2. Control Blog

Quit Your Job in Only 1 Year

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It’s Easy When You Know How. Probably the most common goal you have when you look at Real Estate Investing is to be able to quit your job in only 1 year.

So, maybe you are sick and tired of your work or you don’t want to put up with the day-to-day grind anymore.

The biggest mistake you could make is looking for the get rich quick method and fall into the trap of looking for the quick money investment.

 

You hear about someone who bought a $200K home for $150K and fixed it up and sold it for $250K. Yes, those deals are out there but I don’t recommend doing a Fix and Flip as a beginner.

 

You can add Fix and Flips later as you become more experienced. Actually, I don’t like Fix and Flips at any time. I think they are too risky.

I like my Get Rich Slow method.

The following is an example with some estimated projected cash flows based on typical amounts that I either receive or pay out.

 

Step 1: Get Experience

The first thing you should do is get some quick experience. You need to find some investors who are looking for investment properties. Find out what their ideal investment profile is and start looking for investments that match their profile.

Once you find something they like, send them a referral. Do a few of these until your are comfortable with the process. You will start earning some quick cash too. (Quick Cash $1K to $3K)

Step 2: Get Involved

Next, you actually want to get involved in the process.

Make an offer and put an investment under contract.

Once you have the deal in place present it to your investors. If they like the investment, then assign it to them. Assignments require a bit more involvement but they usually have a higher return (Cash $5K – $10K)

Step 3: Start Your Portfolio

Lease Options are my favorite investment strategy and the easiest way to start your own Real Estate Investment portfolio. Start with Sandwich Lease Options.

You will get your properties from motivated sellers or by partnering with an investor and get them to buy the property. Then you simply do a Lease Option with your investor.

Your payment will come from the Tenant Buyer and the Investor. You will get an initial payment, plus monthly payments and a final payment at the end of the Lease Option term. (Initial Cash $3K from tenant $4K from investor. Monthly payments of $300 per month for 6 months = $1,800. And finally, $10K – $20K in 3 years or so.

So, assuming you need to make $50K a year to quit your job, you need to do a combination of these deals.

For example, let’s say you did 10 referrals at $2K, plus 4 assignments at $5K and 2 Lease Options at $7K plus $1,800. That’s a total of $20K + $20K + $14K + $3,600 =  $57,600. Close enough.

If you need more money you do more deals or you do deals with better returns. You are also getting the payout at the end of the Lease Option.

Once you have earned enough money, you can provide yourself with a salary from these earnings and quit your job.

Now you have more time to do more deals and to start your own retirement strategy.

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