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Updated over 2 years ago, 04/20/2022

User Stats

265
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385
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Melanie Hartmann
  • Flipper/Rehabber
  • Baltimore, MD
385
Votes |
265
Posts

Quit My Job and Plan to Wholesale

Melanie Hartmann
  • Flipper/Rehabber
  • Baltimore, MD
Posted

Hi All! I had to share. Against all conventional advice and wisdom, I've just quit my job. My fiance's job brings enough for us to cover are needed expenses and I have about a year's worth of savings built up on top of that. I have not done any deals yet but am planning to get into wholesaling ASAP. Just wanted to share. I'm going all in!

User Stats

187
Posts
128
Votes
Eric Jacobs
  • Specialist
  • Fort Lauderdale, FL
128
Votes |
187
Posts
Eric Jacobs
  • Specialist
  • Fort Lauderdale, FL
Replied

Well...I feel ok but "dabbling" (or hope as the saying really goes) is the first step on the road to disappointment . If you are going to do this then be "all in", and be prepared to make a real investment not just "Dabble".  Those of us that are bearish on this course are not haters.  We are (at least some of us) realists and highly experienced at that and are trying to help you understand that just because you are doing something different or being contrarian doesn't mean its a good idea or well executed.  In this case "if I fail I fail" is not really the mindset you want going in...I genuinely wish you the best of luck and hope to hear about your success here on BP but I hope you'll take the time between here and when you start to actually plan and compare the realities of the business with your expectations.  Good judgment is knowing when to pull out of a nose dive not just roll with it....and say "if I crash I crash"....Good luck either way 

Account Closed
  • Rental Property Investor
  • Torrance, CA
1,208
Votes |
724
Posts
Account Closed
  • Rental Property Investor
  • Torrance, CA
Replied

Melanie Hartmann I read your profile and in it you state that you want to wholesale to begin with and eventually have passive income. I’m assuming you mean through rentals. My question is why bother with wholesaling? Maybe it would be best to just start buying rental properties. Wholesaling is a strategy that typically attracts people with no money, because they think it’s a way to get started without capital. You have the ability to get capital. You said you and your Fiancé can live off his income alone. If you kept working you could save your entire paycheck and put it all towards buying properties. I’m not telling you what you should or shouldn’t do. Only you know your goals. I’m just trying to show you a strategy that maybe you hadn’t thought of before.

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User Stats

221
Posts
188
Votes
Chuks Erinne
  • Rental Property Investor
  • Atlanta, GA
188
Votes |
221
Posts
Chuks Erinne
  • Rental Property Investor
  • Atlanta, GA
Replied
@Melanie Hartmann You dont have to explain yourself or your plans. I believe if you are determined to do this, then its actually easier than most think. You will do well. My advice, be the best marketer

User Stats

187
Posts
128
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Eric Jacobs
  • Specialist
  • Fort Lauderdale, FL
128
Votes |
187
Posts
Eric Jacobs
  • Specialist
  • Fort Lauderdale, FL
Replied

@Chuks Erinne is right, you definitely don't have to explain yourself but I can say with some certainty hope is not a strategy either. 

User Stats

265
Posts
385
Votes
Melanie Hartmann
  • Flipper/Rehabber
  • Baltimore, MD
385
Votes |
265
Posts
Melanie Hartmann
  • Flipper/Rehabber
  • Baltimore, MD
Replied

Again, all very true for everything stated above. I was being a bit snarky with the "dabble" comment. ;)

This all reminds me of when on a BP webinar Brandon polls the audience as to whether the deal he just analyzed in front of all of us is a "good" deal or a "bad" deal before actually running the numbers to show us the "truth."

Looking at the same surface level information (which I have presented here regarding my own situation - it's all been surface level, like an iceberg if you will), there is not usually a solid consensus for one side or the other. You can't "know" until you have a solid understanding of how the numbers work (surface) and how the potentially unforeseen/unknown factors (subsurface) impact those numbers. How do you like my metaphor? 

Really, if I publicly detailed all the subsurface factors I'm fairly certain there'd be more consensus in supporting my decision. But again, it's my life and my decision. I really only need the support of my inner circle regarding that decision and I've got that. I made sure of that before jumping.

So, unless anyone has useful or practical advice or informationon moving forward with the decision I have already made (such as their experience generating leads, marketing, and/or closing deals, etc.) or words of encouragement, I shall promptly get back to my hustling now. Thank you!

Account Closed
  • Rental Property Investor
  • Torrance, CA
1,208
Votes |
724
Posts
Account Closed
  • Rental Property Investor
  • Torrance, CA
Replied

Jason DiClemente I see a lot of people on this forum that feel trapped in their jobs. They see real estate as a way out. It is a way out, but only if you play the game to win. Use the job, then get rid of it.

User Stats

7,695
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7,858
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Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
7,858
Votes |
7,695
Posts
Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
Replied
@Jonathan Hulen I think conservatively you should give yourself 8-12 years to replace your full time income plus a cushion plus whatever health insurance cost

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42,286
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62,162
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Jay Hinrichs
Professional Services
Pro Member
#2 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
62,162
Votes |
42,286
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Jay Hinrichs
Professional Services
Pro Member
#2 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
Replied
Originally posted by @Melanie Hartmann:

Again, all very true for everything stated above. I was being a bit snarky with the "dabble" comment. ;)

This all reminds me of when on a BP webinar Brandon polls the audience as to whether the deal he just analyzed in front of all of us is a "good" deal or a "bad" deal before actually running the numbers to show us the "truth."

Looking at the same surface level information (which I have presented here regarding my own situation - it's all been surface level, like an iceberg if you will), there is not usually a solid consensus for one side or the other. You can't "know" until you have a solid understanding of how the numbers work (surface) and how the potentially unforeseen/unknown factors (subsurface) impact those numbers. How do you like my metaphor? 

Really, if I publicly detailed all the subsurface factors I'm fairly certain there'd be more consensus in supporting my decision. But again, it's my life and my decision. I really only need the support of my inner circle regarding that decision and I've got that. I made sure of that before jumping.

So, unless anyone has useful or practical advice or informationon moving forward with the decision I have already made (such as their experience generating leads, marketing, and/or closing deals, etc.) or words of encouragement, I shall promptly get back to my hustling now. Thank you!

I have words of  encouragement.. Baltimore is one of the better cities to wholesale in because of the vast amount of vacant properties the huge amount of rentals.. which leads to a huge amount of burnt out landlord syndrome and or just the general economics of many neighborhoods leads to a ton of turn over and tons of wholesale opportunities..  I fund a big buyer in Baltimore and most deals have some sort of wholesaler on them.. many times a cadre of them.. like 4 of them splitting a 5k fee that kind of thing.. but when you have end user prices of these going in the 20 to 40k range there is only so much room to mark them up to make sense for the bigger investor buyer..   When you go to Denver this will NOT be the case.. and then in some states like ORegon the assigning or marketing of contracts simply is not legal  so you do have that as well.. but based on what I see in my fundings in Balt its wide open..   But make no mistake your up against some stiff competition that has been working these areas for years and years.. 

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User Stats

122
Posts
67
Votes
Jeffrey Almonte
  • Rental Property Investor
  • Los Angeles, CA
67
Votes |
122
Posts
Jeffrey Almonte
  • Rental Property Investor
  • Los Angeles, CA
Replied

@Melanie Hartmann

I truly wish you the best on this journey.

I hope that this was a calculated risk and weighed out multiple options before jumping in. As others have said, a job is very helpful in Real Estate investing because it provides you the capital needed to get started.

I highly recommend shadowing or working for a full-time wholesaler in your area.

User Stats

592
Posts
320
Votes
Lamont Marable
  • Real Estate Investor
  • Waldorf, MD
320
Votes |
592
Posts
Lamont Marable
  • Real Estate Investor
  • Waldorf, MD
Replied

@Melanie Hartmann congrats!  If my wife were to quit her job I better see FULL action in whatever endeavor she takes.  She better not be at home with a wish and a prayer that it will all work out.  I want to see her EXTRA busy build her business little a newborn baby.  Always breastfeeding, changing the diapers, waking up in the middle of the night, until it grows up and start taking care of her.  Just my two cents.

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4,745
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4,027
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Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
4,027
Votes |
4,745
Posts
Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
Replied
Originally posted by @Melanie Hartmann:

Hi All! I had to share. Against all conventional advice and wisdom, I've just quit my job. My fiance's job brings enough for us to cover are needed expenses and I have about a year's worth of savings built up on top of that. I have not done any deals yet but am planning to get into wholesaling ASAP. Just wanted to share. I'm going all in!

 I am in the USA alone. No family, no nothing.

I quit my job too but unlike you, I had no Boyfriend that provided some money. (no girlfriend even, not even a dog, heck or a goldfish).

You know what that did???

It made me step UP! It was do or die.

OK check this out... I made up a saying some time ago.. ad it goes something like this.

A cornered mouse will grow teeth!

HOW awesome i that saying!! Well... maybe not so awesome as a mouse already has teeth.. wait wait wait..

How about this...

A cornered mouse will grow fangs!

YEAHHH much better.

What this means ... is that when you have nowhere to go and are in trouble and it is do or die.. believe me, your mindset changes and you will become superwoman!

And to the dude that said.. "how does a job prevent you from doing this".. 

ARE

YOU

KIDDING!!!

the REASON I outperform.. well everyone in my market when it comes to SEO is because I devote 100% of my time on it. A deal falls my way I am in my car on the way within an hour! (at least I used to back i the day)..

Dude.. doing this full time gives you WAAAAYYY better chances to become successful!

Remember that saying.. you don't have to outrun the lion.. just outrun your friend?

You need to be better than your competitor. IN EVERY WAY..

work harder, work longer, work smarter work  more efficiently...

Good for you. Just don't get comfy with his incoming paycheck, and kill it!

  • Jerryll Noorden
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User Stats

265
Posts
385
Votes
Melanie Hartmann
  • Flipper/Rehabber
  • Baltimore, MD
385
Votes |
265
Posts
Melanie Hartmann
  • Flipper/Rehabber
  • Baltimore, MD
Replied
Originally posted by @Jerryll Noorden:
Originally posted by @Melanie Hartmann:

Hi All! I had to share. Against all conventional advice and wisdom, I've just quit my job. My fiance's job brings enough for us to cover are needed expenses and I have about a year's worth of savings built up on top of that. I have not done any deals yet but am planning to get into wholesaling ASAP. Just wanted to share. I'm going all in!

 I am in the USA alone. No family, no nothing.

I quit my job too but unlike you, I had no Boyfriend that provided some money. (no girlfriend even, not even a dog, heck or a goldfish).

You know what that did???

It made me step UP! It was do or die.

OK check this out... I made up a saying some time ago.. ad it goes something like this.

A cornered mouse will grow teeth!

HOW awesome i that saying!! Well... maybe not so awesome as a mouse already has teeth.. wait wait wait..

How about this...

A cornered mouse will grow fangs!

YEAHHH much better.

What this means ... is that when you have nowhere to go and are in trouble and it is do or die.. believe me, your mindset changes and you will become superwoman!

And to the dude that said.. "how does a job prevent you from doing this".. 

ARE

YOU

KIDDING!!!

the REASON I outperform.. well everyone in my market when it comes to SEO is because I devote 100% of my time on it. A deal falls my way I am in my car on the way within an hour! (at least I used to back i the day)..

Dude.. doing this full time gives you WAAAAYYY better chances to become successful!

Remember that saying.. you don't have to outrun the lion.. just outrun your friend?

You need to be better than your competitor. IN EVERY WAY..

work harder, work longer, work smarter work  more efficiently...

Good for you. Just don't get comfy with his incoming paycheck, and kill it!

That's what I'm talking about Jerryll! Loved your post! You get exactly where I'm coming from and you did it! I plan to model your footsteps. I love quotes and metaphors! Haha! 

Thank you for the real life encouragement! And no worries about being comfy, we are cutting way back and his income isn't always steady at the moment but it will do.

In keeping my job, I was spending about 20-25 hours a week just on commuting and preparing for work, not to mention the hours spent on the work itself both at work AND at home. It's not some job I can just go to, clock in, take a lunch break, and clock out, and be done. My job didn't work like that at all. It's not some "stuffy boring office job" to just hang on to. It's extremely stressful and taxing physically (yes, and yes, I did mean physically), mentally, and emotionally [and extremely rewarding under the right conditions]. If I stayed, I would have no motivation, time, or energy to venture out and really give it my all for real estate. Especially now with also carrying the bulk of home and child care duties. AND we're moving in the near future for the his job, so quitting was inevitable anyway...

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User Stats

265
Posts
385
Votes
Melanie Hartmann
  • Flipper/Rehabber
  • Baltimore, MD
385
Votes |
265
Posts
Melanie Hartmann
  • Flipper/Rehabber
  • Baltimore, MD
Replied
Originally posted by @Account Closed:

What if you are alone with the LION?

What if you are running from the lion and its just you and your hefty 9 yr old son?

Then I'll be the mouse that grows fangs, haha! Or go back to working in my previous profession just in a different role.

User Stats

4,745
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4,027
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Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
4,027
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4,745
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Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
Replied
Originally posted by @Melanie Hartmann:
Originally posted by @Account Closed:

What if you are alone with the LION?

What if you are running from the lion and its just you and your hefty 9 yr old son?

Then I'll be the mouse that grows fangs, haha! Or go back to working in my previous profession just in a different role.

Be the mouse!

BEEEE THE DAMN MOUSE woman!! 

"Or" is not an option! 

Mouse power!

  • Jerryll Noorden
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SEO For Real Estate Investors
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User Stats

4,745
Posts
4,027
Votes
Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
4,027
Votes |
4,745
Posts
Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
Replied
Originally posted by @Account Closed:

What if you are alone with the LION?

What if you are running from the lion and its just you and your hefty 9 yr old son?

Ohh MEEE???

OMG dude, if it was ME.. the lion wouldn't be chasing me.. pffft no no, I would be chasing that bastard with a fork and knife!! Yelling at him to stay the hell still! GET IN MA BELLEHH.

I am from the amazon Jungles gUrlfriend! Lion may be king of beast.. but I am Lord of ALL!

Me.. running from a little ***** cat.. puhleaze!

  • Jerryll Noorden
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SEO For Real Estate Investors
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4,027
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Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
4,027
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4,745
Posts
Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
Replied
Originally posted by @Account Closed:

Jerryl

Say you pick up a triplex.   Can you gut and reno one unit while another unit has a tenant in it.

 I do not have a clue..

Yes?

  • Jerryll Noorden
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Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
4,027
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4,745
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Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
Replied
Originally posted by @Account Closed:

What if you are alone with the LION?

What if you are running from the lion and its just you and your hefty 9 yr old son?

 So in all seriousness...

I get it, some people are dealt a heaver card of life, are in a worse situation, are not very fortunate from the start, have kids...

BUT, keep in mind, if you think it was easy for me? With my crazy accent, with no family, being a foreigner, being a dark skinned foreigner, no money, on a visa, no unemployment options...

It was really hard for me too... 

the trick  is... you can either complain, cry "unfair", feel sorry for yourself, and agree, that your crappy life gives you valid reason to give up and that it would be justified...

or you just step up. Built those arm muscles up and your thighs, tell that child to go an a damn diet... lift her up and start running from that lion.. 

or better yet.. take a stick  and beat the living crap out of that lion with it and say to hell with you. I am not running!

Just do it. Whatever it takes.

  • Jerryll Noorden
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Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
4,027
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4,745
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Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
Replied
Originally posted by @Account Closed:

Would you live in a triplex with active demo n reno going on?

hmmmm... I shall play along ^_^

I lived in a SFH of 1000 sq ft while demo was going on. I had no water, no kitchen you should see the toilet I made!!

  • Jerryll Noorden
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5
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2
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Adam Mitchell
  • Flipper/Rehabber
  • Richardson, TX
2
Votes |
5
Posts
Adam Mitchell
  • Flipper/Rehabber
  • Richardson, TX
Replied

Dive in and learn as much as you can as quick as you can. I would highly recommend getting a mentor to guide you.

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4,745
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Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
4,027
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4,745
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Jerryll Noorden
Professional Services
#2 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Wilton, CT
Replied
Originally posted by @Account Closed:

would you live in a triplex that wasnt yours with an active demo n reno going on?

 you are creeping me out dude. I don't want to play no more..

  • Jerryll Noorden
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18
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20
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Andrea O.
  • Rental Property Investor
  • Sykesville, MD
20
Votes |
18
Posts
Andrea O.
  • Rental Property Investor
  • Sykesville, MD
Replied

@Melanie Hartmann It sounds like you made a solid financial plan before taking this leap.  I’m excited for you.  You’ll always find a place in special education if you want to return.  

User Stats

3
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5
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Replied
@Melanie Hartmann Taking chances is the one thing everyone wishes they did more of when they’re looking back on their lives so good for you. Only good can come from this and whether or not you’re financially successful isn’t super important. The most important and valuable part of this journey is what you’re going to learn about yourself and what matters to you. Wish you all the best and please do yourself the favor of looking forward to failures as opportunities to learn. Also, the best wholesalers are the honest ones.

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16
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6
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Jose Angel dominguez
  • Imperial Beach, CA
6
Votes |
16
Posts
Jose Angel dominguez
  • Imperial Beach, CA
Replied
@Melanie Hartmann Very good!! You are a go getter I like that, just be consistent and what ever market your are in. Whish you the best!
Account Closed
  • Investor
  • Singapore
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Account Closed
  • Investor
  • Singapore
Replied
Originally posted by @Jay Hinrichs:

well keep in mind wholesaling is just brokering real estate  without a license.. and real estate sales which is what your doing has a very long lead time and lag time.. so if you planning on moving.. this to me is a waste of time and money.

If you have skills in special needs and child care.. I can think of a few things that would be WAY better long term.

1. would be to start your own Montessori school ( or a variant of that) I built a home for a lady that has 2 of them and she makes over 400k a year NET... probably be much more fulfilling to you long term and certainly more profitable and its a business you could sell for a good profit .  wholesaling you have nothing to sell your only as good as your last transaction.

My other point would be do you have any sales and marketing skills.. are you prepared to work the 18 hours a day it will take to  weekends nights etc.. can you handle rejection.. 99% of this business is handling rejection.. many cant. 

Anyway.. just some thoughts..  wholesaling is not quick money or a hey I am going to do it for 8 months make a big pile of money then move on..  

Also do you have the 5 to 10k a month you will need to market with no income ???

You are such a party pooper! Why should anyone keep a paying job when they can just be wholesale millionaires? Its so easy! All the gurus swear by it!

User Stats

9
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Thurman Kennedy
  • Rental Property Investor
  • Honolulu, HI
7
Votes |
9
Posts
Thurman Kennedy
  • Rental Property Investor
  • Honolulu, HI
Replied
@Melanie Hartmann There's always going to be naysayers. If the people closest to you are on board, go for it! We've heard countless stories of people who have done the same thing or even had a wayyyy worse situation and have flourished and prospered. Is it the norm, definitely not, but there is precedent. You now have something that is very valuable in this business, TIME. Being a teacher, especially a special education teacher (I'm assuming) you're accustomed to challenges. Do your due diligence, hustle, and you'll do great. Good luck!