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Updated over 2 years ago on . Most recent reply
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My wife told me to quit my W2
1. Quit and put 40h/wk into wholesaling = uncapped potential/risky/unlendable
or
2. Grind out the W2 with security and lendability = drains my soul
SKIP THE FIRST PARAGRAPH IF YOU'RE ON A TIME CRUNCH.
3 SFRs, self managing rent-by-room strategy, tutoring in the evenings, side hustle on weekends, on top of full-time W2 and managing house hack renovations (working ~70+ hours weekly). I recently came from a decade of self-employment making average income and recently took this remote project coordinator role within the Pharma industry for reasons of financial security and improved lendability. I've already been promoted and have received a 20% raise within the first 6 months and have been assigned (consulting) to their largest client based on my performance.
I feel incredibly fortunate to be where I'm at but I feel trapped.
I'm realizing the "floor" the W2 provides is cursed with a inherent "ceiling" my entrepreneurial temperament is repulsed by. My wife and I will achieve FI in 3-5 years with plenty of passive income to quit our jobs and go full-time into real estate which is my dream. However, I can't sustain this pace caged within the security of my W2. I love the idea of wholesaling and got a our primary residence at 60% of ARV even as the novice I am, but I have absolutely no time to drive for dollars or cold call but would love to start. My wife and I could still coast our way along living on her W2 and rental income but I feel obligated to provide more and build us a better life, I feel like I'd be risking that by going all in on wholesaling.
Advice? Am I being selfish or naive? What am I not considering? Has anyone been here?
Most Popular Reply
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Quote from @Will Walker:
1. Quit and put 40h/wk into wholesaling = uncapped potential/risky/unlendable
or
2. Grind out the W2 with security and lendability = drains my soul
SKIP THE FIRST PARAGRAPH IF YOU'RE ON A TIME CRUNCH.
3 SFRs, self managing rent-by-room strategy, tutoring in the evenings, side hustle on weekends, on top of full-time W2 and managing house hack renovations (working ~70+ hours weekly). I recently came from a decade of self-employment making average income and recently took this remote project coordinator role within the Pharma industry for reasons of financial security and improved lendability. I've already been promoted and have received a 20% raise within the first 6 months and have been assigned (consulting) to their largest client based on my performance.
I feel incredibly fortunate to be where I'm at but I feel trapped.
I'm realizing the "floor" the W2 provides is cursed with a inherent "ceiling" my entrepreneurial temperament is repulsed by. My wife and I will achieve FI in 3-5 years with plenty of passive income to quit our jobs and go full-time into real estate which is my dream. However, I can't sustain this pace caged within the security of my W2. I love the idea of wholesaling and got a our primary residence at 60% of ARV even as the novice I am, but I have absolutely no time to drive for dollars or cold call but would love to start. My wife and I could still coast our way along living on her W2 and rental income but I feel obligated to provide more and build us a better life, I feel like I'd be risking that by going all in on wholesaling.
Advice? Am I being selfish or naive? What am I not considering? Has anyone been here?
My thoughts.........why not find a partner that can JV deals and do things while you're at work? Build enough cash reserves with your streams of income and while you and a partner get the wholesaling biz streamlined. After you've scaled and got it working like a well oiled machine......you can quit?