Quit My Job now what

[Skyler Mckinney]

So yesterday I put in my two weeks. Now what? I don't want to have to find another job, I made a promise to myself that after I left my current job I would not go to another 9to5 and I would not go work for someone else. How do I keep this promise to myself? I am 25 a single dad to two kids; I had a pretty decent paying job 25$hr I am a disabled vet, so I receive monthly compensation for that.  I moved back in with my parents after the divorce, so I don't have a mortgage. I can get by for about 6-7 months on savings without the need for other revenue, but at that point, I'm going to need some income. To be able to be "financially free" I need at least 2500$ a month. I have been actively involved in trying to get into real estate investing for a year now. I have read about ten books I've put in about 40 offers and sent out about 3000 DM flyers. I tried SEO for a while but soon learned I was wasting my money unless I had thousands to spend a month. Gerry Keller in the One thing explains by only having one thing and how success will not come unless you are only all involved in one thing. Well, I decided that would be flipping houses, but I'm starting to think that in order to not have to get another job im going to need to get some rentals and definitely get into multi-family investing. I made a promise to myself that I intend to keep I have been working my *** off in the last year meeting people going to meetups passing out flyers looking at properties and pieces are starting to come together, but I'm looking for suggestions on how to get more deals in my market. What are you doing in your market that's working so well and what's not working? None of this is me bragging; there is nothing to brag about I just want to give a little idea of how much I have done and that it's not something I'm just going to walk away from. I just need a little advice maybe share a little bit of your story or if you think I'm doing something wrong. Because I still don't have one deal and I need one. I want to be financially free in the next 7 months and with your help, I know it is possible. 

[Michael Ealy]

Originally posted by @Skyler Mckinney:

So yesterday I put in my two weeks. Now what? I don't want to have to find another job, I made a promise to myself that after I left my current job I would not go to another 9to5 and I would not go work for someone else. How do I keep this promise to myself? I am 25 a single dad to two kids; I had a pretty decent paying job 25$hr I am a disabled vet, so I receive monthly compensation for that.  I moved back in with my parents after the divorce, so I don't have a mortgage. I can get by for about 6-7 months on savings without the need for other revenue, but at that point, I'm going to need some income. To be able to be "financially free" I need at least 2500$ a month. I have been actively involved in trying to get into real estate investing for a year now. I have read about ten books I've put in about 40 offers and sent out about 3000 DM flyers. I tried SEO for a while but soon learned I was wasting my money unless I had thousands to spend a month. Gerry Keller in the One thing explains by only having one thing and how success will not come unless you are only all involved in one thing. Well, I decided that would be flipping houses, but I'm starting to think that in order to not have to get another job im going to need to get some rentals and definitely get into multi-family investing. I made a promise to myself that I intend to keep I have been working my *** off in the last year meeting people going to meetups passing out flyers looking at properties and pieces are starting to come together, but I'm looking for suggestions on how to get more deals in my market. What are you doing in your market that's working so well and what's not working? None of this is me bragging; there is nothing to brag about I just want to give a little idea of how much I have done and that it's not something I'm just going to walk away from. I just need a little advice maybe share a little bit of your story or if you think I'm doing something wrong. Because I still don't have one deal and I need one. I want to be financially free in the next 7 months and with your help, I know it is possible. 

Skyler,

I don't want to pop the bubble but setting as your goal as being financially free in 7 months is NOT realistic. Financially free means you have enough income coming in from investments so much so that it equals your living expenses and you don't need to work. 

I know it's only $2,500/month (and I can do that with just one deal these days) but since you don't have much experience, it's not going to happen in just 7 months. This is specially true since you don't even know what to focus on.

You might say "Who the heck are you Michael to tell me it's not possible to be financially free in 7 months?"

Well...I have acquired over 1,000 apartment units and I did that coming from bankruptcy (I was in much worse financial position than you when I started). I became financially free 7 years but I earn more in one deal today than all the money I made the first 7 years. 

Here's my story:

https://www.biggerpockets.com/forums/55/topics/690349-from-bankruptcy-to-1-000-units-part-1-thru-the-dark-tunnel

https://www.biggerpockets.com/forums/55/topics/692382-from-bankruptcy-to-1-000-units-part-2-rising-from-the-ruins

So, please BE realistic with your expectations. Anything worthwhile like being financially free does not happen in 7 months, in the same way that a sapling does not become a tree overnight.

What you need to focus on right now is to generate CASH to live off on, not PASSIVE INCOME.

To generate cash, you have several options:

1. You can wholesale a deal - little to no risk; you can make money in 1-3 months
2. You can fix n flip - very high risk because you won't have income in 3-9 months
3. You can become a licensed real estate agent - no risk (other than the money you invest to get your licensed) & you can use this to find deals and get a listing to make some cash in 1-6 months
4. Get a JOB in real estate (temporarily and at the same time learn the business) - no risk, no investment required; like being a leasing agent, or property manager, or acquisition associate for a flipping company, etc

Once you are generating cash so that you have $2500 coming in, then now you can focus on acquiring rental properties.

Hope this helps.