Quitting Job to Pursue Real Estate: Documenting my Journey

[John Oh]

Hello all, my name is John. I am 24 years old, and I have decided to quit my job (which is managing flips for a fairly big flipper in the area) and pursue real estate full-time in Philadelphia and PA (Montgomery and Bucks County). I initially wanted to start in the business about 3 years ago, but instead ended up working for someone because I was too scared to take the leap.

I planned on pursuing real estate on the side, but I was working 12-16 hours a day for his company and it became very difficult for me to focus on both my real estate side hustle and full-time job. After a while of doing this, I decided that I had enough basic knowledge, and I could invest my time into myself. My last day working for this company will be 11-15-19 and that's when I'm going to start pursuing this journey full-time.

I know I am taking a risk by quitting my job. Yes, I do have about 2 years of experience managing flips, but I am planning on pursuing wholesaling to make a full-time income because I don't have enough capital to risk on a flip that might not work out. Wholesaling might not work out either, but what's the worst that can happen? I really asked myself this question, and decided that there is really nothing to lose.

I want to create this post to document my journey especially for people around the same age as I am. Most of the people I have gotten to know in the business are much older than I am, and I do not see many young investors. Hopefully the documentation of this journey can inspire some others around me to take action for themselves, though I'm not advocating anyone to quit their job like I am.

Also, I will keep this post updated weekly, and even if no one is watching, I think it will still hold me accountable.

Thanks for reading. In a week I will post with an action plan of exactly what I am planning on doing after I quit my job.

[Dustin Mathenia]

@John Oh

You should get some lines of credit while you still have good job history. I made this mistake by quiting my job without thinking about the ramifications. I had a house with 90k in equity that I could have easily set a heloc on but I tried a month or two after quiting and no one would help because I didn't have a job to pay back the potential loan. Also you should be doing a live in flip first renting out your rooms that's where that 90k in equity came from a house I lived in for free for over 4 years. Use the FHA loan while you can then quit your job