Snowball Effect to Achieve Life Goals

[Thomas MacDonald]

Hi All,

I would like assistance on where to focus my attention for starting out.

Right now I have about 10k total in my checking and savings accounts, and have over 60k in credit lines (through credit cards).

My goal is to flip full time and quit my 9-5 job which I loathe. I gave myself a deadline of July 11th to quit my day job and become an entrepreneur (it is my 25th birthday). This will assist in urgency and action in my mind.

I have an agent, and a title company. I have called around and gotten hard money quotes, but every lender requires 30% down or more. I do not have that to be transparent, and do not have connections to private money either.

My question is, should I get pre-approved for a loan for offers then wholesale to build capital for potential flips, or is there another avenue?

Again, my goal is to quit my 9-5 in 113 days (upon posting this 3/20/2023), so any advice towards reaching this goal is much appreciated.

Thank you for your time,

Thomas

[Esta Ryder]

Hi Thomas!  First of all, great job having such clear plans and being a go-getter.  That is very impressive!  Now here is my opinion as someone in real estate for 17 years and a full-time entrepreneur (and married to one).  Slow down just a bit.  $10K in savings and checking is a great start!  But quitting your full-time job with only $10K in cash and the rest in credit cards may not end up the way you want it to.  I love that you want to get out of a job that you don't like and that you have goals with a clear deadline to make that happen.  I love that you already have a title company and Realtor in place.  My suggestion would be to talk to a financial planner or someone similar to help you set the financial goals for quitting your job.  A suggestion might be to have purchased your first property by your birthday and quit your full-time job by your 26th birthday.  Again, I don't want to crush your goals because they are great goals.  But I have seen too many investors in over their heads and one of the ways this happens is lack of money. So I am just giving you a few things to think about.  Although I sound like a dream crusher, I am really not trying to be.  I do know that you will be successful because of the way you set great goals- clearly defined and a time frame.