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I Want To Quit My Job

wgraham

wgraham

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I Want To Quit My Job




WRITTEN BY WADE GRAHAM | 23 MARCH 2011


sunny-beach-palm.jpg
I have been talking with a lot of people lately about real estate as it seams to be sexy once again. Some people are possible joint venture partners, others are wanna be full time real estate investors and others are just people on the street but there seems to be a very common theme that I hadn't heard durring the recession that I am now hearing again: I want to quit my job....


This certainly going to be a hypocritical article because there was a time that I too wanted to quit my job to become a full time investor but I will dive into those details in a moment.


My first question to the people I am talking Investment Real Estate with is "Why does this interest you?" I am a firm believer that without a VERY strong "why" the "how" never becomes a problem. If you know exactly "why" you are getting up each moring to do what ever it is you do then "how" you actually accomplish that is irrelevant.


When asked "Why do you want to invest in real estate?" here are the top 5 answers I get from people:


[*]I want to quit my job
0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px;">I want a nicer house
[*]I want a new car
[*]I need to retire some how
[*]I want to live on a beach


I don't want to sound petty but none of these things will drive you to do whatever it takes to succeed in this game I call Investment Real Estate or anything else for that matter.


Here are some of the best answers I have heard:

[list type=decimal]
[*]I left my family in another country and I want them to have the life I do
I never got an education and I want to make sure that my son does
My parrents mean the world to me but they sacrificed everything so I could go to school. I want to make sure that they are taken care of.
I know that I have a gift to give the world and I want to share that with them.
[/list type=decimal]

These are reason that drive us! These are the desires that force us to be more than we think we can be so that we might achieve those things dear to our souls. Notice how the best answers really have nothing to do with the person themselves. No car will ever do that.


For those looking to quit their jobs, I have a question: What is so painful at your current job that suffering through to this point hasn't made you make changes already? Trust me....one of the hardest "jobs" I have ever had is my Investment Real Estate business. It isn't going to get any easier for you in this business.

0px; text-align: justify;">To those looking for material things. Have the things you got already filled that void you feel in your life? I bet not and a new house or car isn't going to either. Don't get me wrong, I love the new Audi R4 and a big alpine home on the side of a lake wouldn't hurt me but they are not the drivers. They are just possible results.

Unfortunately some people end up in the "Oh shit, I can't work any more and need to retire but haven't got any way to do it" boat. I don't know how many people have come to me looking for some life line to save them. This is a sad and unfortunate place to be but many Canadians are finding themselves in this position. We will see fewer baby boomers retire than we thought simply because`.well`.they can't. Quite honestly, I can't help these people! They are in a desperate situation and investing with me will only add additional stresses to their situation and the investment. Making decisions because you "have to" vs "what is best" will inevitably compromise the investment.


And lastly, there are those who just want to kick back and sit on a beach somewhere! In almost every vision board I have seen (you know that thing they tell you to do in the move The Secret) there is a picture of a beautiful beach on it. I quickly inquire about the beach photo and the person usually answers "We are going to move to mexico and retire in a couple of years!" I have one big problem with this, how is it that you are so driven that you are going to build a mulit-million dollar portfolio of cash flowing real estate that will take years, tears and many beers to accomplish and then one day you are just going to move to a beach and read books for the rest of your life? I just doesn't add up. You are either driven or not and if you have the drive to build the financial freedom that the idea of sitting on a beach for the rest of your life almost makes you sick or you are not that driven and you won't accomplish the goal in the first place`..so which is it?


Your why has to be incredibly clear and strong! It has to almost bring you to tears. It has to drive you to do what needs to be done to have success in what could be the hardest goal I have ever had which is to be a successful real estate investor.


So for those of you wanting to quit your jobs because they suck the life out of you, those wanting bigger houses and fancier cars, those who want to retire but can't, and lastly those who want to pull the plug and sit on a beach, please`.pretty please`.get to the root of your issues because Investment Real Estate isn't going to solve them but only make them worse!


To those with clear "Why's" that mean the world to you, I would like to congratulate you and I will see you on the beach!
 
Good post! For me, all investments have the same 'why', which is to have significantly more money tomorrow than I have today. I'm already living the stress free life that I want.



Best regards.
 
Excellent post!



Although, the aspect of living at the beach doesn't sound too bad!



Dont get me wrong... i absolutely LOVE my job... but even more than that, i'd love to build a future where i can take my kids fishing on a tuesday or anyday of the week for that matter while i still have my health. Money is not what im after- although, it allows you to do things (for yourself, or more importantly- others) that you couldnt do without it.



I totally agree that money, or the material things it could buy is not nearly enough to drive me. Ive just never cared enough about it.



Great post again.



jon
 
Yes Jon, having the freedom to spend time with my family is certainly in my "Why" and getting out fishing with your kids is a great reason to invest and get your time back.



Rickson, cold and calculated as always :) You remind me of Kevin from Dragons Den....he wants to make money and doesn't hide that fact in the least.
 
Sadly the majority of people that want to get into income investment properties actually think it looks easy.

They believe all it takes is money or credit and have no concept of the amount of work or the stress levels associated with the business.



Most going in with that opinion will fail miserably blaming everyone but themselves.
 
I never quit my job. I just got laid off 2 years ago. Nothing to do with the boom/bust, just the company not doing well with a pretty niche product. I have always hated selling anyway.



Since I "quit", I bought another crappy old house and fixed it up so it looks beautiful. So nice that I'd live in it myself if I didn' have 4 kids. The reward of seeing a nice finished product at the end of the day is personally gratifying, so that is one reason I am in this business (now full time). It was all my effort that looked so nice when complete. You rarely see that when working for a company, and you are only as good as your last sale. I will also turn a tidy $60K plus profit on the lease contract, plus $600 per month income. That is pretty much my average income over the last 4-5 years in one deal.



This year I bought a cheap piece of land next to my lease flip. I divided it into 3 lots and had a guy buy 2 of them for twice the price of my land. I got a free lot and a bit of extra cash simply for calling a number on a wooden For Sale sign. I am building a new house on the lot (something I have never done), as I have been in renos mostly. I am learning what it takes to build a home. My building costs will run me $170K, and I will sell the house for around $270K.



Last year between finishing my flip/lease and buing my land, I spent looking after my 2 young sons at home, and greeting my 2 daughters when they came home from school. I am home so much, our friends and neighbours wonder where we get all our money.They may think I am a dealer LOL!!!



Like many respondents here, I am already living comfortably off the rental properties I have built over the past 4 years, plus the flips and other investment decisions I have made. It all would have been hard to do if I was working a full time job for some boss that could "quit" me any minute. I should also point that my wife has a decent income (not spectacular, but well above average) which has allowed me to be at home for some time, and also get the necessary & appropriate financing (HELOCs and other LOCs) in place before I "quit" work.



I would say that if you do not quit the job, then I feel you will have a difficult time simply driving the streets finding the deals. Another thing I love to do as part of this exciting business.



I am taking my wife and 4 kids to Florida in May for 3 weeks. I'd never do this while I was working full time. Hmmph, I was lucky to get 3 weeks paid vacation.



I love what I do. I love being with my family. Be impossible to go back and work for another employer ever. The sooner you can afford to quit and go full time, the better.
 
I could have added this to my previous post, but I already edited that one 20 times. Outside the enjoyment I get from working and searching for the deals in real estate, is knowing that I am building a retirement portfolio that will pay me a good salary indefinitely, when/if I hang up my hammer and calulator.



What the hell are us 30-50 something chumps going to live off in 20 years time anyway? Canada Pension!!! ! Yeeikes!!!



I feel better knowing that, while I am home looking after my kids on a snow day, I am also looking after our retirement income trough our real estate investments - thanks very much.
 
[quote user=invst4profit]Sadly the majority of people that want to get into income investment properties actually think it looks easy.

They believe all it takes is money or credit and have no concept of the amount of work or the stress levels associated with the business.



Most going in with that opinion will fail miserably blaming everyone but themselves.





"We don't see things as they are, we see them as we are." - Anais Nin
 
Thank you very much for this gentle reminder! Something I have heard many times as it relates to business, the why has to be so strong is almost hurts. Without the why, nothing else matters. Material things come and go and society always tempts us with more.
 
Very well said. Our kids are only with us so long. Enjoy them while we can. BTW, I would love to send you all the snow I have...a little much for me right now!
 
[quote user=LAndersen] Very well said. Our kids are only with us so long. Enjoy them while we can. BTW, I would love to send you all the snow I have...a little much for me right now!




he he - you can kep your snow. My builders stop when it snows. For coffee breaks LOL!
 
[quote user=Rickson9]

"We don't see things as they are, we see them as we are." - Anais Nin





This is a great quote, and very applicable to real estate. I went and looked at a condo yesterday evening, and recalled that I had looked at a different condo in the same building ~1.5 years ago. I realize now that it was a great deal, but it wouldn't have worked for me then, since I didn't know everything I would have needed to make it a success.



Was that condo a bad deal? No. Was it a bad deal for me? Absolutely. I didn't have the required skills and knowledge at that time to turn that from a real estate listing into a successful rental property, and I couldn't have marketed it to the right tenant base the way it was. Not buying it was the right choice based on who I was at the time, but I'm sure whoever did buy it got a great deal.



Regards,



Michael
 
I support Greg's post





[quote user=invst4profit]Sadly the majority of people that want to get into income investment properties actually think it looks easy.

They believe all it takes is money or credit and have no concept of the amount of work or the stress levels associated with the business.



Most going in with that opinion will fail miserably blaming everyone but themselves.
 
Two quotes I like:



Better to have tried and failed than to have never tried at all..... some education, planning and preparation is still warranted.



Better to die on your feet than live on your knees..... Dramatic perhaps! But in a ligther sense - be your own boss.
 
Might we say the belize of sitting on a beach drinking Mai tai's is a dream of the "masses". I don't know about you but any successful person can't do that very long before they get the "itch" again to do "more" With more money, comes more responsibility.



People in the rat race chase this fallacy of "doing nothing".
 
[quote user=johnsu] Might we say the belize of sitting on a beach drinking Mai tai's is a dream of the "masses". I don't know about you but any successful person can't do that very long before they get the "itch" again to do "more" With more money, comes more responsibility.



People in the rat race chase this fallacy of "doing nothing".




It isn't necessarily flattering that an individual's overwhelming desire is to use a hamster wheel to drop more pellets out of a dispenser.



Personally I love "doing nothing". It's underrated.



Best regards.
 
[quote user=johnsu] Might we say the belize of sitting on a beach drinking Mai tai's is a dream of the "masses". I don't know about you but any successful person can't do that very long before they get the "itch" again to do "more" With more money, comes more responsibility.



People in the rat race chase this fallacy of "doing nothing".




Doing nothing or doing something is largely irrelevant. It is the freedom to choose that most people crave if they sit and think about what really motivates them. Different people just chose to express that desire in a different manner.



Mike
 
Hi everyone,



I'm a complete newbie at real estate investing and this article is an absolute confirmation that I'm on the right path. Thank you.



Upon immigrating to Canada over 15 years ago, my father sacrificed his life dreams and his entire savings to raise and support us through school. And like many immigrant families, he has no retirement savings for himself and cannot afford to stop working. I have two goals: to build and generate some monthly income in addition to my job so that I can support my dad's retirement, and to achieve a level of financial freedom so that I have the option to work part-time while having a family of my own.



So I really cherish every advice all you seasoned real estate investors can impart on me because I love learning from you. I would love having a mentor (or a few) as well and perhaps the ACRE weekend will help me get connected.
 
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