Laid Off - Considering New Career in Real Estate

[Adam Clay]

I was recently laid off from a company I loved.  I never thought this would happen, but here I am.  I am a new homeowner.  I currently rent out a downstairs bedroom to travel nurses for about $1200 per month.  I am considering striking out on my own and devoting myself full time to real estate.  I am getting my real estate license currently, something I've wanted to do for years.  I have about $50k in savings that I can tap to get me started in real estate or use to float for a while.  My real estate interests lie in short and long term rentals.  Considering expanding these rentals to travel nurses as well.  Would love some advise from anyone who has been in my shoes, starting out on a new career in real estate and realistic short term goes as a new investor.

[Steve Vaughan]

Originally posted by @Adam Clay:

I was recently laid off from a company I loved.  I never thought this would happen, but here I am.  I am a new homeowner.  I currently rent out a downstairs bedroom to travel nurses for about $1200 per month.  I am considering striking out on my own and devoting myself full time to real estate.  I am getting my real estate license currently, something I've wanted to do for years.  I have about $50k in savings that I can tap to get me started in real estate or use to float for a while.  My real estate interests lie in short and long term rentals.  Considering expanding these rentals to travel nurses as well.  Would love some advise from anyone who has been in my shoes, starting out on a new career in real estate and realistic short term goes as a new investor.

 Sorry to hear you're laid off from a company you loved.  Both scary and exciting, right? 

I think you have the right attitude.  Most would be scared and in the dumps.  You are getting your license and looking to invest full time.  You're in the right place.

I would learn all I could about seller financing. Banks as you know like to lend to w2-ers. I was pretty broke with no w2 when I started.  Most of my early deals, especially plexes, were seller-financed from long-time tired landlords.   One later became my private lender. 

So a goal for me would be to identify some tired plexes in your market (since they're mostly landlord-owned) and research seller financing.   Hope to continue to see you around!