Thought I'd share this with everyone planning to make the big transition. Good read but planning is necessary than saying one day, "Hey, I'll quit my J.O.B. today."
Tom
When is the perfect time to leave my job to do real estate investing full time? That is a question for the ages (and for the brave!). Now that I am approaching a decade of leaving the corporate world to pursue a life as a full-time real estate investor, I can look back and honestly answer that question. I wish I had more space and time to write about this, but I don’t, so I’ll cover enough to get you thinking and in the right direction hopefully.
But first, let me recommend probably the two most important things for you to do: number one, keep your full-time job until you build up enough cash flow from your real estate investments to pay your basic living expenses. In fact, it is wise to do this for at least six months. At the six month point, you have hard proof that it can be done. As your portfolio grows, you’ll find that your job will start to get in the way of your investing. Although you won’t find a perfect time to leave your job, you’ll know when it’s time. Secondly, in those six months, save up six months of living expenses. This will be your reserves during the “tight†months – and there will be tight months, I guarantee you.
Before you leave your job, you’ll have to work on being somebody you’re not right now. Do you remember the concept of “Be-Have-Doâ€? Well, that concept is incorrect. The correct concept is “Be-Do-Haveâ€. In order to have something, you first have to Be that person, then the Have comes by Doing. Okay, sorry if I confused you (it’s early morning!), but to get straight to the point, you’ll need to develop an entrepreneur’s mindset. Going from an employee way of thinking to an entrepreneur’s way of thinking is key to successfully leaving your job (and staying away!).
Once I left my job to do real estate investing full time, I realized that in order to have freedom, I need to let go of security. So, what I did was to let go of my security (my pay check) a little at a time by spending my free time working on my real estate business and then transitioning my job to a part-time basis. It was a four year (yes, 4 years!) period of uncertainty, constant planning, investing, and hard work (and raising a teenager).
At the four year point, my job was getting in the way of my real estate business that had grown pretty well. At that point, I had to make a decision. I had a great job with benefits plus I had enough real estate income to live off of. Life was great. But was it really? Was I living a purposeful life? Could I realize the potential my real estate business had? On Dec 31st of that fourth year, I handed in my resignation. Life has never been the same. Now it seems like I was destined to do this full time. But had I not planned this carefully, worked on my character, and took the leap, I never would have discovered that the grass is actually greener on the other side.
The moral of this story is that cannot predict the future, but your future will be determined by what’s going on in your mind, the actions you plan and take, and your desire to stick with it when tough times come and go.
Til next time,
Peter Harris, TheApartmentConsultant.com
Tom
When is the perfect time to leave my job to do real estate investing full time? That is a question for the ages (and for the brave!). Now that I am approaching a decade of leaving the corporate world to pursue a life as a full-time real estate investor, I can look back and honestly answer that question. I wish I had more space and time to write about this, but I don’t, so I’ll cover enough to get you thinking and in the right direction hopefully.
But first, let me recommend probably the two most important things for you to do: number one, keep your full-time job until you build up enough cash flow from your real estate investments to pay your basic living expenses. In fact, it is wise to do this for at least six months. At the six month point, you have hard proof that it can be done. As your portfolio grows, you’ll find that your job will start to get in the way of your investing. Although you won’t find a perfect time to leave your job, you’ll know when it’s time. Secondly, in those six months, save up six months of living expenses. This will be your reserves during the “tight†months – and there will be tight months, I guarantee you.
Before you leave your job, you’ll have to work on being somebody you’re not right now. Do you remember the concept of “Be-Have-Doâ€? Well, that concept is incorrect. The correct concept is “Be-Do-Haveâ€. In order to have something, you first have to Be that person, then the Have comes by Doing. Okay, sorry if I confused you (it’s early morning!), but to get straight to the point, you’ll need to develop an entrepreneur’s mindset. Going from an employee way of thinking to an entrepreneur’s way of thinking is key to successfully leaving your job (and staying away!).
Once I left my job to do real estate investing full time, I realized that in order to have freedom, I need to let go of security. So, what I did was to let go of my security (my pay check) a little at a time by spending my free time working on my real estate business and then transitioning my job to a part-time basis. It was a four year (yes, 4 years!) period of uncertainty, constant planning, investing, and hard work (and raising a teenager).
At the four year point, my job was getting in the way of my real estate business that had grown pretty well. At that point, I had to make a decision. I had a great job with benefits plus I had enough real estate income to live off of. Life was great. But was it really? Was I living a purposeful life? Could I realize the potential my real estate business had? On Dec 31st of that fourth year, I handed in my resignation. Life has never been the same. Now it seems like I was destined to do this full time. But had I not planned this carefully, worked on my character, and took the leap, I never would have discovered that the grass is actually greener on the other side.
The moral of this story is that cannot predict the future, but your future will be determined by what’s going on in your mind, the actions you plan and take, and your desire to stick with it when tough times come and go.
Til next time,
Peter Harris, TheApartmentConsultant.com
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
