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Help! what do i do

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crews58
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Help! what do i do  Reply with quote  

im tired of working my job.(i know everyone is). i make 35k a year prob. take home 22-25 after taxes. Im a real go getter, with a lot of ambition, Have been interested in real estate for a while. im no expert but i have flipped a house and cleared roughly 7k. im a mechanic by trade, working as a service mng. at a firestone. i'm also a skillful salesman. Would it be smart to quit my job for a real estate sales position, or continue on. im not to worried anymore about a 401k plan thats for people who are never gonna retire. helth benfits i can get that with my wife with her job. Hell with earned vacation. get 2 weeks every year. im ready for my entreprenual break-through, i want my own business, and rental properties, and i want to work 60+ hours a week being a go getter, not a clock in guy. Any advise would be great.
Post Mon Jun 17, 2013 7:12 pm
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No-Brainer
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I wouldn't be a real estate salesman, if anything be the broker so you don't give away half your commissions and you can leverage other salesmen working for you instead of you working for someone else.

I had to face the same decision when I was 40 years old and I started my own machine shop. Shortly thereafter we went into a recession and I sold out just before it got too bad and started a computer business (when PC's were new) and ran it for about 30 years.

The best thing I learned was to buy your own building instead of renting. I was my own best tenant for most of that time and my company paid for the building, then I sold it and carried the note. That made the difference from struggling to get by on SSI to having more fun traveling through my Golden Years. Of course there is more to the story, but that is the biggie for sure.

I'm 75 now and having a ball.

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Post Mon Jun 17, 2013 8:46 pm
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littleroc02us
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My advice for someone wanting to be an entrepeneur is to do it with the least amount of risk. Another words can you quit your job and live solely off your wife's income? If not then you cannot quit your main job. Also, don't quit your job unless you have capitol to put towards your real estate dreams. Never try to leverage your way through real estate, because what happens if the deal goes bad and you now owe the bank 100k to 200k?
I have the same desires as you do, but I'm taking it slower. I am slowly saving up money in two ways. First I've started my own handyman business which is generating a decent income for a part time job. Also, we paid off a mortgage which freed up $400 a month and we put every dime of that towards my savings. Listen to the Bigger Pockets podcasts and they have an entire segment about people like me that are working fulltime jobs and developing their real estate careers on the side.
You don't have to be a huge risk taker to be a real estate investor and don't let anyone ever tell you that.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Mon Jun 17, 2013 8:59 pm
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oldguy
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quote:
im not to worried anymore about a 401k plan thats for people who are never gonna retire.


You need to rethink that - you could have a million in your 401k at age 57 - and it would cost only about $3750/yr cash ($315/m). That's probably the surest way to wealth, about 85% of small businesses fail, that means "go broke & start over", not fun.

If you like real estate, get the license before you quit your job. When I got my license I took the class in the evening - at the time it was about 3 weeks, 3 classes a week, 3 hours a night and about $400. And then you take the state licensing test, about a half day. Definitely get that behind you before you look for a real estate job.
Post Mon Jun 17, 2013 9:16 pm
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crews58
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Thank you for all the replies. gonna have to go with gut feeling, and def take all yalls advice in consideration. Not going to quit my job yet, def want to invest in real estate with little risk as possible. def want my own business. right now saving and working the grind is gonna have to do. but i def want the dream. will do anything
Post Tue Jun 18, 2013 2:30 am
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oldguy
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quote:
want to invest in real estate with little risk as possible


Hmmm - I'm usually looking for ways to add risk to my real estate holdings. I do it by re-leveraging my equity.
Remember the rule of investing, risk and return are directly proportional - no free lunch. Very Happy
Post Tue Jun 18, 2013 1:20 pm
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