How to quit job to become full time investor

Question

We have bought our first property, live in while Reno with plans to get renters, and pull equity out in a loan to then go buy the next. After talking to the bank sounds a lot harder than what podcasts and the rei community makes it sound!

I would like to know how/at what point investors are able to “quit their jobs” and become full time teal estate investors?

(The bank told me I would need to be able to cover the cost of 2 mortgage payments a month with just my income, how the heck do people with more than 2 properties do that?!

Jake S. · Answer

Hey Natalie! Try going to about 10 different local community banks and credit unions and see what each can offer you! Lots of options out there!

You can go full time into this once you have enough income to comfortably live off of + some extra cushion.

It'll take some time, but the more you work and reinvest, the faster it will happen :D

Derek DeVerna · Answer

Hello Natalie, I am a 26 year old full time investor from Ohio. I knew that it was time for me to quit my job (acquisition manager for a real estate investment firm) when the amount of time I spent on work for them became less profitable than the amount of time I spent working for myself/my Real Estate Investment company.

As you likely know from being on this forum, there are many ways to make money in this business. With this being said, I would still encourage you to save up at least 3 months worth of living expenses before venturing out on your own full time. It can take awhile to get into the swing of things and begin seeing your hard work turn into profit.

How many banks have you spoken with? Have you had a chance to get in touch with a local bank or credit union regarding your real estate investment plans? I have found that these local lenders are much more likely to value the individual deal/borrower over tedious requirements. I'm happy to help in any way I can. Best of luck.

Natalie Rose · Answer

Thanks everyone! I know everyone says to see more banks and I have to say that was the first bank and although I know I need to see way more, it’s still a little discouraging lol

Brandon Roof · Answer

@Mindy Jensen

Hi Mindy! When you say 75% of the income produced by the property, is that typically gross rents, NOI or something else?

Mindy Jensen · Answer

Lenders will count up to 75% of your rent as income on properties that have been seasoned. So it gets easier to qualify for another property after you've owned one for a year.

How to quit job to become full time investor

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