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Updated over 7 years ago,
- Rental Property Investor
- Oakland, CA
- 2,925
- Votes |
- 3,818
- Posts
1yr QUIT W2 anniversary. Lessons growing startup+ traveling world
It's been 1 year since I quit my W2 job with the help of BP, and couldn't be happier!
As BP said, "Life isn't meant to be lived in a cubicle."
I started the corporate world at $45k/yr, and left at $70K/yr. You don't have to be rich to quit the W2, but I sure as hell was frugal!
#1 piece of advice: Network early and often!
After starting a meetup group and partnering up to buy 4 properties in the SF Bay during the downtown with my modest government salary, and eventually growing my furnished rental business, I was able to quit my W2 job on my birthday in 2016, and pursue my dreams of traveling the world :) That's when I started hiring and really growing my furnished rental business. And I got to host another Summit and meet more BP greats! Love these!
Snorkeling in El Nido, Philippines. Feb 2017
As I was traveling, I was growing my furnished rental business, hired a business manager, 3 team members, and finally got started on some processes and procedures. (and a bookkeeper!) I'd been told this a million times, but have finally see it pay big time dividends after insistence to get my **** together by @Arlen Chou. Thanks Arlen! :) The overhead is higher now, but I'm working a lot less :)
#2 Entrepreneur Piece of Advice: Get written processes and procedures in place! You'll thank yourself!
Street Scene in Oaxaca, Mexico. Dec 2016
"The best things in life aren't things."
They are experiences, people, and enjoying your life. Don't put that off for too long!! If you're working your whole life to postpone the things you are working for, you're not living it! Don't be the ******* investment banker in the fisherman fable! ;)
#3 Piece of Advice: Enjoy your life!
Bonaroo Music Festival. US Cross-Country Road Trip. Summer 2016. Phoenix, Austin (thanks @Lynn Currie), Houston, New Orleans,Nashville, Savannah, Atlanta, Jacksonville, and more!
I hired all my new people on Upwork.com. You'd be surprised how many businesses mostly do NOT need their people in any particular location, so why not tap the global marketplace? Hiring more people was key to starting to focus more ON the business, rather than be wrapped up IN the day to day business. I haven't answered an inquiry in a few months! And growing more direct marketing to our clients to improve our margins through lower vacancy and better pricing.
#4 Piece of Advise: Sacrifice the cash to hire someone and focus ON your business
Cocktails in Phuket, Thailand w/ my biz manager & friends. Jan 2017.
I am finally seeing the light of Silicon Valley. Expanding into San Jose, Mountain View, and now Redwood City has been an eye opener into the number of businesses down there. Same with San Francisco. My old stomping grounds of Oakland and Richmond are still doing well, but wish I would have followed @Account Closedundefined, and others into Silicon Valley back when the big deals were on the table. Hopefully there will be another opportunity down there! :)
#5 Piece of Advise - Keep your eyes open
You never know where opportunities will pop up!
Taipei Night Market. March 2017.
Who else has some entrepreneurial advice for investors quitting their W2 jobs? Who else is living their dreams? Anyone enjoying traveling the world? :)