For those who have day jobs...What keeps you going?

[Vern M.]

Ok, so am getting into the Real estate industry as a way to achieve the financial freedom that I desire. 

But every week there is something that happens that reinforces my focus on my studies, searching redfin, reading books and walking properties in an effort to close my first deal. 

Last week it was the morning that I had to change out 2 toilets on the top floor of 2 separate town homes, then discovering a leak from the tub waste line in one unit, (which had been going on for a couple of weeks. the resident didn't call it in because she thought the carpet was wet due to humidity???) and later that afternoon, there was an breakin at another townhome @ 4:45pm so I had to rebuild the door frame just as I was leaving to go home.

That was last week, this week I've made another declaration," This is the last time I will shovel someone else's property!" The entire 4 hours I spent shoveling, I just kept going over calculations to evaluate properties. I am soooooooo done. Too much work is spent making other people, (and increasingly less appreciative people) rich.  

My Turn!  

[Linda Weygant]

@Vern M. - I have had days like that too, my friend.  And I loved every minute of it.  The reason?  They were my properties.

I was stuck in a job I hated with a company that sucked my soul out on a weekly basis.  There were days when, quite literally, I would pull into the parking lot in the morning and then spend 20 minutes crying because I couldn't manage to see how that day was going to be any better than any day prior.  It sucked.  Sometimes I'd be on the phone with my mom or my sister and they both started telling me, "Look, Linda...  You've gotta stop this.  You call me in tears several times a week.  Either quit your job or quit complaining.  But you can't keep doing this."

In 2013, I had enough equity in my house that I was able to use it to put a down payment on another.  A real S***hole that needed a ton of work (but not the worst S***hole of my real estate career, as it would later turn out).  Worked on that thing nights and weekends for 6 months getting it ready.  Rented it, Refi'd it, pulled the cash out and plopped it down on another. That enabled me to buy a couple more.

By August 2015, I had 4 properties, was under contract for a 5th and was managing a 6th.  

One day, I'd had enough at work.  The bus my teammate threw me under rolled over my back one too many times.  I stomped into my bosses office, threw an unholy temper tantrum and begged her to fire me.  She agreed to put me on the layoff list they were putting together. 

So I got a package to leave a job I hated and which I would have quit if she hadn't laid me off.

My intention was to do real estate full time, but pick up a little bit of accounting and tax work to supplement.  That's flip flopped a bit and I now find myself working full time at accounting and taxes (particularly since it is tax season now) but still squeezing in time for real estate (I've bought two condos since tax season started this year, one of which is needing a full gut job.  Luckily I have an awesome partner who is managing that while I crank out tax returns).

Now I have a boss who is tough and she can be a real hardass when it comes to working hours and work quality.  I swear, the smallest mistake and she is all over me!  The pay is about a third of what I was making in corporate.  But it's all mine now and I'm in complete control.  The freedom is amazing and goes to my head quite often.  Once April 15 comes and goes, I'll be able to take an afternoon off and go for a hike any time I like.  Or go for a ride.  Or whatever....

I would not encourage anybody to throw a temper tantrum at work.  While many would tell you not to burn bridges (and they'd be right), I nuked mine from space.  With napalm.  You'll want to keep your conduct professional so that in the event you need references, you can get them.  

Save your money.  Find ways to earn more.  Get that first property.  You'll be glad you did.