How Soon Can You Quit Your Job with Real Estate Investing?
One question I get from people all the time is:
“How soon can I quit my job with real estate investing?”
Before you walk out the door…
So many times, people come to me and they just hate their jobs, and they’re ready to quit right now.
In my opinion, if you’re ready to quit because you hate your job, that’s actually when you’re in the most powerful position!
Think about if for a second… if you hate your job enough to quit anyway, then the worst they can do to you is fire you, right? The threat of that becomes a non-factor since you were ready to walk out the door anyway.
This puts you in a position to take advantage of this situation, to buy yourself some time to think about if quitting is what you really want to do.
Now for the record, I was always a highly rated employee the 4.5 years that I worked as an engineer in corporate America. So to be clear, I’m not telling you to become a bad employee, or not to be productive on your job.
However, if you REALLY hate your job, anyway, then you could start coming in late and leaving early. You could take long lunches. You could start using some of your job time to focus on real estate investing.
Remember, the worst they can do is fire you! And if they do, you’ll still have a little extra money in your pocket and you’ll be in a better position to collect unemployment.
As previously mentioned, this approach gives you more time to make sure you’re “really” ready to quit, so that you’re not making a rash decision.
Or perhaps it’s “not” that you hate your job. Maybe you actually like or love your job. Maybe you get along with your co-workers, and your boss treats you fine, and the work is even kind of interesting… but you’d just rather be a real estate investor and not have to report to someone else every day.
Either way, whether you’re ready to quit your job tomorrow (or this afternoon), or if you’re comfortable staying put for a while, you’ll obviously need to have enough money coming in from real estate investing to cover either your expenses or your income.
Many people jump to the conclusion that they need to replace their income.
That may not necessarily be the case. If you are currently out-earning your expenses, then maybe you can get away with earning less for a while. Or maybe you could consider lowering your expenses by adjusting your lifestyle.
I know that may sound rough, but if your main goal is to ditch that job so you can have more control of your time AND your earning potential, then it may be worth it to temporarily lower your standard of living. It may be worth it to free up your time and your budget now, so you can live the life of your dreams and enjoy the kind of financial freedom that you really want!
You’re gonna want to take a long, hard look at your expenses.
For example: say you find that every day you get a morning coffee. Does it just “have” to be Starbucks? You can save some money by making your coffee at home and bringing it with you.
Or how about cable TV? Do you really need it? First of all, if you’re trying to get rich with real estate investing – or any other business – should you really be wasting your valuable time watching TV in the first place?
And the answer is “no”, it probably won’t work… but if you move away it’ll probably start working! LOL
But seriously, if there are houses where you live, then yes, the methods that I teach of buying property without cash or credit will definitely work in the area that you live!
That little joke comes from the fact that most people are always looking for an excuse to talk themselves out of their own success… Whereas successful people are always looking to be the exception to the rules of mediocrity, that others choose to live by.
Anywhere there are houses, there’s always a demand for real estate investing, because everybody’s gotta live somewhere.
And the situations that allow us to buy houses without cash or credit occur to everybody, in every area.
People are having job transfers, people are losing their jobs, people are getting promoted, people are getting demoted.
People are dying, people are being born. As the family expands, the family may need to get a bigger house, and eventually they may need to move to a different school district.
When there’s a death in the family and the deceased owned real estate, that often creates probate and estate settlement situations.
I understand that these examples may not work for you. Maybe you’ve got kids or other family members who aren’t on board with cutting out cable TV. My point is, seek out those expenses that you CAN cut. Every little bit will help you reach your financial goals that much faster.
If you’re just not in a position to make any lifestyle changes right now, that’s fine too. The point is that you need to find out what your expenses are, and know that that’s what you need to cover with real estate investing to support your current lifestyle.
Bestselling author Robert Kiyosaki in Rich Dad, Poor Dad, was one of the people that popularized the idea of passive income.
If you have enough passive income coming in from your business or investments to cover all your expenses, then you don’t even have to get out of bed to pay your bills.
That’s the definition of getting out of the rat race and obtaining financial freedom.
So your first objective should be to have a consistent cash flow coming in from your real estate business through whichever strategy, or strategies, you’re focusing on.
If you’re using my methods, then you’re going to focusing on one or more of the following:
✅ 1. Wholesaling
✅ 2. Rentals
✅ 3. Lease Options
✅ 4. Getting the Deed (aka Subject To)
✅ 5. Seller Financing
✅ 6. Maybe even some Fixing and Flipping
For the record, Wholesaling and Fixing and Flipping don’t typically lend themselves to “passive income”, but profits from those deals CAN be used to reduce or eliminate debt on other properties that you’re making payments on.
Also, even though those 2 methods may not generate passive income by themselves, you can still use those methods to “actively” create a fortune, and be in control of your own time, and work on your own terms.
Whichever strategies you use, you want enough money coming in to cover your expenses, at the very least, and then your income.
Maybe your income is greater than your expenses. That’s ideal. Or maybe your expenses are greater than your income. In that case, your real estate investing HAS to succeed so you can have a less stressful life.
Either way, what you need to do now is put a plan together and get a consistent deal flow going.
But you may be wondering, “What about you, Todd? How did you quit your job with real estate investing?”
As some of you may know, I started my real estate investing business as a broke sophomore in college. I listened to Brian Tracy, who was a business/sales trainer, and Brian Tracy said to work in corporate America for five years before you start your own business.
After graduation, I worked as a software engineer, while running my real estate business from my desk in corporate America. My plan was to walk away from that lucrative engineering career after five years, so that I could focus full-time on the real estate investing business which I had started in college.
Fortunately, I was blessed that everything worked out exactly that way. 😊🙏
After four and a half years I walked away from my engineering career. I remember having to explain this decision to my dad. He knew I was a real estate investor, but he had no clue at all how all that worked!
My dad rose from abject poverty to become a financially stable, blue-collar worker in a major corporation, and he was highly respected in his field. In fact my dad was so poor growing up as a child, that he often had to go rummaging through the city dump for food.
He had a strong work ethic, learned a trade as an upholsterer, and it definitely paid off for him financially.
But when it came to entrepreneurship and investing, my dad had no clue. So, I just had to sit down with him and show him all my closing statements from these deals I had done.
I showed him the title company closing statements from deal after deal… $5k profit on this deal, $7k profits on another deal, $10k profits on another, $20k profit on several others, etc. ,etc., etc.
Many of these profits were made by buying and selling the properties on the same day!
He never quite fully understood how this was possible, but he was always supportive of what I was doing.
Well, is it time for you to quit?
I can’t answer that question for you, but I can tell you that ideally you want to put yourself in the same position that I did. You want to have enough money coming in from your real estate investing business to surpass your income and/or your expenses and, ultimately, support the lifestyle that you want.
But you’ve got to start somewhere! So start educating yourself and get some deals under your belt.
Eventually, you’ll find that getting rid of your job will free up even more time for you to focus on building the life of your dreams for yourself and your family.
Ready to step up your game?
Check out my step-by-step real estate investing courses for both beginner and advanced investors.
Are you looking for a 1-On-1 real estate investing mentor?
Check out my Monthly Coaching and/or Hourly Consulting Programs.
One question I get from people all the time is:
“How soon can I quit my job with real estate investing?”
Before you walk out the door…
So many times, people come to me and they just hate their jobs, and they’re ready to quit right now.
In my opinion, if you’re ready to quit because you hate your job, that’s actually when you’re in the most powerful position!
Think about if for a second… if you hate your job enough to quit anyway, then the worst they can do to you is fire you, right? The threat of that becomes a non-factor since you were ready to walk out the door anyway.
This puts you in a position to take advantage of this situation, to buy yourself some time to think about if quitting is what you really want to do.
Now for the record, I was always a highly rated employee the 4.5 years that I worked as an engineer in corporate America. So to be clear, I’m not telling you to become a bad employee, or not to be productive on your job.
However, if you REALLY hate your job, anyway, then you could start coming in late and leaving early. You could take long lunches. You could start using some of your job time to focus on real estate investing.
Remember, the worst they can do is fire you! And if they do, you’ll still have a little extra money in your pocket and you’ll be in a better position to collect unemployment.
As previously mentioned, this approach gives you more time to make sure you’re “really” ready to quit, so that you’re not making a rash decision.
Or perhaps it’s “not” that you hate your job. Maybe you actually like or love your job. Maybe you get along with your co-workers, and your boss treats you fine, and the work is even kind of interesting… but you’d just rather be a real estate investor and not have to report to someone else every day.
Either way, whether you’re ready to quit your job tomorrow (or this afternoon), or if you’re comfortable staying put for a while, you’ll obviously need to have enough money coming in from real estate investing to cover either your expenses or your income.
Many people jump to the conclusion that they need to replace their income.
That may not necessarily be the case. If you are currently out-earning your expenses, then maybe you can get away with earning less for a while. Or maybe you could consider lowering your expenses by adjusting your lifestyle.
I know that may sound rough, but if your main goal is to ditch that job so you can have more control of your time AND your earning potential, then it may be worth it to temporarily lower your standard of living. It may be worth it to free up your time and your budget now, so you can live the life of your dreams and enjoy the kind of financial freedom that you really want!
You’re gonna want to take a long, hard look at your expenses.
For example: say you find that every day you get a morning coffee. Does it just “have” to be Starbucks? You can save some money by making your coffee at home and bringing it with you.
Or how about cable TV? Do you really need it? First of all, if you’re trying to get rich with real estate investing – or any other business – should you really be wasting your valuable time watching TV in the first place?
I understand that these examples may not work for you. Maybe you’ve got kids or other family members who aren’t on board with cutting out cable TV. My point is, seek out those expenses that you CAN cut. Every little bit will help you reach your financial goals that much faster.
If you’re just not in a position to make any lifestyle changes right now, that’s fine too. The point is that you need to find out what your expenses are, and know that that’s what you need to cover with real estate investing to support your current lifestyle.
Bestselling author Robert Kiyosaki in Rich Dad, Poor Dad, was one of the people that popularized the idea of passive income.
If you have enough passive income coming in from your business or investments to cover all your expenses, then you don’t even have to get out of bed to pay your bills.
That’s the definition of getting out of the rat race and obtaining financial freedom.
So your first objective should be to have a consistent cash flow coming in from your real estate business through whichever strategy, or strategies, you’re focusing on.
If you’re using my methods, then you’re going to focusing on one or more of the following:
✅ 1. Wholesaling
✅ 2. Rentals
✅ 3. Lease Options
✅ 4. Getting the Deed (aka Subject To)
✅ 5. Seller Financing
✅ 6. Maybe even some Fixing and Flipping
For the record, Wholesaling and Fixing and Flipping don’t typically lend themselves to “passive income”, but profits from those deals CAN be used to reduce or eliminate debt on other properties that you’re making payments on.
Also, even though those 2 methods may not generate passive income by themselves, you can still use those methods to “actively” create a fortune, and be in control of your own time, and work on your own terms.
Whichever strategies you use, you want enough money coming in to cover your expenses, at the very least, and then your income.
Maybe your income is greater than your expenses. That’s ideal. Or maybe your expenses are greater than your income. In that case, your real estate investing HAS to succeed so you can have a less stressful life.
Either way, what you need to do now is put a plan together and get a consistent deal flow going.
But you may be wondering, “What about you, Todd? How did you quit your job with real estate investing?”
As some of you may know, I started my real estate investing business as a broke sophomore in college. I listened to Brian Tracy, who was a business/sales trainer, and Brian Tracy said to work in corporate America for five years before you start your own business.
After graduation, I worked as a software engineer, while running my real estate business from my desk in corporate America. My plan was to walk away from that lucrative engineering career after five years, so that I could focus full-time on the real estate investing business which I had started in college.
Fortunately, I was blessed that everything worked out exactly that way. 😊🙏
After four and a half years I walked away from my engineering career. I remember having to explain this decision to my dad. He knew I was a real estate investor, but he had no clue at all how all that worked!
My dad rose from abject poverty to become a financially stable, blue-collar worker in a major corporation, and he was highly respected in his field. In fact my dad was so poor growing up as a child, that he often had to go rummaging through the city dump for food.
He had a strong work ethic, learned a trade as an upholsterer, and it definitely paid off for him financially.
But when it came to entrepreneurship and investing, my dad had no clue. So, I just had to sit down with him and show him all my closing statements from these deals I had done.
I showed him the title company closing statements from deal after deal… $5k profit on this deal, $7k profits on another deal, $10k profits on another, $20k profit on several others, etc. ,etc., etc.
Many of these profits were made by buying and selling the properties on the same day!
He never quite fully understood how this was possible, but he was always supportive of what I was doing.
Well, is it time for you to quit?
I can’t answer that question for you, but I can tell you that ideally you want to put yourself in the same position that I did. You want to have enough money coming in from your real estate investing business to surpass your income and/or your expenses and, ultimately, support the lifestyle that you want.
But you’ve got to start somewhere! So start educating yourself and get some deals under your belt.
Eventually you’ll find that getting rid of your job will free up even more time for you to focus on building the life of your dreams for yourself and your family.
Ready to step up your game?
Check out my step-by-step real estate investing courses for both beginner and advanced investors.
Are you looking for a 1-On-1 real estate investing mentor?
Check out my Monthly Coaching and/or Hourly Consulting Programs.