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Updated about 8 years ago on . Most recent reply
when can i quit my job?? :)
Ok, I am really hating my job and plan on leaving in the near future. I am almost done with my first flip and have a contractor buddy of mine helping me with it now. He has lots of experience and has flipped over 50 homes. We are doing a 60/40 split on this one. I will probably make 15k when this one goes on the market in the next 3weeks. Along with the 15k made all I have is my 40k heloc loan and about 10k in savings to live off. I would love to wait until I have another home secured to flip and then quit my 9-5 job so I actually have time to do the work on the flip and cut the profit to a 80/20 split this time. I guess I'm looking for justification to quit my job and do this full time. My family needs about 5k a month to live off.
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I would not quit your job until it is actually costing you more money to be there. There are a lot of benefits to having that steady income especially when shopping for financing. No offense but having one successful flip under your belt hardly justifies the quitting my job convo. If you are going to dive in full time here are some questions to consider. Do I have at minimum 6 months of saved up income to live off of, where will my family get benefits from, what happens if I cant find my next deal quickly, are you going to market for deals, do you have a marketing plan and budget in place, do you have a business plan in place, have you considered the tax implications of self employment, if the market turns what is an alternate strategy, if one flip fails do you have enough capital to bail yourself out and still be operational, do you have an entity in place and an in-depth operating agreement etc.
The excitement of flips and big payouts is certainly intriguing but people need to take time and the appropriate steps in order to transition into full time real estate investing. I know your 9-5 probably sucks but use that as motivation to structure your flipping business and set yourself up for long terms success.