Many of my students ask me this question, "Should I Quit My Job?"

I am very conservative in my thinking on this and suggest you have at least a one year cushion in the bank before you think you are hot stuff and go quitting your job to rehab full time.

The money in your account does not include the money you will need to rehab the home and the holding costs. If you are managing your project correctly there should be no problem of working your full time job and rehabbing homes. It is also a lot easier to borrow money when you have a job. Banks do not like lending money to self employed people. They think we are a big risk - I would guess.

Also, you may think you have enough money to rehab your property in the beginning but there are always problems that could arise that you may have been unaware of and then you have no way borrowing additional money from the banks - again because they are uneasy to lending money out to someone self employed.

So, don't rush into becoming self employed and pull the trigger too fast. You'll have the rest of your life to be your own boss. Just make sure the timing is right. You are going to be learning a new business of rehabbing homes and you should not have the added stress of money or lack of on top of quitting your job. It will be a luxury worth waiting for once the opportunity presents itself.

Mandy Sheckles is the founder and President of The Wealth Corp. Her company offers Property Rehabbing Education to students around the country. In just eight years, she went from flat broke to being a real estate millionaire.