Unemployed with 80k burning a hole in my pocket

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Unemployed with 80k burning a hole in my pocket

HAILEY ERSKINE
Member since 2018 · 14 posts · 8 votes

Hi,

I'm a single mom with a six month old baby. I have 80-100k of equity in my house I can easily pull out. My plan is to stay home with  my child to raise her. I can't get a new mortgage being I am currently unemployed staying at home raising her so buying where I am local in Colorado is not an option. I would like to invest out of state. I've been looking at roofstock.com, but open to other directions. The goal is to build a portfolio of ten houses over the next ten years. Maybe Morrisinvest.com? I'm open to suggestions. I'm going to make this work, I just am starting to get a grip on the details to make it happen! 

PS, I'm borrowing a 150k from my grandpa to flip a house down here. Should give me another 50k or so to work with in the next year. 

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
8y

You are unemployed, and you want to put the equity in your home by taking on one of the riskiest investing ventures possible, investing out of your local area.  This sounds like a recipe for disaster...and I think I am justified in that assessment since one of the places you have considered investing is with a company that are complete scam artists.

All investing is a risk based activity, but people need to learn and understand better risk assessments and mitigation.

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  • HAILEY ERSKINE
    OP
    Member since 2018 · 14 posts · 8 votes
    8y

    @Chris Seveney I found your website. I've got a lot of reading to do, but it seems too good to be true. "Lienlord" very cute. 

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    8y

    @HAILEY ERSKINE be happy to discuss offline but whatever you do - don’t buy a note after reading some articles. I know of several investors who bought notes not understanding what they bought and lost tens of thousands of dollars

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  • Alina Trigub
    Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    @HAILEY ERSKINE I think in your position, you may be better off to do a virtual wholesaling. Look into the concept.

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  • HAILEY ERSKINE
    OP
    Member since 2018 · 14 posts · 8 votes
    8y

    @Alina Trigub thank you. I will certainly look into that. Do you have a good link for me to get started on my research? 

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  • HAILEY ERSKINE
    OP
    Member since 2018 · 14 posts · 8 votes
    8y

    @Account Closed don’t think I haven’t noticed that because I have. I appreciate all their advice though.

    I can easily go back to my job making 100k a year, but that means daycare. 

    Right now, my goal is to turn 80k into sustainainy and life WITH my daughter. I can do it. 

    I appreciate your wisdom, and I will make happen. 

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  • Dan DeppenBusiness Member
    Erie, CO · Member since 2017 · 274 posts · 267 votes
    8y

    @HAILEY ERSKINE If you want to learn more about notes, there is a note meetup in Denver that usually happens on the 3rd Thursday of the month. I can put you in touch with the organizer so you can get on her email list if interested.

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  • Alina Trigub
    Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    @HAILEY ERSKINE The best link is BP site. Start your research by looking up virtual wholesaling and I'm more than sure tons of links will come up here, and then on the good old Google. If that's still not enough, go to social sites like FB and LI and search there as well. I think this will keep you busy for a while. Don't look for short cuts - do your full due diligence.

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  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    8y

    @HAILEY ERSKINE Since you are looking at a cash investment, you might consider syndications/crowdfunding and/or private lending.  I discuss both, as well as turn key in my article from last year: Three Key Routes for Passive Real Estate Investing

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  • Aamir Shah
    Rental Property Investor · Irvine, CA · Member since 2017 · 36 posts · 27 votes
    8y

    Personally I would not do REI until 1) I have a stable income 2) I have enough cash reserves 3) I have a good retirement strategy. Any form of investing comes with risk, and I wouldn't bet my livelihood on it. Only invest money you are okay losing. Just my 2 cents.

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