Quitting Job For REI Career
I am making plans to quit job for a full time REI career. Have limitied REI experience but have little time to focus part time, but large desire to focus on it full time and some side income to keep me going until I get into the swing. Any words of wisdom from anyone who has done this in the past? 
Don't quit your day job, until you gain some experince and when you start seeing income come in. You dont know if it's for you until you put your foot in it.
Good luck!
Luv Lucy
David--
I'm quitting my job by the end of December-january. I've closed about 10 deals so I know how to find them and turn them with $$$$$$ in my pocket. There have been some hard lessons learned that you won't understand until you get knee-deep into it. First 2 deals I lost $$$$ (not Much) because I didn't buy right and was too anxious to "make a million $$$ in 3 months".
I have a wife and two kids so I've been overly conservative before quitting.
Good luck---make sure you are ready.
Jim
I know what you're feeling. I feel like I need to go full boat with my investing and marketing and quit my job.
I wasn't meant for life in a cubicle and a headset!!!
But you can ask most people here and it's better to stay at your job until you've accumulated some reserves just in case.
Hi David,
Now is the time (while you are at your job), to go to weekend seminars, read key books and articles on how investors are making money today. I know that it can be exciting and that you want to jump in head first, but if you dont have a plan and properties that will make you money right away . . . you may drown!
Just dip your toes in right now. Wholesale a house or two. If you can find ways to make small money in real estate, you can then focus on ways to make big in real estate!
Best of Success!
BAMZ
If you have limited experience, I wouldn't even think about quitting your job unless you could pick up another comparable job fairly easy. Real estate is similar to many other businesses in that it takes awhile(just a guess but I would say at least two years) for most people to have enough income to live off of. Of course that doesn't even count the people who don't even make it. Although real estate probably has the least risk of any business if you can stick with the rules, it still is a risk. Also, real estate varies a great deal from one location to another so it is not possible for someone in another city to tell you exactly what you should do.
Finally, I can't see why most people would want to quit their job unless they just hate what they're doing. When you start in real estate you can probably accomplish about as much in your spare time as you could if you were working at it full time. I have some friends who just started doing real estate full time. In reality they work at it half time and spend the other half trying to figure out how they're going to pay their bills.
Hey Dave,
I will say don't let other people's fear's stand in your way. Some people take risk that others just don't understand or can't comprehend because it's not in their relm. If you fall flat on your face you'll definitely learn a lot.
If you quit, you'll learn how not to depend on your job for money.
Some people it may take 3 months to succeed, others 3 years, some a 1 week. It all depends on you.
Have a plan before you leave though. I comend those that take big risk like that. Big risk = Big Rewards. Don't let others tell you what you can't do. Know your risks, have a plan, and be aggressive. Jobs are free, you can always get another one.
[addsig]
Do it.
No guts no glory.
Hey, Thanks to all for the feedback. I have pretty much made this decision, and wanted to get whatever insight I can anyway. I do plan to have a sensible plan and not totally jump in without a clue. I figure you only live once. According to life expectancy I'll be dead in 40 years or less anyway so what's the harm. So if I do fall flat on my face, I'll learn from it. It wouldn't be the first time.
Here's my last bit of advice on the topic. Take advice from people who have really, verifiably, done this for a living. Most books written by people who have actually done this advise starting part time. I read a statistic one time that something like 85% of people give up after 3 months. Of course your situation is unique to you. Maybe you are single and have very low overhead. Maybe you have a job that you could quit today and find another tomorrow. Only you can answer that.
Best of luck,
"Fools rush in where angels fear to tread" Alexander Pope [ Edited by davmille on Date 11/15/2003 ]
Good luck! I returned to the United States to find myself broke and unemployed. I had few other choices, but to go for it full time. The road is rough, and their have been quite a few "spagetti days" since I started, but I am still convinced that this is the way to go.
Again, good luck. Keep us informed of your success along the way.
When I got started in REI I waited until I had a good clue as to what I was doing and I wanted to make sure I was in a position to bring in some $$$.
My first deal I made $18,000...that was enough to say "lets do this again." I quit my job because it got in the way. But only after I saw the light.
Some people will see the light at certain points in their own lives/investing careers, that others don't see. And, only you will know how bright it is for you before you start heading towards it.
If you see the light, go for it.......
man, nebulous hit the nail on the head. don't let anyone undercut your ambition. i'm assuming you have common sense and if you've come to the point that you decided you're ready to quit your job, by all means, dive in.
i'll tell you, once i realized i was ready ready, i set up to leave my job and realized that if i'm let go, not quit, then i can at least get unemployment while i start my life. 6 months of cushion there. i didn't do anything foul, besides *smile* at a racist lady i worked with and she went on full steam trying to get me fired. guess what?! it worked. guess what else?! she was stupid enough to not realize that she was my puppet - she helped me secure UC benefits while i learn to get money the way i've always wanted to. hahahahaha.
well ... all i have to say is congrats on your decision, do you work and when you decide you're done, - you're done! go get the money!!
Hey,
You ever see a racoon? You know those little furry animals with the bandit masks.
Cute little guys aren't they?
Several years ago, a racoon wondered in to my garage. I happened to drive in about the same time and let my dog out of the car. He was a pretty good size Shepard. The dog promptly cornered the racoon. I thought to myself, that dog is going to tear that racoon up before I can get over there.
I don't really know what happened, but somehow the racoon turned in to a Grizzily Bear. He walked/ran away. The dog and I got back in the car and went to the vets for stitches.
The point is, you don't know what you can do until you HAVE to do it. If you take away your safety net, you will work a lot harder and smarter.
If you feel you are ready, do it.
Go for it. Some people read and read till theyre shelves are full of books. They know a lot but do absoulutly nothing. Get out there and get wet.