When is the right time to QUIT your day time job???

Tom and Jeri, i can honestly say that there is no correct answer to this question. Before you can answer or even solve when to quit younday time job there will always be something that gets in the way, for example, do you have enough savings, do you have a lomg list of buyers, etc.... The only person who can answer this question is you and on,y you. If you start to think about it for to long you might never quit your day time job! You have to be mentally and physically prepared for what you might run into.
Hope this hels and good luck in your decision
Raymond

I think i hate as much as i love auto correct on my phone!!!
Raymo d

This is a really good question and is very difficult for people to answer.

I think one of the major drawbacks about quitting your day job is often health insurance. That keeps a lot of people working a J.O.B. much longer than they would otherwise.

Karen

They are right, the only person who can answer that question, is the person asking it.
For ME? For me it was realizing that I was never going to get Serious about Real Estate so long as I had a paycheck coming in regularly, no matter how small it was. Between that, and the 2nd, more chilling, realization that the job I had was going to end up taking my life or my soul, or BOTH...
I left my job, stripped out the "Retirement" fund, (It wasn't doing me any good sitting there for another 35 years!) and have been living off that while I get myself moving!
Perhaps a wild jump out of the "Nest", but how else was I going to learn how to actually FLY?

Found a realtor last week, who happily sent me a current list of "AS-IS", vacant, and more than 90 days on market, homes,-- 3bd/2ba, and most have been reduced.
Put in my first official offer, with paperwork, yesterday.
Will be posting adds to Craigslist for buyers today, have 6 more sets of paperwork to sign and send back to the realtor- sitting in my inbox, and I am MOVING forward!

Ha, I want out so bad but am not ready. Mama is out of work and able to do stuff for the REI business. Today she spent 3 hours at a possible buy and hold with the inspector. I think I need to stay put until I turn some more flips and get a few buy and holds.

"When should you quit your job?" I'd say......When it becomes a choice.

As Dean talks about in his program "Think a Little a Different in RE" I agree when he says keep your job or something to cover the bill until you've replaced it. We love real estate and know the potential that is there. I'd encourage you to make a quality decision rather than an emotional decision of "forget this job, I'm a REI" when the person has never been to a closing table. lol
But truth is, if you don't have your current expenses nailed down it want be long before you will be distracted from RE and stressing over bills. Which will affect your attitude, your focus, your relationships, etc. Then be worse off than before. To find yourself now to be without a job, no money, and still no deals.

Quitting in my opinion should be planned for. ANYTHING your JOB provides can be acquired on your own. (insurance, retirement plans, life insurance, etc.) YOU have to decide what you need, obtain it and NOT allow that to be a crutch.

I've had people tell me "yeah I want to quit my job and own my own business so I don't have to work so many hours." LOL! you work from 8-5 your business is 24/7. Yes, building your business to a point that does allow you to be paid whether you get out of bed WILL come.

So my best advice would be the 5 P's: Proper planning prevents poor performance.
Know your financial situation, control your finances, control your time.

Soooo hurry up guys.....line it up! lol Freedom IS pretty SWEET!!!

God bless,
Jen

I have recently sold my auto repair business of 16 years. 8 to 5 what's that? More like 7 to 7 and then some. LOL

I can say adjusting takes getting used to and you'll definitely know who your friends are.
I get a lot of so called friends telling me I'm crazy because real estate is not a good thing to get into right now.
BUT we all know the opposite is true.

Oh and by the way I sold my business through craigslist thank to this website.

Cheers,
Stan

It is personal.

Sandra

This is so cool to hear from everyone's experiences and opinions. There are so many variables we shall consider when quitting your regular job, like health insurance, lenders liking when you have a full time job and many others. I also agree everyone is on a different life situation. So good planning is the key to a successful transition as Jen said. We are all here for one goal, become successful in real estate and stop depending on others. But, most importantly, enjoy your family and friends as well as connect with your society!

The challenge is out, and we accept it! lol Yes, you are correct and your answers hold loads of wisdom and sound advise (as usual)!

With a couple of paydays like you had the other day; well, let's just say these old bones are tired and choice would be HEAVILY influenced!! The 5 P's indeed. Something I have to admit is finally getting my undivided attention!

Really though; for me, it's as I said above. I know I CAN pay the bills with my current job. When I can double what I make now, is when I can be FREE! Believe me, that's not much, but I think I'll "know" when it's right, and make the responsible choice. I just use the crappy job with it's "bad days", attitudes, etc. as fuel to motivate and help push me to keep going!

It sounds like you already have..... You just need to finish
Keeping your job for what ever reason is a backup plan..... When people have a backup plan 90% of the time they end up using itand nothing ever changes. If you quit you will have urgency.... Urgency creates action... Action will get you through.
Most are in a State of Emergency.... Kind of like the government.... That state causes confusion and nothing will ever come of it. It can be a fine line.... but you need urgency to press through regardless of what others say.... I say Go for it buddy..... Have some faith and just do it !

You can't argue with the math. Answer: When your job actually COSTS you money because you're not investing in real estate. Look at it this way...

First - Set up your business (buyers, sellers, everyone, etc.)
Second - Do your 1st deal.
Third - Collect your 1st check.

Fourth - Keep doing deals and collecting checks. Use the money to do the following in order...

Fifth - Pay off all your "bad debt." (Anyone whose read Dean's books already knows which debts are "bad.")

Sixth - Build up ca$h reserves (Three years of ALL your personal expenses).

Seventh - Once you're "in the black or green," do a self-analysis.

Eighth - If you find (on paper, with solid math) that you actually LOSE money going to your J-O-B because it wastes your REI time, then the writing's on the wall. If you're not at that point yet, repeat steps 2-4 until you are.

It's unfortunate nothing else in REI is this cut-and-dry. I think it'd be alot easier to do if it was. But of course, if it was easy, it wouldn't be so profitable. Without that profit, it'd NEVER make sense to quit your job. Hope this helps. Best of luck to you all...