Why you shouldn’t quit your 9-5 job to become a real estate investor
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- เผยแพร่เมื่อ 16 ก.ค. 2024
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Basically, create a passive income, but DO NOT rely on what you made from that for your living. Continue making money for yourself outside of your passive income.
Keep preaching the truth. Takes a long time before real estate investing frees you. I think 10 years for me
I have 1 duplex, my wife and I have full time jobs and the property is profitable but we work our butts' off keeping guests happy. This isn't easy, especially in this market.
you pretty much included all the reasons after 10 years of investing, my rental income is more than my w2 and i still cant quite 9-5 job, but also because i dont have short term rental, so i got times
couldn't agree more with you man. You hit it all spot on.
I feel like a lot of folks who watch your channel may not have enjoyed or been as well paid at their jobs.
That is probably one reason why many people are eager to leave work, but sometimes are short sighted about leaving work.
I quit my job too early as well and I regretted leaving before I maxed out the 10 loan limit personally.
This is really good advice.
What I’ve found in the overall current economic climate that 100k / year w2 really isn’t getting people very far anymore. Taxes, inflation, etc is crushing (by design) the middle class.
I know people making 70-80k w2 / year which has to have second jobs just to make ends meat.
It’s shameful that this is what this country has become.
Jeez…you have no idea how much I needed this video. Thank you.
Once you reach earning 10k+ it's time to set up a S-corp and put yourself on payroll. Then you have the necessary W2 to go to the bank and apply for a loan. If you're married it helps if the spouse can work until you can get everything stable.
Really diggin these uncut, real videos Rob
“ no rest for the wicked “ , successful owners of rental income properties never rest. you either do it full time or do not get involved. The headaches are immense , but so are the rewards.
Wow rob! This is great information, ill have to come back & rewatch
Great video Rob! Thank you for the guidance 🎉
I have two duplexes and I did all the work on all of my properties by myself and it’s still hard and takes planning to be profitable
Definitely not something that happens overnight and in these markets. It’s a TON of work even once you have good tenants ( the hardest part) because you have to keep them happy. There’s nothing that’s truly passive
Also it sounds like you make enough to get a better barber
This is so good! Thank you!!
Thank you! It’s a grind and it is hard in beginning. Good luck to those who have no clue. It’s hard to do for all your reasons but worth it in the end.
Thank you so much for this video! I really needed to heard this.
Super sharp advice
Great vid! Thanks for being super transparent, this is something most “guru’s” on YT leave out.
Truth spoken. I thought I could prove consistent income with my investing and trading, but the lenders still want W-2s. I'm now at a part time job to show stability along with my investment income and the lenders are much more open to it. Keep your job!
Great video and great advice!
I made 335k gross income with my short term rental portfolio in 2023 and my W2 job only makes me 28k a year (I'm a food delivery guy) and I still can't quit my job lol.
Hit me up if you want to know why my life sucks but is on its way to not suck pretty soon
Amazing video. Thank you so much
Thank you for giving us the realistic view
Love the 1-take, unedited video
been doing both myself and ya its taken me 3 years just to save up like 50lk... my 9-5 job barely pays bills.. flipping makes enough barely to save a bit and reinvest.
I agree. I had similar experience
One way to look at it is when you go 100% into REI; you ARE the business at that point
Appreciate the content, love listening to you on bigger pockets as well. I will say though that you’re severely underestimating how little I make at my job & how easily anyone could replace that income 😅
Keep speaking the truth Rob. This was a great video to show beginners to expand but keep your nest egg/cash flow.
It’s the cool thing everyone wants to say. Instead of why not take the 9-5 income and roll that money into real estate? Or have the 9-5 W2 to help apply for loans.
Great vid. I wish you (or anyone) would put out a vid stressing the necessity of buying the right rental. My first purchase sucked all my free time out of 10 years of my life, for no profit, but it taught me a LOT about tenants, property mgmnt companies, contractors, as well as how to actually identify and perform a lit of the repairs on my own. Since I got rid of that about 10 years ago, I have increased my net worth from $50k, to 1.5 mill and am a better landlord.
Should I quit my 9-5 to sell courses to people on how to quit their 9-5 to become a real estate investor?
Rona!!! 😂😂😂
Great vid with real deal information 😎
Rob love your channel. What are your top 5 strengths on strength finders? The world needs to know. I’m guessing futuristic as one of the top 3.
No way I'm quitting my $500k/year job. My real estate investments are just part of my retirement plan so I can snowbird, have something to do when I retire and still have some income which I can hand off to my kids.
Yep. 50% of my annual net profit paved the driveway in one of my places. Unexpected, but had to happen.
Once you’ve reached your job income on side hustle you can just pay yourself as W2.
I paid too much for a coaching program and they encouraged their students to be action takers and be able to quit their 9 to 5. Many quit to become mortgage agents, realtors, property managers. Now working 7 days a week instead of 5. I have a government job with a really good pension at the end and they still encouraged me to quit.
There was a better time to make bank off air bnb. Now it is slowly becoming any other industry. The iron is no longer hot... but like every other industry, the playing field is becoming level and that's a good thing.
bunch of Gems in this 30 mins, totally Agree, also on track to replace my trucking carreer with real estate flips/investments
What's more effective? Flipping or Real estate Investor?
@@ambana86 not sure haven’t done flipping, barely mid way through my first BRRRR in LA
Excellent presentation, Rob. It should be mandatory viewing for anyone considering entering the fray of real estate investing.
After 15 years of buy and hold method and although it’s going better now, I don’t think I would ever understand what he’s talking about prior to getting into real estate but only today looking back do I realize how difficult it was for me. Having children and a family and risking health insurance. Real Estate is far far far from passive income. Even if you do syndication or have a staff member… Nothing is passive.
Shout out to Zion Health Share. Saving a ton and already used the benefit
What are the logistical concerns with midterm rentals? Taxes, renters insurance, etc?
Rob, the issue is.... I've already quit my job...
Did he just say Rona when he coughed.😂😂😂😂
100% True. Those months where you make $25k profit are great. But then the month that are negative $10k hurt a lot more if you don't have any other income.
Rob, great video. Let me ask you sth....what % of ppl who quit they job to become full time REIs acheive the success you have vs. the ones that are in a worse financial situation than where they were before? Is it 50-50?
What I want to know is how do I identify a property that’s going to generate revenue like your Scottsdale property 😄. I do well in my W2 and don’t need to create another job. I just need some big hitters in my portfolio. I’ve got the 💰, just need the opportunity.
It’s about finding successful nearby Airbnb’s and mapping out what common characteristics they have and seeing if for sale properties have the framework to satisfy those conditions and take it a step further. It’s not rocket science just takes a lot of digging and attention to detail. Happy to chat if you want to discuss further.
I'm just here for the gossip! 🍵🍵🍵
Seems like a risky time to buy anyway. Houses are overpriced based on economic data so if there's a recession and people travel/airbnb/ less, and all of a sudden you can't cover the mortgage and you're looking at selling for 80% of what you paid...
Because all real estate investors suggest using mortgages....and you'll need 2 years of W2 income to qualify for almost all mortgages
Brilliant video! Having multiple income streams is crucial before transitioning to real estate investment. And for those keen on multifamily investing, our channel is a treasure trove of actionable advice and success stories.
How do i get a consultation with him?
How about Spending your '$$ Cash Flow to inprove your 'Properties...Paint/ Roofing/ interior....🇱🇷
As someone with 30+ doors and has been a real estate investor for 8 years. Rentals make over 250k a year, 3.5m portfolio. I still work a federal job 85k a year. It's EXTREMELY difficult to find deals. There pretty much arent any. I had to do live in flips, sweat equity, driving for deals, and get very lucky to be where I am at today. In todays market. It's impossible. Hoard cash until the market drops. I'm sitting on 500k in a red state, and everything is just too expensive.
Now we all know you’re either a fraud or just incredibly ignorant. Almost impossible to find deals? There are millions of deals to be had monthly across the entire US wtf
If you are saving money, the banks make money at 10-1 rate and you take all the risk and they take none. If you borrow money? The banks take the risk and lose money because you are doing to them what they do to most people. And the explanation if FAR outside the scope of a simple comments section reply. But I'm right and this is why getting that loan is so difficult, and it's not why most people think.
Need proof of Caleb
Rob, all those things you said in the beginning is what you say all the time.
Damn dude you sound like a real estate gangster
He sounds like someone who doesn’t actually invest in real eatate
🙌👏👏
Great debunking of the quit your job preaching all over the internet.
Question for Rob and the Rob community. Recently rented an AirBnb in Rio de Janeiro. Place had great ratings, fantastic location and all the amenities I wanted. Everything seemed great, until I got there. The pictures must have been at least 3 years old judging from the wear and tear. The hot water only occasionally got decently warm. Kitchen utensils with missing handles. Old stains on the bedding. And roaches. I saw at least 2 roaches per day. I would have put up with ALL of this (different country, lower standards, etcetera) until I washed the fitted sheet on the bed. The mattress was like something out of a nightmare. Literally looked like they found it on the side of the road. Like I literally saw another mattress on the side of the road that looked better. My question is should I leave a review that would likely destroy this persons business? Or give this person a private message saying how messed up this is and terrible of them as a host to do this to potential guests.
My suggestion would be a public review that is fair as to warn other guests but not business killing, and then lay it all out in the private message side to the host.
@@seasidesc2684 thank you!
60% of Americans live on $55k/year or less.
Who want's to be 'Slum Lord and not use your $$$ Cash Flow to improve your Properties...💯💯💯💯💯💯💯💯💯💯💯
Interesting how the whole message of this podcast changed from just 2 years ago! It was all about financial freedom through real estate! Now, don’t quit your job. 180 degrees change! See what horrible rates can do!!!! Vote Trump ❤
You are one of those that got paid by your employer while doing a sloppy job or nothing, while other people were doing your job...by the way you tell your resignation moment....sorry, Sir, I guess it's says a lot about your moral values. When you see a person doing a bad job at work, I realized that you cannot trust that person anywhere, I.e private business. Thanks for showing your true face
Why you shouldn’t stop contributing to society
Your recent back peddling videos are so annoying. We have been watching you the past few years. You are doing a total 180 from everything you have been preaching for years! You are the scammer that you are now talking about....
Ehh pretty consistent viewpoints overall. Completely unsure how this video would make me a scammer. But if that’s what you think, hit that unsubscribe button and I genuinely hope you find what you’re looking for elsewhere.
There is nothing wrong with this content. He's trying to get your expectations in order and be smart about it.
Lololol whatever dude. No one is making you watch this 😂