Quit my Job, Cash out my 401K, buy more RE investments.

[Keith Fowler]

I'm just days away from closing on a duplex . The rental portion of the duplex will cover my mortgage and upkeep.

When I quit my current job I want focus on my small business and also supplement my income by cashing out my 401K and buying another multifamily investment property.

 I will have about 20,000$ on hand after taxes and fees. I found a few properties for under 100K that can cash flow 1000$ every month.

How can I get financed for an investment property without having 2 years of tax returns from my new business???

[Chris Jackson]

@Keith Fowler - Don't quit your job. Prove that you can duplicate or at least 1/2 supplement your income by the REI side hustle for at least a year, maybe 2 or 3.

Solid income from your JOB allows you to get financed by traditional lending institutions and gives you power in the form of Choices.

Why quit your job?  So that you will have more time? Prove that you can do it with super side hustle with the time you have on the side. We all have enough time. Punt leisure as Gary V says.

It is possible? I've done both, quit job and then gone back to get job.  I am the anti-guru advice. If you can make 1/2 your income consistently from you job for 2 years you most likely have what it takes to go full time and power.

Know what happens to most people when they quit their job to focus on REI?, do you know what they have? more time. That's it. More time.

Prove to yourself that you know what to do with your limited time and then when you have MORE time you know with confidence that you know what to do with it.

If your plans are to liquidate your IRA why not use only 1/2 and do the REI side hustle to find a cash partner to believe in you to fill the other half. You have skin in the game now. You are putting your money where you mouth is, but sooner than you think you will have to enter the ego abyss and true look in the mirror moment of what all real estate investors face.... and raise money.

I know this advice is a big eeeeehhhh awwwwww bummer but it shouldn't be. Figure out how to keep your job and wake up 2 hours earlier, plan your calls at lunch and plan your activities at night to move pawns in the 5 chess games at once.

Then at year 2 or 3 when you have proven 1/2 to full job income replace you can have those conversations of, is it time for full-time.

I still run a tech business. I love it. I love REI too and have been doing it quasi full time for many years. People ask me all the time, how do you both man?

I want you to really internalize this what I am about to say.  My response to those people is "If you want something done, give it to a busy person"

Good luck.  Plan, focus, patience, persistence, win.