Quitting w2 job to become an agent without loosing momentum!

[Forester Tesche]

Hi All!! My girlfriend and I are in the process of purchasing our first house hack and couldn’t be happier to finally be investors! My plan was to continue moving every year or so to acquire rentals but I am getting pretty burnt out working as a dental hygienist. I am getting my real estate license and would love to transition into that full time but am running into the issue of financing. All I do is think about real estate and feel as tho if I burnt the ships and committed full time to becoming an agent I could be more successful in a career I enjoyed. I don’t want to slow my ability to acquire properties tho. If you were in my position what would you do? Thanks for your time BP!!

[Jason Wray]

David,

In banking its a big No-No to go from W2 to 1099 or to go from one line of work to the opposite. But keep in mind if you are making good money between the two of you there are other loan programs available. You can use the bank statement program where certain lenders will take (12 or 24 months) of bank statements and use gross deposits as income. You can also use the DSCR loans where you buy the property and there are no income or tax returns needed because they use the current rental income to qualify. In most cases the rental income has to be 115% great than your proposed PITI payment for the investment property.

Realtors can make a great deal of money and be very successful with a good amount of leisure/family time.  Just make sure your working for a great broker and team up with a good bank/lender to help ensure your buyers get approved!