When, if & how you should quit your job
I deal with all kinds of people. People who have quit, won't quit, want to quit, are scared to quit, should not quit and should not have quit. But before I give you a formula you can work with to decide, here's some important background.
In 2005 I quit as a local artist to get a job in property and in 2006 I quit working for a property company to set up Progressive Property with Mark Homer
Back then Mark had worked, saved and invested over many years to be in a position to 'jump' but I had ï¿¡30-ï¿¡40k of high interest credit card loans, no savings and plenty of naive enthusiasm!
Fast forward to now and we own & co-own about 650 properties fully or as a JV partner, HMO's & currently working on a 80,000 sqft shopping precinct to convert to 70 apartments, and have bought and sold or packaged around 90 more
It was a hard decision for Mark back then I know, but I had nothing to lose and was, looking back, glad to take the giant leap and burn the bridges
It can be done either way. If you make the hole you'll get resourceful and fill it, but it'll be a roller coaster. If you wait and plan it may never come and you'll miss opportunities that present themselves, so you'd need to be strict on a goal date and work hard and smart evenings and weekends (which will be totally worth it if you keep going)
It made such a huge difference having Mark as a great partner (someone to celebrate with, listen to my paddy's, shoulders to cry on and a sense that you're not alone) and the property community which is mostly very supportive, encouraging and sharing
With the internet, groups like this, many people willing to share and some good trainers out there, you've got every chance and I'd be privileged to help in any way I can
Is property your business (or could you see it being) or a vehicle to your financial outcome? It will need to be your passion to keep you going through the bumps - and happens to be a great business that mixes social and business in one so it doesn't seem like work (to me at least)
Be wary/aware of staying in your job just for buy to let mortgages (commercial lenders aside), although it will help greatly & is constantly changing as we speak; you may never leave (if you want property as a business). There will always be a jump, and you'll never have years of history in the accounts of your business until you have years of history in that business. Mortgage criteria constantly changes, and whilst right now it's minimum job income required it will likely evolve over time. You should build your strategy around your goals, and what you can control
There are other ways to access and raise finance through private investors, JV partners and so on. You can work with family members and partners and build a cash-network. You don't have to purchase all your properties either. No one is saying this will all fall out of the sky; but what once is impossible becomes normal when it's been done enough.
Here's a formula you can work on:
1. What is your vision for being in property
2. Do you actually want to quit your job (do you love it or not)
3. Set a specific date in the future to go down to part time or quit
4. Work out the net cashflow required to cover overheads and be able to quit job
5. Set daily, weekly, monthly & years actions to achieve the cashflow figure & pool all resources/take all actions required
6. If required, get a mentor to help
There is no right or wrong answer to whether or when you should; there is only the answer that works best for YOU. An important question to ask is whether or not you “love†your job, as this should certainly influence your decision.
There will always be benefits and drawbacks, and your personality plays an important role in this decision. You can always start preparing yourself, make your plan and choose your strategy.
Here's the VIDEO version of the article:
Please post below if you have any Q's