Quitting Your Job to Go Full-Time in Real Estate Investing
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The video is part four of a six-part series discussing the speaker's decision to quit their job and focus on real estate. They had around 25-30 rental properties and had done a few flips at the time. The decision to quit was initially scary, but their business partner quitting to focus on real estate pushed them to make the decision. The speaker advises against quitting without a safety net and recommends strategically setting things up for success. They also mention struggling to replace their partner's income with rental income and using the Burrs method to buy rental properties without using their own money.
The speaker explains that while rental properties are a great way to build wealth and passive income, they are not a reliable source of active income. Instead, they recommend creating active income through flipping and wholesaling properties. This active income can help replace a W-2 income while building a rental portfolio. The speaker also emphasizes the importance of focusing on building assets and wealth.
The speaker advises that lenders are willing to lend money to those who aggressively build rental properties and create active streams of income. They suggest that those who hate their job should consider getting a job in the real estate industry or flipping and wholesaling properties. The biggest challenges of quitting their job were banking hesitations due to the lack of a stable W-2 income. However, building relationships with small local banks over the years helped them secure loans. The biggest win was making the leap to bet on themselves and create a better life for their family. They also bought a 27-pack of houses without using their own money, using a hard money lender for the purchase and then refinancing with a small local bank.
The video is part four of a six-part series discussing the speaker's decision to quit their job and