Was anyone else a carpenter or tradesman before they got started??

Question

I've been a carpenter for 10 yrs and I'm ready to quit and start my own business.  I plan on flipping houses in the Pittsburgh area.  I've run the numbers on properties  and even being conservative, the results look great.  I'm only 27, married no kids, $100k in retirement savings, very smart when it comes to finances.  I figure if there is a time to try this the time is now.  Im just having a hard time executing my plan,  I'm excited but very nervous at the same time even when I know I can do this.  How can I get over this?  I'm thinking I'm just going to have to buy a house, tell my boss I'm done, and get the house done ASAP and listed for sale.

Brian Mathews · Answer

While I think this is the best time for you since you're single and no kids, cause when you have those, a lot of things change.  Including having less money and time.    I don't think I'd quit just yet though.  I might work and do a house or two and get your feet wet.  There was a post yesterday from a guy that it getting back into the game after 5 years, because it's taken him that long to get the mess cleaned up financially from a house he flipped.

Matthew Paul · Answer

Dont give up your day job . I have been a contractor for 30 years . I have rentals and I have rehabbed a few . But I make better money at much lower risk by working on other peoples projects . 1st . I am not using my money on someones home improvement project , its theirs , working on draws I NEVER have my funds at risk.  2nd.  When problems occur outside the scope of work , I generally make more money , not less . 3rd .  I find my deals by being a contractor , talking to customers , they are a wealth of info , whos thinking of selling , who is having money problems in the neighborhood .

Tyler Zindars · Answer

Its never too late to jump into the real estate market. I highly recommend reading some good books on the subject if you haven't done so yet. Also, try and partner with a local bank in the area. You will find the local banks versus the big banks may be more likely to help you with financing as they have a vested interest in improving the neighborhood. Establishing a relationship with a local bank is very important!

Steven J. · Answer

I would suggest partnering up with another investor in the area. Try to find a good deal, offer your services for free or at a steep discount in exchange for learning the business. Hopefully, in the end you are an asset to that investor and you have a long term investing partner.