Most of the successful real estate investors I have met, including myself, had been employees working at a company.
At some point in their life, a shift in perspective or a longtime hope and dream of a better (more freedom) lifestyle pushes traditional 9-to-5 employees into starting their own businesses. And real estate investing is frequently the answer to those hopes and dreams.
The transition between these two worlds takes planning and a clear strategy.
Laura’s Story – How She Transitioned from Corporate to Full Time Real Estate Investor
In June of 1995, I made a decision that would change my life: in 6 months I was going to quit my full time job as an assistant controller in metal commodities (making a comfortable salary of $30,000 a year – good income in 1995!) to become a full time real estate investor.
What was holding me back was 2 things:
- Financial security – I needed to be sure that I could make at least $5k a month consistently to keep up with my bills and expenses;
- Children – I had 3 small children at the time that I had to make sure they were provided for financially and emotionally (stress is never a good factor to bring home to your children – and being unemployed with no to little income would be a stress factor.)
So the first thing I did was to make the firm decision that I was going to do whatever it takes to make that shift in my business and it was going to happen in 6 months or less.
I cannot stress enough the importance of making the decision and the commitment of what you want and believing that there is no other option.
There was no option in my mind to stay at the same job, with lack of flexibility and freedom for the next 40 years.
I wanted to be able to afford to do things, travel, and spend time with my children as they were growing up.
5 Tips to Transitioning from Employee to Entrepreneur
- Think before you quit.
A Gallup survey found that 66% of employees aren’t engaged with their jobs. You might feel eager to quit your job now and jump both feet in real estate investing. However you need consistent income coming in (like I did,) keeping your day job can give you the peace of mind and relieve the stress that at the end of the day would probably affect you being successful in real estate investing.
- Have a financial plan.
I personally made the decision to quit my job when I reached $5,000 a month in income. If you do have a spouse or savings to back you up, you might be able to make the shift before you reach your target monthly income goal. But be aware of your finances before taking the leap.
- Be a jack-of- all trades.
You need to learn the real estate business from the ground up, including all the small tedious details, before you delegate out. As you become more knowledgeable and start doing deals, you can hire people (Virtual Assistants) and train those beneath you to take some of the burdens off your shoulders.
And this is for 2 important reasons:
- You know enough and don’t stress out when something goes wrong or key employees quit on you. You can fill in and keep your real estate business moving forward until you find someone else to step in the position.
- You know what to expect and therefore you can monitor the performance of your employees.
- Set Short and Long Term Goals
“In 6 months I am going to quit my job with $5k a month income from real estate.”
“In 1 year I will have a business where I close 3+ deals a month and a monthly income of $30,000 or more.”
“In 5 years I will be wholesaling 10+ properties a month, have 50 doors for rentals and fix and flip at least 6 properties a year.”
I am sharing the goals I had set for myself, which I ended up surpassing, when I was looking to transition from corporate to real estate investing.
- Work on your mindset
You will be going through some lifestyle changes. You are shifting into different dynamics. You need to work on yourself and your mindset, and even more so as you progress in your journey as an entrepreneur.
In conclusion …
Being your own boss and owning a successful real estate business are the most rewarding feelings imaginable, but you need to prepare and plan accordingly.
You want to put yourself in a position where you don’t step back and take unnecessary risks, but take a leap forward in your lifestyle, income and happiness.
Don’t forget to download
“The 7 Steps to Transition from a J.O.B to Your Own Real Estate Investing Business”