The company that I've worked at for the past 8 years is closing its doors in April and I find myself at a crossroads. I recently sold my personal home and was looking for another small multifamily property to move into but have yet to find one that the numbers work on in my area. I'm currently sitting on just over 40k above my living expenses and emergency fund and have a duplex that is worth around 230k which I owe about 155k on. The question is what would you do in my situation? Just find another job and stick with the slow lane buy and holds every few years or try and make REI my job. I do potentially have a private lender that I can use for small flips or other short term investments but not for buy and hold deals. I have a general contractor in the family that I trust and I have a background in construction, maintenance, and property management but I'm still uneasy about setting out on my own. Ideas?
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Get another job. It will give you more options to buy properties until you're financially ready to go full time. There's no reason that this has to be the slow lane.
If you know that you plan to move into REI full time at some point, have you considered looking for a job in the Real Estate industry? That may help you learn even more and get you closer to the deals (which moves you back into the fast lane).
@Zach Davis I would get another job under your belt until you have a steady income with the buy and holds.
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