Each month, I am documenting all the steps I am taking as I go through the process of quitting my job with passive income. There are always ups and downs in this process but most importantly, this is a game of patience. The month of February has proven true for my passive income business.
Since I have less than 4 months before I quit, I have been pushing really hard to gain as much monthly passive income as I can get. Also, I have been listening to people much smarter than me and what they are saying about the state of the economy. Not just the economy in America, but the entire world.
Recently, a man I greatly respect in the business world gave an astonishing prediction. He says there is a 100% probability America will enter into recession in 2016.
Jim Rogers is saying that the rest of the world’s economies will unravel and everyone will try to take refuge in the American dollar as a safe haven for money. The problem is that America is just like the rest of the world. The endless printing of money has made our economy so unsafe that it is bound to come crashing down.
Now, I know there are always doomsday believers and skeptics out there who will tell you that the sky is falling. I do not generally believe the hype about all this but what if they are correct? What if this year, the year that I decide to quit my job, the economy does what it did in 2009?
If the economy does take a dive, there will be a huger buyers market for all types of real estate. Remember 2010? After the real estate bust, prices of homes were almost cut in half? I purchased in 2004 for $260,000 but then had to short sale it for $150,000 in 2010!
If you have cash, and know the business model for investing, you can pick up many properties for $.50 on the dollar just like in 2010. I for one am looking forward to this next downturn because I will be able to purchase even more properties than ever before and make even more passive income.
Now, if I am to quit my job, that would be less money I have to purchase more properties.
On the other hand, I would have much more time to invest in my passive income businesses which would allow me to potentially make dramatically more than I ever could working for someone else.
Since I have the passive income to quit my job right now, the big question is: Should I quit in 2016 or wait a few more months?
Let’s look at the pro’s and con’s:
Pros for Quitting My Job in August 2016:
- Already have enough money in passive income to quit my job
- Not having a job will allow me to focus on my businesses
- More time spent on my business will bring in more passive income
- More time to spend with the family and doing the things I want to do with my time
- Not be tied down to living in a town because of a job
- moving to a location that has a lower cost of living (Phoenix AZ) would make my $ go much further
Cons for Quitting My Job in August 2016:
- Not having a job will decrease my current income by $4200 a month
- Not having the steady monthly income
- Not having $4200 a month income will increase my debt to income ratio making it harder to get loans on my properties
- Relying on rental income for living comes in waves. Good months and bad months
- Dependent on others for income
- Unsure about economy and future of the dollar
- Elections are coming up. If a socialist is president, all my money will be taken away and given to whoever they wish
What I am really thinking is that the timing of my departure may need to be adjusted a few months. Waiting until January of 2017 would allow me to reassess the situation, gain more passive income, build my passive income businesses more, and make a better decision about the future for myself and my family.
I am leaning toward giving myself one extension of 6-8 months to see how the economy, elections, income all turn out.
What are your thoughts? Leave me a comment below or send me an email email@example.com.
Current Passive Income Business
After almost 10 years of investing, I control 19 rental properties. Without giving exact figures, I can let you know about what total income looks like each month. I only buy properties that make me at least $300-$400 a month in passive income. The most recent property in Houston will make $800 a month.
I am just about to finish the B.R.R.R.R. process with the Houston property. I purchased the property for $151,000 cash and am pulling out $161,000 out from the equity of the home through delayed financing. After the refinance, I will have $0 money into the deal and be making $800 each month in passive income!
Another property popped up on my radar for my next purchase but I have not done much due diligence yet. The property is selling for $139,000 and the market value is $199,000. There is about $20,000 worth of work to fix up the property and it should rent for $1,900 a month.With these numbers, the property will make about $700 a month in passive income. Not sure if this is my next property but I’ll keep you posted.
Master Passive Income Business
I have had many conversations with people who want to get into the real estate investing business. They ask so many great questions which I am able to help them understand the business and get them investing.
Currently, I have personally helped 10 people change their lives with coaching on getting their investment business going.
Because my time is limited, I am going to create an online course with personal coaching that will help regular people take the leap into investing in real estate. I would like to see all of you start investing and an online course with personal coaching may be just the thing you need.
Your Opportunity to Become a Launch Team Member
I need a launch team of people who would like to join in an get a substantial discount on the personal coaching and lifetime membership to the online course.
Let me know ASAP because it is first come first serve. I only have enough room for 5 people who would like to get in on the launch team. After all the coaching and course work is done, you will be buying your first property making passive income each month!
What do you think? Would you like me to open up my business to you and get you started investing in real estate?
Send me an email letting me know firstname.lastname@example.org.
Currently my book “How to Quit Your Job with Rental Properties” is selling well enough to bring in about $50 each month in passive income. It reached as high as #13 in the career category and people are really getting a lot out of it.
Recently a lady named Stella, gave me a great 5 star review saying “I admit that I purchased this book How To Quit Your Job With Rental Properties; A Step by Step Guide To Unlocking Passive Income by Investing In Real Estate by Dustin Heiner as a way of helping me to further understand the way a real estate investor and/or seller thinks in order to help me achieve my intent to purchase a completely paid for home (new or an older fixer upper)for my husband and I by the years 2030-2031 or sooner.
However, I also write this with the understanding that I might change my mind and want to go about being a real estate investor somewhere down the road. Anyhow, this kindle book gives ideas for the ways a person can insure their real estate investment, there is also a helpful goal setting section such as obviously starting with the end goal in mind, an example of a rental home that costs $100,000,finding your target income amount, the author informatively compares a $100,000 single family home built after 1980 compared to a $40,000 single family home built after 1950, and more. ”
Thank you Stella!
I am currently writing a new book called “Lasting Marriage” which is about how to strengthen marriages through the bible. I am almost at 50,000 words and am half way done. This is taking a lot of my time and energy. I try to write at least 1000 words each day. My goal is to be done by the end of March and for sale in April
This book will open a new avenue of business for me. I hope to start and increase another blog like masterpassiveincome.com to help marriages thrive and be successful.
I have not made up my mind to delay the drop dead date but am still on the fence. After the next couple months, I’ll be in a better position to make the best decision for myself and my family.
How are you doing in you plan to escape the rat race?
Leave me a comment below. I love hearing from you!