Quitting His 6-Figure Job with Just 4 Rental Properties!?

TL;DR

Matt considers quitting his job for real estate investing.

Transcript

this is real estate rookie episode 347 my name is Ashley care and I am here with my co-host Tony J Robinson and welcome to the real estate Ricky podcast where every week twice a week we bring you the inspiration motivation and stories you need to hear to Kickstart your investing journey and today we've got an amazing guest uh Matt marcelis and uh M... Read More

Key Insights

• Matt Marcelissen is contemplating leaving his six-figure job to focus on real estate investing, having already built a portfolio of four properties and 11 doors.
• Matt's journey began in 2017 when he realized he was living paycheck to paycheck despite a high income, prompting a lifestyle change and a focus on savings.
• He started flipping houses, learning the ropes by analyzing deals, visiting properties, and educating himself through resources like Bigger Pockets.
• Matt faced challenges, such as losing $20,000 to a contractor, but persevered by completing the work himself and eventually selling the property for a profit.
• His current portfolio is valued at $2.2 million with $700,000 in equity, and he has a monthly real estate income of $4,000.
• Ashley and Tony advise Matt to consider part-time work or outsourcing tasks to virtual assistants to balance his job and real estate pursuits.
• The decision to quit a stable job involves weighing financial security against the potential growth and satisfaction of focusing on real estate full-time.
• Matt is advised to secure another bank loan before quitting his job to maximize financing opportunities while he has a W2 income.

Questions & Answers

Q: What prompted Matt to consider quitting his job?

Matt is contemplating quitting his job because he feels exhausted after work and unable to focus on his real estate business. He believes that dedicating more time to real estate could lead to significant growth and success, as he currently has a portfolio of four properties and 11 doors.

Q: How did Matt begin his real estate investing journey?

Matt's real estate journey began in 2017 when he realized he was living paycheck to paycheck despite earning a six-figure salary. He made lifestyle changes to save money and started educating himself on real estate investing through resources like Bigger Pockets, focusing initially on house flipping.

Q: What challenges did Matt face in his real estate journey?

Matt faced several challenges, including losing $20,000 to a contractor who walked off the job. He overcame this by completing the renovation work himself, learning through YouTube, and eventually selling the property for a profit. He also dealt with difficult appraisals and tenant issues in his rental properties.

Q: What advice did Ashley and Tony give to Matt regarding his decision?

Ashley and Tony advised Matt to consider working part-time or outsourcing tasks to virtual assistants to balance his job and real estate pursuits. They emphasized the importance of maintaining financial security while exploring opportunities to grow his real estate business.

Q: What is Matt's current financial position?

Matt's current portfolio is valued at $2.2 million with $700,000 in equity. He has a monthly real estate income of $4,000 and a significant amount in savings. He is considering how to leverage this to support a potential transition to full-time real estate investing.

Q: Why is securing another bank loan important before quitting his job?

Securing another bank loan is important for Matt because having a W2 income makes him more bankable. This would allow him to maximize financing opportunities for purchasing additional properties before potentially transitioning to full-time real estate investing.

Q: What alternative income streams could Matt explore?

Matt could explore alternative income streams such as part-time consulting, outsourcing tasks to virtual assistants, or providing services to other Real Estate Investors. This could include property management or wholesaling deals, leveraging his existing skills and experience in real estate.

Q: What is the significance of Matt's decision to potentially quit his job?

Matt's decision to potentially quit his job is significant because it represents a shift from financial security to pursuing a passion for real estate. The decision involves balancing risks and rewards, considering the potential for growth in his real estate business against the stability of his current job.

Summary & Key Takeaways

• Matt Marcelissen is at a crossroads, deciding whether to quit his six-figure job to focus on his real estate portfolio, which includes four properties and 11 doors. The podcast explores his journey, challenges, and the advice given by hosts Ashley and Tony.

• Matt began his real estate journey after realizing he was living paycheck to paycheck despite a high income. He changed his lifestyle, focused on savings, and educated himself on real estate investing, starting with house flipping.

• Despite setbacks, such as losing money to a contractor, Matt successfully flipped properties and built a significant portfolio. The hosts advise him on balancing his job and real estate, suggesting part-time work and outsourcing.