Starting out, spouse with high income/safety net

[Nikesh Patel]

So I have a job I don’t love. Want all of the things that real estate investing would offer in my life and most importantly want to be my own boss. I know I might work harder but at the end of the day it will be on my own terms and will go towards building a better future for my family. 

We are already a fortunately high net worth family. however, that is from my spouses W2 income, so at this stage we don’t really have anything tangible to “leave behind” and we want to try to build generational wealth for our child. 

Where would you start in this case? Obviously things like house hacking aren't even an option because we have a nice SFH with a family. We have enough in our account and enough of an equity in our home where we could really start with any type of investment so that's where it's difficult to choose where to go.

I think we just need to get that first investment done to get our feet wet and really get the ball rolling but wondering that with the fortunate situation I’m in with a great safety net already, is there a “best” way to start?

[Chris Seveney]

Quote from @Nikesh Patel:

So I have a job I don’t love. Want all of the things that real estate investing would offer in my life and most importantly want to be my own boss. I know I might work harder but at the end of the day it will be on my own terms and will go towards building a better future for my family. 

We are already a fortunately high net worth family. however, that is from my spouses W2 income, so at this stage we don’t really have anything tangible to “leave behind” and we want to try to build generational wealth for our child. 

Where would you start in this case? Obviously things like house hacking aren't even an option because we have a nice SFH with a family. We have enough in our account and enough of an equity in our home where we could really start with any type of investment so that's where it's difficult to choose where to go.

I think we just need to get that first investment done to get our feet wet and really get the ball rolling but wondering that with the fortunate situation I’m in with a great safety net already, is there a “best” way to start?

 First place to start is to get your spouse on board. If they are not on board then that is a showstopper. I left my W2 several years ago to go into real estate full time. here is what I did:

1. I was doing real estate while I was working my W2 job. Why? Because being an entrepreneur is not what it is all cut out to be, it is a lot of stress and different headaches from the W2. 

2. I had spoken to my wife and come up with the "magic number" - which was how much money do we need set aside to make this work. 

3. I continuously updated her on where we stood and when I thought I would get to that number.

4. Once I got to that number I made the leap. I had already had the entity etc. setup from my prior deals etc., but things like changing it to S corp to collect a salary etc. are the small things that need to be brought up.

Now figuring out what aspect of real estate do you want to invest in, that depends on you, but also recognize starting in real estate right now is like trying to sell snow blowers in florida. It is going to be very hard for someone starting out to make money and it will take an incredible amount of time or effort. For me the TV never went on and I was spending 2-4 hours per night working on the side hustle. Did it payoff? I think so.

Hope this helps