Transitioning out of a full-time job into real estate

Transitioning out of a full-time job into real estate

Fort Worth, TX · Member since 2016 · 55 posts · 13 votes

My husband is working full-time at his job which pays well but is full of stress and long hours making it difficult to spend enough time on real estate. We want to get him out ASAP and transition him into working full time in real estate. I work full-time as well but my job is awesome so no complaints there. I ran some calculations and we could get by for the next few years with my husband reducing his income down to $50k a year (about half what he's making now). We currently have two properties under our belt. One buy and hold and another flip we're selling soon. We're planning on purchasing a multifamily here in Fort Worth where we live within the next few weeks. Our long term goal is to build up our portfolio with buy and hold properties that can make us financially independent. We plan on creating a portfolio of multifamily properties and establishing a property management company to run them. With his construction experience, we see my husband managing the rehab schedule, overseeing contractors, maintenance, and getting our properties ready to rent after the acquisition.

My question is, can anyone provide recommendations for career options that could work as the Interim solution whether part-time or full-time for my husband as we transition him into full-time real estate? The interim would ideally be related to real estate and help increase our knowledge. The reason we would be willing to take such a salary cut is to invest in more free time to focus on real estate. He's 5 years into his career in construction management so we have considered an inspector, appraiser, wholesaler, property manager's assistant, project manager of some sort but we need more ideas especially with jobs that have a flexible schedule. Any other insight/feedback would be great. Thank you in advance!

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Ronan DonnellyPro Member
Investor · New York City, NY · Member since 2012 · 332 posts · 385 votes
6y

Hi @Trina P., it looks like you have already thought this through. I would recommend working for a property management firm that specializes in the area/asset class that you want to invest in. That will allow him to leverage the skills he already has in construction management, learn the business that you want to build and to be exposed to players in the space that you want to be in. Good luck!

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  • Rental Property Investor · Smyrna, GA · Member since 2018 · 974 posts · 645 votes
    6y

    Hi @Trina P., it seems you guys have thought through some of the good jobs he could do given his experience. If he knows he wants out of his job and less stress, would he be able to be a good employee, but not a great one? Most of us that are trying to side hustle, are type-A great employees, real doers... If he needs more time to work on real estate, are there ways he could scale back at work and not try to be the best? He may already be doing this, but just a tough question to consider. I think you're looking at the right jobs though.

  • Ronan DonnellyPro Member
    Investor · New York City, NY · Member since 2012 · 332 posts · 385 votes
    6y

    Hi @Trina P., it looks like you have already thought this through. I would recommend working for a property management firm that specializes in the area/asset class that you want to invest in. That will allow him to leverage the skills he already has in construction management, learn the business that you want to build and to be exposed to players in the space that you want to be in. Good luck!

  • Flipper/Rehabber · Pensacola, FL · Member since 2015 · 220 posts · 99 votes
    6y

    Hi Trina,  what is the goal or idea for the long term, full time job in real estate for your husband?   Sounds like your main goal is to be financially independent with rentals.  If you want to be a flipper then I would suggest working for a successful real estate investor as a project manager and be upfront with them that you intend to start your own business.  Maybe even start your own company now.   If the you just want to work in real estate with a less stressful job and buy rentals on the side, then I agree with everyone to work for a property manager to get the salary for buying power.   Find a property manager that is an investor themselves or has investor agents that acquire property for other clients and that may give you a first look at deals off market.

  • Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
    6y

    @Trina P.

    Most people on here are pretty active. From 2007-2019 I worked as an engineer and did more passive stuff like turnkeys. My highest and best use was at my day job... this might be the case for you. If you need any help let me know. I used to be a CM too sorry can't help there ... all I can say is get out.

  • Fort Worth, TX · Member since 2016 · 55 posts · 13 votes
    6y

    Great ideas everyone. Interesting idea @Joseph Firmin but I'm pretty sure it would give my husband more stress to intentionally perform poorly at work haha. 

    @Lane Kawaoka totally agree! How did you make the transition out of CM? We have three properties under our belt now and we want to be able to spend more time growing out business. 

  • Rental Property Investor · Smyrna, GA · Member since 2018 · 974 posts · 645 votes
    6y

    Not poorly, just not a rock star. 

  • Real Estate Agent · Nampa, ID · Member since 2017 · 439 posts · 361 votes
    6y

    Why go from one employer to the next?  If he wants to control his schedule he should be self employed.  Save some money, bite the bullet, and jump.  Some ways to help free up time or get more done would be to find people you can help you and leverage your time a bit.  For example; I worked real estate for three years while I held my corporate job.  I had a transaction coordinator to help keep things going while I was at work and frankly was a LIFE SAVER! Yes it cost me more money, but I was able to build where I wasn't before so when I quit my job, I didn't struggle near as much.

  • Fort Worth, TX · Member since 2016 · 55 posts · 13 votes
    6y

    Thanks so much for the advice Sarah! We will definitely keep those tips in mind. It sure seems like a big cliff to jump off of, but might be the best route in the long run. 

  • Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
    6y

    Get your net worth over 500-1.5M and then cashflow at 8-12%

  • Amsterdam, Noord-Holland · Member since 2017 · 6 posts · 0 votes
    6y

    Good luck Trina!  Let us know how it goes!

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