Want to leave job for Real Estate

[Jasmin Whitson]

Hello

I want to leave my job and pursue real estate in the next year. What is the best strategy to produce a full time income in real estate.

[Angel G.]

Hi @Jasmin Whitson - that's a great question. Here are a few things that I've learned throughout my journey:

1. Research & Education - The very first step that I took was to learn what all of the avenues of approach were when it came to this world of real estate investing. There's flipping, wholesale, BRRRR etc.. Start from a macro level and understand what each of these are, understand the language and abbreviations (i.e. ARV, LTV, SFH, MFH) it will benefit you when reading through the forums for information. I will warn you - with the sheer amount of podcasts, webinars, websites and forums out there, it can easily become a bit overwhelming. It's ok, one trick that I would use is develop a lesson plan each week. In other words, if I knew that I was dedicating two hours a day to learn something new about REI (real estate investing) I would setup a list of items that I was going to learn that particular day. This helped me to stay focused and intentional on what I wanted to learn.

2. Focus - Once I felt I had the basics down, I made a decision to focus on a particular strategy; in my case it was the BRRRR strategy. With this strategy in mind I began to watch the BP webinars on this topic as well as you tube videos for different perspectives and took the time to understand all I could about each component of this strategy.

3. Ask Questions - Even with all the videos and resources out there, I still had questions about my strategy. Post questions on the BP forums and REI Facebook groups. People are always willing to assist and share their experiences!

4. Sweat Equity - There's no get rich quick to this game. Sure there are exceptions and those who have succeeded in a short amount of time with that right deal! However, don't get caught up in the easy get rich quick marketing out there. There were a few moments where I was ready to cash in on one of those routes to only find out those who did were regretting it. You have to put the time in and learn, ask questions, learn some more, network with others and take action. 

5. Take the First Step - Even with all of the education and researching that you can dedicate your time to, the single greatest teacher is experience. For me it was the purchase of my first primary residence that later would become an investment property. I took on the challenge of self managing my property to learn what it takes to be a good landlord. Experience has allowed me to build my portfolio to 3 homes now! Is it a lot? Nope. Am I cash flowing and living purely off my profits? Absolutely not. Do I understand financing/creative financing, analyzing deals, closing on a home, managing tenants? I sure do! I now have the confidence needed and know the right questions to ask as I start to build my portfolio. 

I truly wish you all the best on your journey to financial freedom! Please feel free to reach out if you have any other questions. I hope this helps.