New Member

[st_michael]

Hello! I have been a guest off and on for the past several months. I have really enjoyed reading previous posts and picked up some valuable info. I have just started in real estate after doing 24+ years for a Fortune 500 Co. I left the company in the fall of "03".
I took 1 year off to spend with my wife and 4 children age's 6 to 20. Best decision I ever made, feel like a new man! I did not realize the stress I was under until about 6 month's into my break. With the age of my kid's and our busy household I have headed back to work, time to give the wife some space. I am 44 years old and at this point would like to ER at 50. This site has really made me look at several angles for ER. Looking forward to contributing and getting advice from this board.
Mike

 

[bow-tie]

Welcome.

Real Estate huh? Selling it? Realtor?

 

[grlcndream]

How are you liking it? That is my goal as well. I work for a Fortune 500 company now and it's my dream to quit and get my real estate license. I am looking at a potential lay off situation right now which would allow me to do that if it goes through. Just curious how you are adjusting from the 8-5 grind (but steady paycheck) to real estate

 

[st_michael]

So far I'm loving it! Finance, real estate and helping people has always interested me. I wanted a job where I could make some money, but also wanted my freedom!
I have no problem working hard, but I also like to play hard. So if I can build up a good client and referral base over the next few years, I would like to continue in real estate but just take more time off. I do have a good pension also with my former which I have not decided yet when to draw. It is $2800 at 65 or around $1500 at 55. The first 3 months I sold/listed nothing, just filled the funnel. I have 2 down so far in January! It's all about meeting people and marketing yourself to keep the funnel full. Yes, I do miss the monthly paycheck! and some of the people, but that is it. No more butt chewing on a regular basis or politics!

 

[grlcndream]

Amen to that Thank you for posting - it was inspirational to me!

 

[st_michael]

I am selling, no Brokers license until 2 years exp under belt. At this point I do not want those headaches, just do my own thing.
I have several friends who have done well in real estate over the years. They suggested having a years salary put away to sustain you while getting started. Good advice!
My main motivation was to pick up a few investment properties, and be self employed.
The biggest sticker shock was health ins. Always covered under work. Ouch!

 

[grlcndream]

My severance will be 6 months salary plus bonus, vacation time, etc. I figure I can make that stretch one full year while getting started! I have one rental property, I want many more. I would love to get to a point where I have nice rental income and I supplement with real estate transactions. I would be a happy camper at that point.

 

[st_michael]

You can do a lot of things now to prepare you for the job switch. The biggest thing is to develop a contact list of names, numbers and address's in a data base. I brought a list of 400 contacts from previous employment.
You have a advantage over me in that you have a plan!
I went from 70 hours/wk, big check to quitting within a week of finally getting sick and tired of being sick and tired!! I would recommend a on-line course or live continuing education class'es as you progress towards your goal. It will make the transition that much easier.
Plus keep your current job from dragging you down, as you will be learning and keeping your mind active with other things.