The other day one of the property locators I work with asked me at what point should he quit his real job. I told him to consider it only after he has learned how to wholesale and retail and has successfully closed on about 10 deals.
I also mentioned that he needed to find a good source of passive income to smooth out those long periods where no cash comes in.
What would you guys reccommend?
I’d tell him to start learning to wholesale and do wholesale deals until he’s built up a good amount of cash than he can consider quitting.
Bird dogging is just supplemental income nothing to quit over.
how many deals would you recommend? how much cash raised?
when i quit my day job at coca cola to get into real estate full time, i had sold about 5 houses and had reached the point where i was selling a house a month. Things were going ok for about 6 months before I hit that wall.
The big mistake i made was not realizing that the money wasn’t going to always be there from REI and that I needed to have other sources of income, especially passive income. That said I burned thru a ton of cash. If I hadn’t taken the time to build up my credit and sticking away some cash I wouldn’t have made it.
How did things work out for you?