Pre-Leasing
In Ga, can you pre-lease a property you have not yet closed on but awaiting financing to close?
jminor
In Ga, can you pre-lease a property you have not yet closed on but awaiting financing to close?
jminor
I think a lot of it depends on your industry, and your level of work experience (often corresponding with your age).
Speaking very generally, if you are out of the job market more than a year, I would expect significant friction trying to get back in.
At a minimum, try to keep as many network contacts active as you can. Personal recommendations would be especially helpful for re-entry.
Kevin
I agree with the previous poster. There are several factors to take into account when leaving the work-a-day world.
1. Your occupation. Your profession has a lot to do with how rusty your skillset becomes as time passes. Some industries that continually undergo rapid change like technology will leave you in the dust if you stray for too long. Others like "driving a truck"... not so much.
2. Years of experience. The longer you have done something the longer you can stay away before you reach a point of no return.
3. References. A.K.A the "good ol boy network". Who you know and the level of respect you command from your peers is very important. You should always leave on good terms and you should have a healthy group of ex co-workers who will go to the mat for you if you ever decide you want back in the business.
I have reviewed countless resumes over my career and gap-outs in employment always stick out like a sore thumb and are questioned. Obviously the longer the time, the less qualified the candidate appears and they may not get a chance to even interview as a result.
Much of this has to do with the nature of the job market itself today. Hiring managers usually have stacks of resumes to weed through and lots of qualified candidates to choose from to fill maybe just one slot. Those who are currently employed with a well known company (maybe a competitor), functioning at a high level with the skillset you need are going to move to the front of the line. The rest wind up in the shredder.
If you have misgivings about leaving your job, I would stay employed and continue to build your real estate portfolio. As one stated in a previous post, as you become wealthy through real estate investments, you will have leverage at work; ie. you can quit at any time.
For most professionals, it would be hard to secure a similar position after an absence. I enjoy my life as an entrepreneur, but I did not quit my job, it quit me. I must have applied to dozens of companies, to get back into the corporate world, without success. It would now be impossible for me to find a job, unless it was in sales or property management.
We live in a meritocracy. If you work hard in the system and get the right kind of in demand degree with good grades; ie engineering, science, medicine, you can prosper and get a nice piece of the pie. For the rest of us, starting and running a business is the only avenue left for success.
So, I guess it all depends on what kind of job you have and what kind of effort you made to secure that job; as to whether you should throw it all away and become a landlord.
Just make sure you have enough cash flow to support your lifestyle. Many are real estate rich, but cash poor.
I rehab and sell houses to supplement my rental income; I would be depressed knowing exactly what I was going to make next year and having to budget accordingly. I just work harder when I need more money.
Some of the people I worked with in the corporate world had their lives planned out years in advance. One man viewed the 15yrs until retirement as a prison sentence; he only talked about the day his mortgage was paid off (years away) and the day he could retire. In the company newsletter, it seemed people died 2 yrs after retirement. Forty years as a slave for two years of relaxation.. No thanks..