Quit my job to do real estate but, I want to buy more...
Hi All,
Last week, I quit a really good job to take on Real Estate Full time. I have been passively doing real estate for about 10 years (selling and helping friends buy). It's a passion of mine however, in an effort to be responsible, I have always kept a corporate job to help me keep steady income in.
3 years back, I bought a duplex and decided to stay in one unit and allow my tenants to pay 70% of the mortgage from the other unit, reducing my overhead drastically. It enabled me to save more money to comfortably try doing real estate for atleast 6 months to see if it works. If not, I am 34 and can go and get a job fairly easily.
I want to buy more real estate though as reductions in SoCal are already happening. I do have a decent amount of cash to put down but with no income coming in beginning Jan 1st, not sure what I can do? I do have an LLC which I was thinking I could run money through there to pay myself to qualify but, I don't know if that will even work.
Should I just stop looking at Real Estate deals and focus on getting my fulltime real estate career going or is their hope that I can buy more property with the commission income that is coming in from the real estate deals? If I run it through my llc?
Thanks, BP!
Dan