What was your regular day time job while you started acquiring properties?

Question

I started flipping mobile homes when I was 18. I worked in a furniture factory 12-16 hours a day in the summer and then went to the project after getting off work to work another 4 hours. It was a heck of a time, but part of the reason I am ahead of the curve now at 30. Most of my adult life has been spent in the military, but now I am out. Just curious what other people did while in the building phase before jumping off the regular 9-5.

Marcus Auerbach · Answer

Make as much money with your W2 as you can. And keep it as long as possible. You have to play offense (invest) and defense (make money to invest) at the same time.

I used to work for a global construction equipment manufacturer, travelling internationally 20 weeks a year, so it was not always easy to be an investor, running 2 or 3 rehabs at the same time and lease out units that were ready. But having a W2 income made it possible to get the funding I needed and acquire a lot more RE a lot faster than I could have otherwise.

I finally quit when my company restructured and wanted me to move to China. That was a clear heck, no! If you quit your W2 your RE growth slows to a creeping pace or stalls completely.

Alecia Loveless · Answer

@Samuel Coronado I work 3rd shift and have for the past 15 years as an overnight awake counselor for a group home with about 8 clients. The first home I worked at for 4 years there were 20 clients and I worked by myself then the second place there were between 3-8 depending on which house I was at and now I’ve got 8.

I have a few chores and I occasionally give a little medication but usually I have about 8 of my 10 hours to myself to do whatever I want on my shift. It’s been great for my real estate.

I’m getting ready in the next 3 weeks to go full time to real estate. Yay!

Scott E. · Answer

I was a mortgage banker. Bought and sold real estate on the side for 12 years until I left corporate America to commit to my real estate business full time in 2021.

Samuel Coronado · Answer

I'd have to pass on China as well! I plan on keeping my W2 for a few years. Although I already don't need it, it makes banks rubber stamp all my applications. Just got a hookup on a $150k unsecured loan that I don't think would be possible without the W2. Lenders of all types see it as an easy ticket, which I find hard to see because job security is not a thing really anymore unless you are working directly for the government.

Catie Lawrence · Answer

I worked for a Healthcare IT company for years - habing a high-paying W-2 while my husband and I aquired, flipped, BRRRR'd houses was key! I was able to save, fund, refinance. Quitting your job to pursue fulltime isn't a great idea in my opinion, until you have a safety net!

G. Brian Davis · Answer

I fell into a job out of college working as a loan officer for a hard money lender. This was back in 2003, and over the next few years I saw all these guys making money hand over fist in real estate. I went on a buying spree, overpaid, and lost my shirt in 2008.

The things I would tell my younger self could fill a book.

Part of me wishes I'd discovered passive real estate investing earlier, but the truth is today's regulations allowing non-accredited investors didn't exist yet at that point. It's a lot easier to invest today if you learn the basics of investing as an limited partner in syndication deals, especially if you invest as a member of an investment club.

Noah Bacon · Answer

It was a support role, so I wasn't very exposed to many sales tactics. I was able to transfer a lot of property management skills from previous roles into my own portfolio though!

Noah Bacon · Answer

I was a Sales Support Rep for a health insurance company when I closed on my first house. Needless to say insurance was not for me, and I pursued a career in real estate!

Lane Kawaoka · Answer

Engineer in Seattle 2009. Then bought turnkey rentals 2012-2015. Syndications after.

Quit W2 2018

Samuel Coronado · Answer

Excellent choice. IT is a great career depending on what company and function you are with. I am in technical security right now and love it. I could quit already, but enjoy the job too much and also still want to build a bit more.

What was your regular day time job while you started acquiring properties?

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