Don’t Quit Your Day Job! …until…

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Q: Should I quit my job to invest in real estate full-time?

A: The answer is a resounding “no”. Do not quit your job to start an investing business. You should do the thing that brings you the stable income needed for your family and for yourself.  If you jumped into this business right now and you were somehow able to find a house to flip tomorrow it would be 4 to 6 months before you would realize income. As we have shown in previous Quick Tips, it takes several rental properties to replace your income.

In addition to the stability, the W-2 income will allow you to better qualify for loans if you need them. This wealth growth process will be slower, but real estate investing generally takes time. It’s a “get rich slowly” plan.

So when can you quit? Every situation is different and the answer is maybe never. But some are determined to quit or are out of options, so here is a good rule of thumb – have at least six months of cash reserves to handle the expenses for every rental property and a year’s worth of general living expenses set aside. If this sounds difficult, know that it is less stressful than the income and lean months roller coaster. 

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