I am just now beginning to invest in real estate. I am concerned about how to plan successfully for quitting my full-time job. If I quit to early I am worried that I may not be able to obtain financing to purchase investment deals. I’ve heard (and it makes sense) that many lenders will not lend to you without a job, unless they can show that you’ve invested in real estate successfully for two years. I am confident in myself and I know that I will be able to show this. But two years is a long time to stick with a job that I hate. does anyone have any other creative means. I am a beginner so I would need 24 more months of sucessful investing before I am able to apply for financing without a regular salaried job.
What type of work do you do?
Is it a job where you can offer consulting services to comapnies in that field?
Is it a job that can allow you to work for a smaller company that provides the same services and be more flexible with you on time restraints?
I have none of investors that have invested in small companies for hope of being able to have a position awarded to them also. They hoped to have a position created for them in the same field as what they were already doing. Their thoughts were a job change did not work against them as long as they were still in thier field.
if you’re thinking of “no money down” and “creative financing” yada yada yada - keep educating yourself. i was where you are about 3 months ago. i “believe” in myself as well, but I’m not quiting my full time job, until i have PROVEN that my “belief” in myself is a reality and not just a “belief”.
Start slow, set goals, read this forum - SPARINGLY - cuz it can start to take up too much of your time.
talk to a CPA. talk to Realtors (devise the questions to ask and control the conversation - cuz alot of them can waste your time). talk to a few lawyers - interview them. call insurance companies - learn their lingo and ask questions. call a title insurance company or two. talk with a commercial bank lender - learn what YOU need in order to achieve financing - straight up.
get prices. get ideas. DO NOT QUIT YOUR JOB. Work TWO “jobs” - one that earns you CASH for now and the other that earns you KNOWLEDGE now and hopefully - A LOT MORE CASH IN THE FUTURE!
i split up my week accordingly. i read, talk to people in the biz (again learning the lingo/market area). I put in about 15 hours or more toward my “business” - that again, earns me no money now, but will.
patience. you can also look for another job (realtor maybe) and quit the one you hate!! Man some phones at a mortgaging company (telemarketing) it may suck, but you learn lingo and to be a salesman.