know that if I have $500,000 of equity that can turn into $5,000 a month. So by this metric, this person would need $700,000 if they got a 12% return, not very likely, let’s have that and say it’s a 6% return. So they’re gonna have to double the 700,000, which is $1.4 million of equity to get that seven grand. That gives you a great perspective on how much money you actually need to replace that W2 income. And that gives people perspective into why we don’t advise that you quit your job as soon as you get a little bit of cashflow coming from real estate.
Rob, I know you made a YouTube video about that recently did, where you were saying, Hey, this, it’s not like you hear my 2 cents, is that this is often spoken about from real estate influencers that are trying to get people to take their course. Mm-Hmm. <affirmative>. So they say, Hey, I’ll teach you how to make this much cash flow so you could quit your job. Well, who’s not gonna pay 20 grand to learn how to quit their job? It just isn’t realistic. And that’s why I think Rodney here has been under the wrong impression. Yeah,

Rob:
Yeah. That this is exactly right. I think, uh, one, one of the things that I, I, I made this video that’s like, why you shouldn’t quit your nine to five for real estate. And everyone’s like, what? How dare you? And I’m like, well, you know, if you go the flipping route, you’re just, it’s exactly what James said. It’s just another job. Now it doesn’t mean that it’s not gonna pay you well, it doesn’t mean that you’re not gonna love it more than your current job, but what it does mean is exactly what he said. The moment you stop flipping houses, you stop making money. So as long as you understand this reality of being a full-time real estate investor still does require a bit of active work, then I think it’s a fine goal to strive for. But just understand it’s, it’s not like, uh, you’re sitting on the beach drinking my ties. Not until, you know, later on in life, I suppose.

Dave:
Yeah. That, that makes so much sense. And I think it, it’s important for people to remember too, that they should be considering their current income too. Like if you’re trying to get to this 1.4 million or however you wanna think about it, like if you have a good job that’s gonna make you more than flipping houses would and might be easier than making flipping houses would, then you should probably stick with that. I mean, I, I’m the only one of the three of us who still works a quote unquote nine to five job. And I do it because I like <laugh>. I do it because I like my job, but there’s also a strategic element to it that it’s a good job and it gives me money with which I can invest into real estate. And if I didn’t work here, I would probably start flipping houses, which would just be another job.

Rob:
Oh, but there is something to be said that you are the most lendable person in this trio because you have a W2

Dave:
Oh thank you. I do consider myself quite lendable, if that’s word <laugh>,

David:
Very lendable, I’d lend to you.

Dave:
Thanks man. I appreciate it.

David:
And we’re just trying to bring perspective because it’s very easy to fall into a negative perspective on I have to have a job. Especially when you got social media telling you that you’re a sucker referring to as a rat race, all these negative connotations. I can promise you I’ve hired a lot of people just to be my assistant and said, Hey, I need you to be an extension of me. 95% of ’em have quit. No thanks. I do not like this. I want to go back to my other W2 where other people handle the stress, other people handle the pressure. I didn’t have all the risk. I liked just having my little rat race where I just had to follow this little tunnel around and do my thing. There are downsides to working a W2 job, but there are also downsides to leaving that job and taking on a whole bunch of risk. I work more hours than all the W2 employees that I know for not having a W2 job. Just a little bit of perspective. Uh, sometimes it pays to be grateful for what you’ve got and just keep buying real estate planning for the future.

Rob:
Okay, so James made some great points here and after the break we’ll come back to hear some of the ideas that he brought up, plus we’ve got more advice from the forums and later on we’ll weigh in with our own advice. So stay tuned.

David:
Welcome back, you beautiful investors, Rob Abosolo, Dave Meyer and me Papa Pockets are diving into one of the hottest conversations on the BiggerPockets forums right now. What’s the best real estate strategy to ditch your nine to five? Let’s jump back in.

Dave:
All right, so those are some really good points. Just about flipping is another job and staying in your current job. But when I was reading through the forums and saw some of the replies here, I saw another interesting comment from someone named Glenn in the BiggerPockets community. And he said that the strategy you choose, because that, remember that was the original questions, like what strategies are best? So the strategy you choose depends mostly on what you will enjoy most and will be good at. And as an example, he says Airbnb is really a hospitality business more than a real estate investing activity. Just uses real estate. Or for example, like we talked about, flipping houses just like a job. Glen says, I like long-term rentals, mostly because it provides predictable stable income and that suits me and his wife better. Our short-term rental Airbnb is a little more exciting but causes me to lose more sleep due a seasonal fluctuation <laugh>. So curious what you guys think about this, just about doing stuff that you like that is good at. Because if, as we say, this is gonna take longer than more people think, you probably wanna be doing something that you’re enjoying for those 10 plus years that you’re gonna be pursuing this.

Rob:
My perspective, if you’re gonna go into the real estate world, I mean I am just, I’ve always been a proponent of never paying yourself from real estate rental income. I’m a firm believer that you should figure out how to make money other ways, whether it’s through real estate, whether it’s through side hub hustles or hubs, whether it’s through other companies, whatever it is, right? And so I think that if you’re really attacking this idea of going full-time and let’s say making $7,000 a month, there is absolutely a 50 50 component to both the active work that you put in and the passive work. So I like to say you buy rental properties, you build equity, you build your wealth, and then you have your cash flow from your rentals that you should feed back into your rentals to make as much money as possible. And you use that to scale and build up your portfolio. And then you have your active income, which can come from wholesaling or flipping or rehabs or whatever it is. And that’s really where you’re paying a salary from because you are actively working for that. So I, I think it’s just one of those things where it’s still pretty involved. Do, do y’all have similar or contradictory thoughts to that?

Dave:
Yeah, I, I think a lot about this, honestly, a lot of my new book, uh, is about this topic is like trying to find stuff that is like actually aligned with what you like, because I, I know you guys have heard this, but this happens all the time where people quit their jobs, they start flipping and they’re like, I don’t even like flipping houses. Or they go and they become a landlord and they don’t like interacting with tenants. Uh, and I think it is super important to try and find a strategy in real estate that is aligned with your personality, uh, your risk tolerance too. Uh, you know, the amount of resources that you have at your disposal, taking a little bit of time to think about that and carefully consider which ones are gonna be good for you over the long run is super important.
Flipping, it’s just not for me. I’ve never flipped a house. I probably will never flip a house. But I like long-term rentals. I like investing in syndications because I’m lazy sometimes and just wanted to have other people do the work and those things suit me and I like them because I can see myself doing these things for another 10 or 20 years no problem. Like that. They don’t cause me stress. I feel comfortable with them. But for some people they wouldn’t want to do either of those. And they like the hands-on element of flipping houses and that all the power to them.

David:
The way that I think about it is the equity portion is gonna happen on its own. It takes a lot of time. It’s delayed gratification. You pick the right market, you pick the right house, hopefully you pay less than what it’s worth and you speed up that process. But it just happens. You don’t have to pay attention to the equity unless you’re adding value to a property or, or forcing equity like I call it. The cash flow part will take a lot of your attention. That’s why methods like short-term rentals or medium term rentals or Airbnb arbitrage, all of these ideas you hear people say will provide more of a return. But you are gonna put your attention, which is what we call work into that. You’re still gonna have to do it. Dave, like you mentioned, flipping houses. It’s a lot of work and a lot of risk and it will produce more of what we call cash flow.
But it’s definitely work just like you were doing before. What’s interesting about what we all do here as investors is let’s say you buy a short-term rental, you’re going to get some cash flow out of that, which everybody talks about. It’s like running a business, right? When you work in your business, you get money outta that business. But this is like owning a huge asset that also appreciates with the business. It’s much better to own a, a bunch of short term rentals and make 10 grand a month from the short term rentals even though you’re working than it is to own a bakery and make 10 grand a month managing employees. But you don’t own the building, you’re not also getting that appreciation. I think that’s the point that I would like everyone to recognize when you do this through real estate as opposed to starting a landscaping company or running some small business or working a job, you can get cash flow, but you’re also building massive equity for retirement. You’re also, uh, building equity that you can get at a cash out refinance or put a HELOC on a property or sell and move it into another opportunity where you can get even more cash flow. This is why real estate investing is in our minds, your best bet at building wealth because you’re getting both sides of it, but you have to recognize it’s still like running a business, just like running the bakery, just like running the landscaping company.

Rob:
I totally agree. And I’d like to hop down ’cause you, you did talk about this idea of like instant gratification. One of the pieces of advice that James gave was house hacking and how that could be a potentially eye-opening experience too. It it was for me in that he said, if you’re gonna live somewhere, you may as well get paid for it. And uh, I really like something you said on the podcast about a week ago, David, where you basically said, you know, if you house hack and let’s say you’re able to make $1,500 a month or $2,000 a month from the rents that you get from roommates, you know, imagine how much money you’d have to have invested to make 1500 or $2,000 a month. It’d be a very, very high amount of money. And so when you look at like the ROI on house hacking, I think it’s a very powerful wealth generator that could pretty easily chip at that $7,000 a month. You know, maybe a thousand or $2,000 right out the gate.

David:
Yeah. Do you wanna dive into a little bit more Dave, or would you like to comment on that whole idea that if you get into house hacking early, it’s much better than trying to save up a bunch of money to invest?

Dave:
Well, I, so I kind of think that they’re one and the same, right? I think there are opportunities where some people are house hacking and they’re making a thousand bucks a month or 2000 bucks a month. But I actually think one of the most powerful reasons house hacking is such a common way to get started is that it simply allows you to spend less money. So if you have a, uh, a house hack and you have roommates, hopefully you’re cash flowing a little bit. But even if you’re just, you know, reducing your own living expense down by let’s say a thousand dollars per month, maybe you’re still paying a hundred bucks a month, but you used to be paying 1100 and so now you’re saving a thousand dollars a month that you can invest in other properties. This is a, a way that you can save up money to put into additional deals because house hacking is great but you can only do one of them at a time. Of course you can only live in one property at a time. So I think the cashflow is an excellent bonus to it, but I think that real benefit is like being able to save up money, then you can go buy bigger and better deals over the course of your career with,

Rob:
Alright, so to really just bring this one home, David, do you think you could sort of math out the possible ROI on house hacking? Yeah,

David:
That’s a great question. And a lot of people don’t think about how saving money is even more powerful than making money. So let’s say that you’re currently spending $2,000 a month on your own housing expense, like you’re renting an apartment somewhere. If you wanted to make $2,000 a month in cashflow at a 6% return, that means that you’d have to save up $400,000. Well how long does it take you to save $400,000? If somebody can save 40 grand a year, that means they probably gotta make over a hundred thousand dollars a year ’cause they still have to live on it. That could be 10 years of savings. That takes you a long time. Now how much does the real estate that you could buy today gonna cost in 10 years and how much could you have been paying down on the loan? And how much will rents go up over 10 years that you’re missing out on because you didn’t buy it?
You’re putting yourself way behind the curve by trying to save up that money and go put 20% down on a rental property. Let’s say instead of saving up to $400,000, you go buy a $400,000 property and you put 3% down, that just takes $12,000. Most people can get there in six months or so. You don’t have to, we even wait a year to be able to save up that money. If you’re making the same income that we just mentioned. Now that $12,000 that you put down, if you house that correctly and just get a break even property, it doesn’t even cash flow. If that saves you $2,000 a month in rent, that is the same financial impact as if you were able to save $400,000 and you don’t have to wait 10 years to start. I don’t even know, I’d let Dave Meyer figure out the numbers of that $400,000 compounded over a 10 year period of time. It’s even more than the $400,000 if you have to wait. And so what we’re getting at here is that making money in real estate could be incredibly hard, but saving money in real estate, especially if you’re already paying more, is much easier.

Rob:
I love it. <laugh>. That’s what I’m talking about. That’s the greatest return of all time house hacking, which is one of the strategies, right? And I know we’re batting around a ton of strategies here, flipping house hacking Mm-hmm <affirmative>. And a lot of people might be asking themselves, what strategy should I be using if I want to at least start inching closer to this idea of becoming a full-time real estate investor and leaving the nine to five grind.

David:
We’re gonna give you our take on which strategy to use and what action steps that we would recommend right after this Quick break.

Dave:
Hey everybody, welcome back to the BiggerPockets Real Estate podcast. Let’s pick up where we left

Rob:
Off. I know we’re batting around a ton of strategies here. Flipping house hacking. Mm-Hmm. <affirmative>. And a lot of people might be asking themselves, what strategy should I be using if I want to at least start inching closer to this idea of becoming a full-time real estate investor and leaving the nine to five grind? Well,

David:
There’s different strategies you kind of gotta find the one you like and that I, I do think that that’s good advice ’cause it’s not like they’re all equal. Different personalities, different skill sets, different minds will gravitate and be, have more success in different niches. Like Rob, you’re a very creative person. You are a semi goofy person. Mm-Hmm <affirmative> you really like short term rentals that are like niched out and kind of unique, right? You got your Pink Pickle property, you’re very good at going to thrift shops or I don’t even know where you find those dinosaurs different,

Rob:
I’ll never tell.

David:
Yeah, exactly. <laugh> making, making these creative ideas on properties. You and I put our heads together and we come up with ideas and you’re always coming from just a unique perspective. So short-term rentals that have a different flavor are right up your alley Dave. You typically look at all of your different options and you find the one that’s the most efficient way. So it is not shocking to me that you’re investing in syndications or you’re just buying buy and hold in Denver and letting its do its thing while you put the majority of your computation power into a nine to five rat race job. That’s a really good job for you while you write books and build passive income. That makes perfect sense to me. Why you two have adopted those strategies. What advice do you have for the people listening to find the strategy that’s right for them?

Dave:
Well, can I shamelessly just plug this? ’cause I wrote an entire book called Start With Strategy. It just came out and the whole concept is looking at your own individual situation and identifying which real estate strategies work for you. So shameless plug, check out the book that will help you, but I’ll just give you a a a a synopsis here if you haven’t read the book. Oh, thanks Rob. Rob’s holding it up.

Rob:
Mm-Hmm <affirmative> and look at it every day. It’s on my desk. I

Dave:
Think the real idea here is to sort of start with the end in mind. Um, we’ve talked a lot about that today and just like figure out what your financial goals are, what your risk tolerance is, what you value. Like do you value your time? Do you value more passive income? Do you like your job? Um, the book walks you through all these things, but if you want to do it on your own, just think about like really what you’re trying to accomplish and then just use common sense and say like, does this strategy align with what I want? Like am I comfortable talking to tenants? No, then don’t be a landlord. Or you could buy long-term rentals, but you have to hire a property manager. Um, so I just think like really just analyzing what your strengths are, what your weaknesses are, what your preferences are is the best way to start. And I know people just want this like cookie cutter answer where you’re just like, it’s rentals, but there is no cookie cutter answer. This is entrepreneurship. Every business is going to be different and every business is gonna be based on the entrepreneur at the head of that business. And so you need to sort of take some time and think about who you are and what you’re gonna be successful at

David:
Rob, what do you think?

Rob:
I think try a little bit of everything to be honest. I know everyone’s like focus, like focus, focus, niche down, blah blah blah. I don’t disagree with that. Once you figured you don’t wanna niche down on something that you’re bad at, right? When I got into real estate, I obviously started the Airbnb thing. I very much quickly realized I’m good at this. And I went all in. However, even now, seven, eight years into this thing, I’m trying whole tales. I’m trying flips, I’m trying creative finance. I’m worse at others and better at others. But I’m trying it out and I’m still realizing, hey, you know, the, the, the rental game is kind of my strong suit, but I would never know that without just trying stuff. And I think you exactly what you said Dave, like maybe you figure out that long-term rentals is something that you hate ’cause you hate tenant management. Fantastic. Now you know what not to do. Go try something else. Go try wholesale and go try flipping. If you’re really bad at that, if you lose money consistently at flipping, well maybe flipping is not your gift <laugh> and you gotta try something else, it’s fine. You know, as long as you’re willing to try and fail a couple times.

David:
I’ll give some advice here. If you’re someone who tends to be drawn to spreadsheets, you like the numbers, you like predictability, uh, yeah, Dave, exactly. This is you, right? <laugh>, there are some strategies that you’ll be more inclined to enjoying. So investing in syndication makes perfect sense. Commercial property investing is very number heavy. It’s about finding an NOI, finding a cap rate and figuring out how to put a tenant in that property that has a lease that goes up over time. And once you’ve got it down, there’s not a whole lot that you have to do every single day to oversee it. Some people like that, they wanna aim very closely, they wanna take one shot and they wanna let it ride. If you’re into that type of investing, you’ll probably like mobile home parks more. But as opposed to triple net investing in commercial properties, there’s gonna be a little bit more interaction.
So some people like numbers, but they also like something to do every day. So if that’s your personality, mobile home parks, trailer parks, RV parks, those are number heavy as far as how you add value to them, but they also require more hospitality. So if you like putting energy every day towards improving your financial picture, multifamily, uh, apartment complex investing or some of the methods I just said are gonna be more up your alley. Other people are a full-blown psychopath. They want every single day to be paying attention to everything that’s going on in their properties. That’s gonna be your house flipper. These are the James Dainard’s. He literally wants to go to the place where he is buying appliances and price out what a stove costs here than what it costs somewhere else in town. And he loves it and he is great at it.
So that’s a better strategy for them. If you’re in the fi movement and you’re big on defense, you make your own soap, you stitch your own clothing, you churn your own butter, you should definitely be house hacking. You should definitely be looking into 4 0 1 Ks. You should be looking at some of these ways that you can save more money. Your mind will love that stuff. Maybe rent by the room strategies. All right. I can maximize my ROI on this property if I rent out the rooms to other people. It’s not complicated. I don’t need to know how to use Excel really well. I don’t have to go get approved for $5 million mortgages, but I do feel like I have some control over my financial future by renting out individual rooms. And then lastly, if you’re someone like Rob that enjoys hospitality, enjoys making people feel good, enjoys providing them with an experience, maybe you’re a little bit more creative. Short-term rentals and medium-term rentals are definitely gonna be something that you like doing and you’re gonna wanna scale. How’d I do?

Rob:
Very good

Dave:
Great. Can I add one more please? I haven’t done it yet, but I’m reading a book on it and I’m really into the idea of private lending right now. Oh yeah. If you want to get to cash flow once you have your equity up, um, private lending offers in a really good way to earn a strong cash on cash return.

Rob:
I think that’s what, that’s one thing I was gonna tell people. You know, you don’t have to go right into a flip or right into a wholesale or right into a short-term rental. I think you can shadow, I think you can partner with somebody that’s maybe further along than you but maybe doesn’t have 20 to $70,000 to God and flip the house. You could provide the funds and say, Hey, we’ll partner on this 50 50 if you show me your ways. And I actually, when I ran outta money, I partnered up with several financial partners that were like, Hey, I wanna learn how to do this short term rental thing. I’ll pay for it all if you just teach me how to do it. So I still think there’s an entry point. Even if you don’t know what you’re doing, you can partner with people that

Dave:
Do. That’s such a good point, Rob. I I think it’s, it’s super important. That’s, you know, that’s a whole other topic about partnership, but I totally, totally agree, especially if you’re trying to get into some new strategies, um, that you haven’t done yet. Just find a way to learn, even if you’re not gonna make a ton of money off your first deal.

David:
Well thanks for joining me today, fellas. I love this question. I’m glad that we got a chance to address something that everybody’s asking in the forums everybody’s talking about at meetups. This is the number one question that comes across is how do I quit my job with real estate? We would love for you to get to that point, but real estate was not created to provide a way to quit your job. It was created as a tool that will provide big wealth in your future. Another thing we didn’t talk about that I just wanna address quickly before we leave. There are ways to make money in the world of real estate that do not involve just the cash flow from the real estate. You can get a job working to help real estate investors like I do. You could become a contract to property manager, a CPA, a real estate agent, a loan officer, a handyman. You can open a business that supports investors. You can get into consulting, you can be a bookkeeper. There’s tons of needs and Lord knows that we all have them when it comes to helping real estate investors and business owners that if you don’t like the job you’re in now, like when Brandon Turner was working at Coldstone Creamery, you can get a job that you like more that still exposes you to the opportunity to buy real estate deals.

Dave:
Well said. I was just curious how many different jobs you were going to name there. I wanted to see how long could keep going.

David:
I didn’t know how many I was gonna, I just kept reaching into my hat and pulling out rabbits and I figured at some point I’m gonna have to run out. And then I ended up grabbing Brandon’s beard and pulling him out and I said, okay, that’s enough. We can stop going into that hat.

Dave:
Have you seen uh, Forrest Gump? You know, and Forrest and Bubba are just like, he’s just like naming all the different types of shrimp. Shrimp. Yeah. I feel like that’s what you’re doing with all the different real estate

David:
Jobs. Short term rental shrimp, medium term rental shrimp, traditional

Dave:
Shrimp,

David:
Flipping shrimp, live in flipping shrimp mobile home park, shrimp rehab. Yeah,

Dave:
This is gonna be a whole podcast if you just naming job that join us for the next episode where David just lists out jobs <laugh>,

David:
If we missed a job that you think should be covered or a strategy that you were listening and saying, ah, how come they didn’t mention this one? Let us know in the comments on YouTube what you think we missed and what questions you have. If you’ve got another question from the forums that you wanna address, let us know that on YouTube as well. Our producer will watch that. We just may make a show about it. And if you’ve got a second, please go give us a review Wherever you listen to podcasts, they help us out a ton and we would love you if you do it. You can find our information on the show notes. David Greene, Dave Meyer, and Rob Abasolo if you wanna reach out and let us know what you thought of the show and keep an eye out for the next BiggerPockets podcast episode. This is David Greene for Dave Meyer and Rob Abasolo signing off.