I'm pretty new to the industry. I didn't start out planning to become a landlord, it was just convenient due to a personal medical situation.
After everything cleared up I formulated a plan to jump in to the industry so that I could retire early. I'd planned to sell my current 4 bedroom rental property and purchase a duplex-fourplex for my first step. I moved back home and saved some money so I would have a good down payment. Soon as I was about to hit my goal I was laid off, argh! My current rental property pays for all of my exenses, but the cash flow is very small. This is the 2nd time I've been laid off, and I am done with attempting to build a career in someone else's corpration.
Now that my job is gone, I have to figure out a new plan. What would you do in this industry if you lost your stream of regular income, but were sitting on $15,000? ($15,000 is not the total, but I'm a person who prefers to have a financial fission of 3-6months.)
What are your goals in terms of your career or what you want to be doing? If I were in your shoes, I would have a career goal of what I wanted to do and take actions that moved me closer to that goal. You're fortunate that you have that rental property to cover your obligatory expenses but do not get comfortable. If I were you my hair would be on fire and I'd be trying to find a job, any job, to bring in some income. Hope that give you some insight and that your luck turns around.
Unless you can partner with other people, you’ll need to make income. If you really not successful being an employee, how about try to build a business in real estate? Like property management or short term rental.
@Lori Jones . Given that you don't have a lot of cash nor lots of experience, I'm afraid you might still need to get a job to bring in some income while you continue to build your experience in Real Estate.
Without a job, you can't really get a decent loan from the bank to finance your RE projects. If you could find someone to invest with, that could be an option as well.
@Lori Jones No lender will lend to you without a stable source of income. At your current level, your rental income will not help you qualify for loans.
Furthermore, you will need a job (or another stabilized source of permanent income) to help you build up your investment capital. Not withstanding the frustration of working for someone else, you have a limited set of options - find a job or find a different source of income. Either way it has to be stable and consistent for lenders to provide financing.
@Lori Jones I’m pretty much gonna say what everyone else is going to say, you need to get another job.
Maybe switch fields if that’s possible but youll likely need another job
Focus your efforts on what ever is necessary for you to find a job that will be more secure. You can not invest without a income. You must find the highest paying job you can secure and expect to be there a minimum 10 years if not till retirement. Try, if possible, to find a employer that offers medical and pension benefits. You can always quit in the future but do not make choices based on that plan.You can not get ahead without working for a income.
By the same token you can not live at home and while you are there you need to be paying your parents rent.
having stable income will allow you to find a job you like. Jobs aren't bad, the wrong job is the problem. also having no job will crush your ability to use leverage.
take your time, find a place that you can use your talents, grow, and be inspired.
you can jump head first into real estate, but I would suggest that you implement a goal, plan on how to get there, then implement. What you're trying to do is just hobble into RE with the hand you've been dealt. Now this can work, but you're betting on luck to take you there. Instead, implement your strategy and create your luck
dont' sweat being canned. I've been canned a few times now I'm worth far more than anyone who's fired me.
Free eBook from BiggerPockets!
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.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing