Updated over 1 year ago on . Most recent reply
Sink or swim. About to dive in.
I'm sure this is the same question asked a million times over, tear me a new one if you must. Long story short, I have a good career high pay for the area, lots of hours away from home and lots of stress. Completely burnt out. I've wanted out for a while and now with my newborn son, I look at him and know I can't do this anymore. Wife has a good job we can get by on her salary alone for at least 6 months to a year. We have access to around $200k if we go all in not including investors if we could find them. The plan I'm pondering is fix and flip and some BRRRR mixed in. Starting off I would be on the ground hustling doing a lot of the renovations myself and hopefully as it starts to take off contracting more out and dealing in more volume. I have extensive experience in home renovations and access to family members with even more experience. My dad could even be possibly be interested in partnering up on some deals. Is this idea as crazy as it sounds? Working my fulltime job and starting on the side isn't an option for us it absorbs 12-14 hours of my day everyday. The only way I can make this happen is jumping into it full throttle and scaling it to the moon. It has to be possible my son deserves a dad who's around to enjoy life with him and with an income to give him the life I never had. Have I lost my mind?
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Hey Alex, hope you are doing well!
Although this might seem like a super exciting way to "get out" of your current situation, please understand that REI is a very competitive and difficult business. And this is a business. And like most businesses, people fail at it all the time. What happens if you make a mistake (which almost everyone new at this does) and you lose 50,100,200k??
When people are desperate, they are also the most vulernable. Dont go by what you watch on youtube or read crazy success stories online. Debt is real and bankruptcies happen all the time.
Why not make a career change first?? It is MUCH easier to invest in real estate with a w2 job