Atypical pre-REI situation: lower choppy income, new small biz

2 Replies

Hey all, brand spanking new to this forum and looking for guidance for a situation I haven't noticed being covered. Apologies in advance if there's too much detail!

So I really want to set myself up to get I to REI as soon as possible, but I'm not the typical 9-to-5, $50k/year office worker much of the advice caters to. I'm a $25k/year licensed massage therapist, just hit my first year of solo business (so still inconsistent revenue) while gradually tapering off my main job (diminishing revenue), so I'm entering a phase of much less predictable income. I've already learned to live pretty frugally with expenses around $1400/mo, though I could tighten up a bit more again. Still have around $20k in low to no-interest debt, and have about $7500 in savings.

My goal is financial independence in 10 years via building my business into a large practice while investing in buy and hold rental properties.

I know I basically need to knock out the debt, and save up for my first down payment. It just feels like a bit of a slow and lonely path I'll be on for a while, so I'm just looking for any inspiration, direction or advice I can get right now! 

Updated 8 months ago

Bonus: if you've read "Set For Life" by Scott Trench, would it even be applicable to someone in my situation since it's directed at higher income people?

Are you projecting you’ll be making much more than 25k a year in the near future? If so that would be fine if not that’s going to be hard to live on and invest.

Typically for self employment (conventional mortgages) you need 2 years of tax returns. In your case your best option is probably non conventional mortgage, aka private lender or some other source

Good luck !

Definitely plan on bringing in more in the future, but not sure how long it'll take. Hopefully I can at least equal this year's income over the next year after cutting the cord to the company I'm with.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.