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Updated about 9 years ago, 11/06/2015
Did you quit your job? We wanna brag about you!
It's been a topic mentioned extensively on the forums, podcast, blog, and in our webinars.
EVERYONE seems to want to quit their job with real estate. We know it's possible, we've seen it done. What we don't have is a forum thread full of responses to this question. Let's hear it folks - who successfully quit their jobs through real estate??
Specifically, if you've quit your job largely due to you success in real estate investing, please answer some of the following questions for the community:
What were you doing before, and what do you do now (professionally)?
Is your passive or business income from real estate the same, greater, or lesser than when you were working a job?
Do you "live the dream" and travel/vacation year round, do you focus on building your empire to ever greater heights, or do you pursue some other passion?
How long did it take you to build up a real estate portfolio sizable enough for you to "retire" on?
How much time does your real estate business consume per month?
Looking forward to hearing the responses from some of those folks that have succeeded with this!
We'd like to brag about your accomplishments to the world! Let us know and let us share your success to inspire others!
I left my full time job as of May 1, 2014, so it's been almost a full year.
What were you doing before, and what do you do now (professionally)?
I was previously an accounting software consultant. My prior career involved project management, working with people, and problem solving. Those skills transferred over into the real estate world. I have to project manage rehabs, work with tenants, and problem solve when issues come up or how to negotiate with a seller.
Is your passive or business income from real estate the same, greater, or lesser than when you were working a job?
I self-manage my properties, so I would not consider that 100% "passive". Although my formula is to keep my properties maintained well and pick good tenants, to try to get my active management as passive as possible.
Do you "live the dream" and travel/vacation year round or do you focus on building your empire to ever greater heights?
I'm not that big on traveling (I don't like long plane/car rides) however I did recently take a 10-day vacation out to CA in December (which was a nice change of pace from the WI winter!). I have acquired 3 properties since I left my full-time job, and I only plan on acquiring up to 3 more before I stop. My "dream" is not to become a millionaire, but to live comfortably while working no more than part-time at the most.
How long did it take you to build up a real estate portfolio sizable enough for you to "retire" on?
I started investing in Milwaukee in June 2011 and gave my notice to my employer in January 2014 (although I stayed on until April 30, 2014).
How much time does your real estate business consume per month?
It's only been a part-time occupation. It's given me the freedom to start doing volunteer work 23 hours a week which is something I've always wanted to do more of. I really enjoy helping people and giving back to the community.
Fun fact, I resigned after my employer began investigating my daily work activities after I was interviewed on the BP podcast.
What were you doing before, and what do you do now (professionally)?
Territory Manager for a Window Film Manufacturer. I am currently a wholesaler and landlord, although adapting more into other income sources in real estate.
Is your passive or business income from real estate the same, greater, or lesser than when you were working a job?
It is equal currently but I work less and travel a lot more.
Do you "live the dream" and travel/vacation year round, do you focus on building your empire to ever greater heights, or do you pursue some other passion?
I travel a lot. I spent two months traveling last year and plan to do the same this year. I quit so that I could travel. I don't want to be the 60 year old traveling the world for the first time.
How long did it take you to build up a real estate portfolio sizable enough for you to "retire" on?
Haven't done that yet. Only own one four-plex.
How much time does your real estate business consume per month?
Roughly 40 hours a week / 160 hours a month
It has been a very up and down experience. Stressful at times due to the uncertainty and rewarding at others when you score a deal or pack your bags and go. It wasn't the perfect time to quit but it really wasn't ever going to be. I don't regret the decision at all and the experiences in and freedom it has allowed me is worth it.
I cant wait to join this post with my story in a couple months! I plan to go full time in May!
How many properties did you acquire before you quit your job?
What were you doing before, and what do you do now (professionally)?
I was pre-med 15 years ago headed towards medical school, then got into property management and landlording. Now I'm a full time rehabber/flipper and landlord.
Is your passive or business income from real estate the same, greater, or lesser than when you were working a job?
At this time probably less income, but this is not counting asset appreciation.
Do you "live the dream" and travel/vacation year round, do you focus on building your empire to ever greater heights, or do you pursue some other passion?
When I work, I work hard. It's like a grind sometimes. If I'm in work-mode I will just work from the minute I wake up and won't turn it off until I go to bed. That type of work (i believe) still beats a 9-5 job where half your income goes towards living expenses that aren't building your assets.
I think the reason why this amount of work is possible is because I switch hats from 'investor' to 'property manager' to 'designer' to 'general contractor' to 'manual laborer' (I still will hop in and help the guys on a rehab). This would vary hour to hour, day to day etc.
I've already traveled a good amount in between landlording.
In the past I've taken off a few weeks to a month and just traveled. I go on several trips a year but some of them now mesh into work since I purchased some out of state properties.
How long did it take you to build up a real estate portfolio sizable enough for you to "retire" on?
11 years and a lot of budgeting and living way below means.
How much time does your real estate business consume per month?
0 hours to as much as 70-80 hours depending on what is on my plate or if I'm traveling. Also depends on your definition of work, because I think about real estate constantly. I enjoy design, landscaping and seeking out properties.
For instance if I'm flipping a house I might work from 6 am until midnight with a few breaks in between. I also take time to just do short trips or travel.
truth is if your doing really well you don't want to leave the market to go on vacations
...
Amir Yazdani Might be true for a lot of people , but some might value their time over making more money .
As Dawn Anastasi said above she isn't in this to become a multi millionaire , but her goal is to have more time while earning a mostly passive income ( versus working a full time job at least )
As they say, " different strokes for different folks "
I recently heard that most people on their deathbed don't regret not being at work more.
There probably aren't too many that think , "If I had just done more deals "
What were you doing before, and what do you do now (professionally)?
Corporate sales, mainly advertising sales. Now I run our local portfolio, manage my PM with my out of state portfolio, own my own brokerage business and started a website
Is your passive or business income from real estate the same, greater, or lesser than when you were working a job?
My investment income covers my and my husband's income, almost. We are set to close on May 7th on the last properties to hit our goal. My brokerage business is about the same income from my job so overall I make more since I quit
Do you "live the dream" and travel/vacation year round, do you focus on building your empire to ever greater heights, or do you pursue some other passion?
Great question! Still working on the building part. The 9 months since I quit my job have been more work than I ever imagined. Next week will be my first vacation in 2 years (yay) and if all goes well with this last buy, my husband will be joining me in the self employed world. Then we can travel more since we don't have to count PTO all the time. We have 2 weeks in Europe in May, planning a month in Thailand for January and maybe more, we will see
How long did it take you to build up a real estate portfolio sizable enough for you to "retire" on?
Bought our first property August 2011. I quit my job July 2014 and (hopefully) my husband will quit his job July 2015
How much time does your real estate business consume per month?
Honestly, except for sleep... I work on my business all but 1 hour a day (sometimes every waking minute). I work double the hours I did before - but it doesn't feel like it. We are just in hyper growth mode so my husband can leave his job and I anticipate things slowing down a lot over the next 6-8 weeks
- Brie Schmidt
- Podcast Guest on Show #132
Originally posted by @Jose Perez:
How many properties did you acquire before you quit your job?
I had just closed on my 9th property (using conventional financing) earlier in the month when I gave my notice. I closed on my 10th in April, before I was officially gone. Then I acquired 2 more last year after I had left.
Originally posted by @Joseph M.:
I recently heard that most people on their deathbed don't regret not being at work more.
There probably aren't too many that think , "If I had just done more deals "
I think most people would wish they had more time with their loved ones. Even just one more day, to say all the things they never got to say.
That's very truth....
What were you doing before, and what do you do now (professionally)?
I've been working in real estate full time for about 12 years now as a builder, flipper, landlord, and Realtor. I was fresh out of college with a good job doing industrial sales, but I hated waking up every day. I quit my job after I had flipped my 4th house which I was probably about to get fired anyways for neglecting my real job. My family all has a background in real estate so it was something I have been around all of my life. My grandpa financed my first 2 flips to help get me started., which I wouldn't have been able to do it without his help. I had him a chair at every house I've ever done and he would pop in from time to time to "help" me work on these properties. He passed away in December and I recently just finished my first flip without him. His chair still comes with me to all of my jobs.
Is your passive or business income from real estate the same, greater, or lesser than when you were working a job?
Definitely greater. I got my real estate license because I got tired of paying Realtors when I was doing all of the research finding the properties and doing all of the work on the homes. I get paid commission every time I buy a house and my broker lets me list 3 of my personal houses a year for free which saves me a lot of money.
Do you "live the dream" and travel/vacation year round, do you focus on building your empire to ever greater heights, or do you pursue some other passion?
I usually go on vacation after I finish a job, so more than a few times a year. We just spent Spring Break in the Bahamas with the kids which was nice. I was trying to find a house there so I can write off my trips!
How long did it take you to build up a real estate portfolio sizable enough for you to "retire" on?
Still working on that part, but I doubt I will ever really retire. I love my job, so I don't really consider it work plus I'm only 35 and get bored easily.
How much time does your real estate business consume per month?
It really depends on how many jobs I have going at a time. Smart phones have definitely made my life easier. I can do pretty much anything from my phone. I couldn't imagine working without it and having to chase people down to sign contracts.
Getting started was tough but I had a great support system and I was young which helped. I moved 16 times in my first 5 years of flipping houses. I would flip a few houses and put them all for sale, which of course I would sale the one I lived in 1st every time. Staging really does work I guess or maybe buyers just liked my furniture.
As a full time property investor I would suggest to those people wanting to quit their jobs to write a business plan. Making money out of property is just like any other business venture you would undertake. However, from my experience over 25 plus years many people want to make money out of property but never write a business plan. A business plan is like a road map, it can guide you to where you want to go. You will be able to see what you need to get there and how long it is likely to take.
If you are new to writing a business plan then perhaps you could ask your accountant to help you. It does not need to be a masterpiece of literature, but it should cover the key points of your strategy. In fact a simple SWOT analysis will help you big time to get started. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Where your strengths and weaknesses are internal to your business and the opportunities and threats are external to your business.
Making a living from property is very doable if you plan. People don't plan to fail, they fail to plan.
Onwards and upwards to greater success to you all.
Originally posted by @Scott Trench:
It's been a topic mentioned extensively on the forums, podcast, blog, and in our webinars.
EVERYONE seems to want to quit their job with real estate. We know it's possible, we've seen it done. What we don't have is a forum thread full of responses to this question. Let's hear it folks - who successfully quit their jobs through real estate??
Specifically, if you've quit your job largely due to you success in real estate investing, please answer some of the following questions for the community:
What were you doing before, and what do you do now (professionally)?
I didn't exactly quit my job, it kinda quit me. Being let go is not fun, but it certainly forced my hand and has provided a sense of urgency that I don't think I otherwise would have had. I suppose I don't exactly count as a success story here, however I am not working a typical 9-5 and am planning to make-a-go of investing full time, so maybe all you lovely moderators will let it slide!
Is your passive or business income from real estate the same, greater, or lesser than when you were working a job?
Less currently, thought I believe I can have it replaced in 6-9 months depending on the amount and quality of properties I can buy.
Do you "live the dream" and travel/vacation year round, do you focus on building your empire to ever greater heights, or do you pursue some other passion?
Some other passion: having a baby. My wife is due any day now, so that has and I believe will be our focus in the coming months. We both enjoy traveling and had planned a trip to Europe, which we will hopefully be able to do in the coming years. Right now the goal is to acquire at least a duplex each month for the next 5 months at least.
How long did it take you to build up a real estate portfolio sizable enough for you to "retire" on?
Currently I am about 25% of the way to being able to "retire" though my goal much like @Brie Schmidt is to have a large enough portfolio so that my wife can stop working also. May be a few years down the road, but at 28, I'm willing to take my time and do it right!
How much time does your real estate business consume per month?
Right now I spend at least 40 hours per week, so 160 per month, but with smart phones and email happening all the time it is tough to measure. One area I am trying to be diligent with is separating work time from family time. It's easier said than done when I always have a phone with me, but i'm working on it. (channeling 4 hour work week thoughts)
I have worked for myself for 12 years in REI and in other side endeavors. Cash flow from REI is on the way up for me, feeling very fortunate I don't have a regular 'day job.'
What's a job? I know - I'll go ask @Brandon Turner...lol
What were you doing before, and what do you do now (professionally)?
30 years in aviation as a mechanic, trainer, and business development/sales manager.
Is your passive or business income from real estate the same, greater, or lesser than when you were working a job?
I lived on the income from my job and reinvested everything I was making on the rental properties. My goal was to quit once my RE income matched the income from my job with a healthy percentage in reserve. The job was pretty easy and I worked from home so I kept moving the goal posts.
Do you "live the dream" and travel/vacation year round, do you focus on building your empire to ever greater heights, or do you pursue some other passion?
Oh I'm living the dream alright but that's nothing new, I have a pretty good time. My wife and I just bought a 27ft. camper/trailer. This weekend we're stocking it up and hope to take it out next week. I have given notice to our long time renter of our FL condo that he has to be out by Dec. 1 because we are going to use it next winter. Plus, lots of other fun stuff. It's more about having "time and money" so you can do/go whatever.
How long did it take you to build up a real estate portfolio sizable enough for you to "retire" on?
11 years
How much time does your real estate business consume per month?
For me, it's about being reachable if there is a maintenance issue for instance. If I'm looking for Sasquatch on the Discovery channel and I available, I think I'm doing a good job... now you see why I had to get out of corporate America.
Just talked to @Brandon Turner. He said - I can't tell you what he said...but it was colorful! hahaha
Job? LMAO
I'm way to uncontrollable to ever hold a job.
The only difference between being Unemployed and Self-Employed is how good you are at it.
I didn't quit, was easier to let myself get fired.
I walked into a buyers market in 1996, just out of college. I could have quit the day I bought my first property.
- The first floor paid the mortgage taxes and insurance,
- the second floor paid me, and
- I lived on the third...
I bought my second about a year later and shortly after that I returned from vacation to find that my position had been eliminated... I declared that week that I would never again work for a company I didn't own.
I got bored, with all of the down time between cashing rent checks and fixing toilets at 2AM so I went to graduate school and also became a an engineering consultant.
About 10 years later I took a full time job again and am now a professor in manufacturing engineering, own a virtual manufacturing company, a media production company, and because of real estate investing, this year I will donate more than my take home pay back to the university I work for.
I can honestly say that I retired at 26. It was a rainy November day in 1997 when I realized that retirement has nothing to do with money, and everything to do with state of mind, as long as there is enough money.
Still working a W2, but increasingly believe it is possible. Two offers got rejected....I must be doing something right. Working on adding a second property to our portfolio.
Andrew (Carol Stream IL)
I began investing in 1980s in a very small way, a condo in Fresno with a partner. I also did some note investing. My principal residence in Hawaii tripled in price when I sold, and I came back to the Bay Area in 1990 and worked for a couple of non profits while investing in multi family in 1994.
My buildings take up 3 or 4 hours of work a month, as they are professionally managed. I usually spend some time on the phone with the managers of some multi fam partnerships I've gotten in to. Now that I am becoming more active looking for new opportunities, I can spend anywhere from 1-5 hours a day on that, which I really enjoy!
I quit my job in 2001, yes I do some traveling, but enjoy our home on the peninsula. I like to ride horses, garden, hike, and make artisan hand crafted soaps. I also volunteer for various organizations.
Originally posted by @Eva Salas:
I began investing in 1980s in a very small way, a condo in Fresno with a partner. I also did some note investing. My principal residence in Hawaii tripled in price when I sold, and I came back to the Bay Area in 1990 and worked for a couple of non profits while investing in multi family in 1994.
My buildings take up 3 or 4 hours of work a month, as they are professionally managed. I usually spend some time on the phone with the managers of some multi fam partnerships I've gotten in to. Now that I am becoming more active looking for new opportunities, I can spend anywhere from 1-5 hours a day on that, which I really enjoy!
I quit my job in 2001, yes I do some traveling, but enjoy our home on the peninsula. I like to ride horses, garden, hike, and make artisan hand crafted soaps. I also volunteer for various organizations.
Curious as to what specifically is in your soaps? (chemistry major in undergrad) :) Feel free to PM me.