BiggerPockets Real Estate Podcast - Bonus: 2 Legit or Quit? (Signs You Should Quit Your Job ASAP)

Episode Date: August 20, 2022

Should you quit your job? If you’re a new investor, this question can be extremely daunting. W-2s provide security, insurance, and consistent income so you can get approved for loans and lending. But at some point, especially as things take off, holding onto a job could be holding you back. But how do you know whether or not it’s time to quit? Take advice from some veteran quitters, Pat Hiban and Tim Rhode. You may have heard Pat and Tim on episode 648 of the BiggerPockets Real Estate Podcast, where they lay out their quitter’s journey on how leaving their lines of work made them more money with far less stress. Now, they’re taking live scenarios from BiggerPockets listeners and playing “2 Legit or Quit,” to give their expert insight on whether or not the job is worth the wage. Pick up Pat and Tim’s newest book, The Quitter’s Manifesto: Quit a Job You Hate for the Work You Love, today!  Link Mentioned in this Episode: Grab Your Copy of “The Quitter’s Manifesto” Hear Pat and Tim’s Past Episode 10 Challenges to Seriously Consider BEFORE Quitting Your Day Job Rob's Youtube Rob's Instagram Rob's TikTok Rob's Twitter Rob's BiggerPockets Profile David's BiggerPockets Profile David's Instagram Check the full episode: Why Winners Quit: The 5 Factors to Leaving a Soul-Sucking Job Learn more about your ad choices. Visit megaphone.fm/adchoices

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this is a no-brainer. So visit costsegregationguise.com slash BP for your free proposal and find out how much you could save this tax season. This is the Bigger Pockets Real Estate Podcast show. Too legit or quit? Hey, hey. What's going on, everyone? This is Eric Producer of the Bigger Pockets Real Estate podcast, I am hijacking the fee to drop you a bonus. Recently we covered why winners quit the five factors to leaving a soul-sucking job with David's own mentors. Episode 648 with Tim Road and Pat Highband. Authors of Bigger Pocket's own quitter's manifesto. Well, ironically, Tim's technology quit on him before we could even record a few handpick quit questions submitted from you.

The episode was jam-packed with great stories and advice, but I didn't want you to miss out on these reflections. here we are. Thanks for checking out this bonus mini episode too legit or quit and go listen to episode 648 if you haven't yet. We appreciate your sport. David, take it away. We are going to call this legit or quit. In this segment of the show, I'm going to read questions from different bigger pockets listeners. Question number one, this comes from Brandon in Stockton, California. That's my hood. It's about 20 minutes away from where I live right now and about 20 minutes away from where I grew up. I went to junior college there. Got to say, not the best. best area to go to college. Brandon says, I currently have a job that I do not like, but the overtime

is very plentiful right now and the job pays over six figures. I plan to look for a real estate related job, but I feel that in this crazy economy, it may be foolish to start over at a new company. I feel like I could miss out on capitalizing on the dip if I left now. Is Brandon's situation too legit or should he quit? I think it's a legit situation, but like everything, there's a time to sell the wine and a time not to. And maybe this is time to grab that extra over time and kind of concentrate on your day job while you go towards what's next. And there's some times when it's just time to observe and the market's kind of faltering.

This is a great time to learn what's next while making as much coin as you can in your day job. awesome i remember used the phrase coin when i was working at isidors too he told me i was making a lot of coin very funny to hear that again brandon you should quit and i'll tell you why because you could probably always go back right i don't know how old you are but i'm sure that most likely you could go back if it didn't work out also um we are in a phenomenal market and and this is a great time i believe to get into real estate a lot of people are looking at the perspective of how rates are like today versus how they were nine months ago. But if you look at how rates are 40 for the last 40 years,

you know what the average rate of the last 40 years is 9.25 on average. Like legitimately, that's an average. So if you look at it, it is still a massively good environment to be buying real estate in. and and I say you should go for it. I don't think I, it's going to be hard for me to tell you, you know, six figures. In this world, it's really not that much. Yeah. You know, at the end of the day, real estate agents are out.

There's real estate agents out there making millions now. Yeah, especially in California. Six figures isn't really the status symbol it was. It's like for sales. Yeah. Okay. Next question comes from Richie Fernand. Ritchie says, first off, I would like to confess that my goal with investing is to quit my W2 and

enjoy my time and wealth. I self-manage my properties and I actually enjoy doing it. My question is, do you see a benefit for me getting a real estate license to help in maybe seeing properties before other people do or saving on commissions? I started an online real estate courts recently, but I have 30 days to get my money back if I decide not to complete it. Like my goal is really to have my time, but I'm afraid getting my license and working under a broker will take more time away than what I want to get back. Thank you so much. Should Richie continue or quit? I personally, if I were you, I would not get my license. I would just go full on towards investing, um, go go all out on making money in real estate. There's a few reasons why you don't want your license.

You know, you put yourself into a place where you are under the watch and I of the Department of Real Estate that may or may not be a good thing for you. And I think it takes away from what you do. You will see, you will not see as many deals as you might, but I think it'll take you away from what you're really trying to do, which is investing. I would say, I think if Richie's worried about $99, he might not be ready to quit. I mean, I, you know, I mean, there's a lot of, in any type of sales, right, there's a lot of risk, right? Like, you literally, like, if you're a real estate agent starting from the beginning, and David knows this, and I know this, like, when I first started, I had nothing. You know what I mean? I had to go from zero to the first commission. And that takes a while. You know, and it's hard work. And you're going to waste a lot of time. You're going to waste money.

You're going to, you know, it's a big risk. And I think right now Richie is worried about both of those things, wasting time and wasting money. And the fact is you will waste time and you will waste money until you get paid your first commission. So I don't think it's worth it just to see other properties with Zillow and all that. That's for free. You don't need a license for that. Rob, what's your two cents on Richie's dilemma here? You know, I think that if they bought a course and then they have 30 days to complete it or they get their money back or whatever. I don't know.

I already feel like putting that out there has already set them up for failure. If you give yourself the out, then you're like, I'm not, you know, you're going to, you're you're basically going to take the out when you decide, you know, in a couple days if it wasn't right. So I sort of think in this scenario, the best thing they can do is actually follow through and do this and like learn everything. For example, this course, the 30 days, do it. Take the whole course. It sounds like you can still get your money back. So do the whole course, learn it before you decide if it's not something you want to do. Because if you decide that it's something you don't want to do before having even taken the course, then it's not, it is basically their fear that's

holding them back, not knowledge. So I think that they really have to do their homework here before they decide if this is something that they want to do. And Richie, then, then, so what he's saying is go for it and take a picture of yourself with a sold sign, giving me the finger. That's what you need to do. Proving. Proving me wrong. Yeah, the last piece I would add is many people look to try to improve their financial situation by improving the efficiency of the situation they're already in. So for example, I'm investing in real estate. Should I get my license so I can save on commissions? It sounds like, oh yeah, you could save some money on commissions. But in reality, the work you're putting into it for the payoff you're going to get, the juice is never going to

be worth the squeeze. And the same thing is like, well, I'll manage my own properties. That's how I'll save some money. That's like the worst thing ever. Like that's the first thing that I want to leverage to somebody else. So oftentimes I feel like what the emotion behind that is still fear is I don't want to have to go take a new job, start a new venture, possibly fail, maybe miss the next trapeze. So I'm just going to try to maximize the efficiency of the little trapeze that I'm already on. So Richie, I would ask yourself, what are you afraid of and what move could you make that would force you to address that fear and improve? You'll probably be much happier. You can find the book at biggerpockets.com slash quitters manifesto. That's Q-U-I-T-E-R-S-M-A-N-I-F-E-S-T-O. And if that's too much to remember, just go to

BiggerPockets.com slash store, and you can find the book there. Pat, thank you very much. Really appreciate you, man. It was great to see you again. Thanks for all you've done in my life and for what you've done for our audience here at Bigger Pockets. Appreciate it. Tim, same to you. Love you guys. Thank you all for listening to the Bigger Pockets Real Estate podcast. Make sure you get all our new episodes by subscribe. subscribing on YouTube, Apple, Spotify, or any other podcast platform. Our new episodes come out Monday, Wednesday, and Friday. I'm the host and executive producer of the show, Dave Meyer.

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