No money, but I can make it if i work out of town and miss my family life?

30 Replies

I'm trying to get my first flip going but family and friends that have money are unsure about going in with me. I don't blame them because it would be tough for me to give someone tens of thousands of dollars too. Now here's my real issue, I have the option to work out of town for about 6 months and come home with enough money to get it going. I like my current job and I get to see my family everyday, If I left for the money I couldn't see them. Most people would probably get the money and get started on there dream job. I am an Iraqi Freedom Veteran and when I was deployed my daughter was just born, after I came back she was walking. I made a promise that I would never leave her again, regardless if it was for money for the family. Sorry for the sob story but just wanted to lay it all out so you get my mind set. Any suggestions?

@Clint Coneley Have you looked at a crowd funding site? There a couple of posts on this site regarding them. Have you attended a REIA meeting to find a partner to go in with you? Have you considered doing a few wholesale deals to get some money to get started with doing flips. I do not know how the market is in your area of TX, but from what I read, it is is pretty good and you should be able to find a few good wholesale deals if you can scare up $2-5K to do a few yellow letter campaigns or other advertising.

While 6 months is not as long as  most military deployments, it is still time away from your family.  Is your wife on board with the idea of you working away from home?   Are you going to be working on a oil rig in the gulf?  Is there any risks to the job?  I suspect since you are an inspector, you will not be a regular roughneck but still will be working 12's and making lots of money with all of the overtime.   If there is internet on the oil rig, or oil field man camp, you could do face time or skype to contact your family.

You will hear from many more experienced RE people on BP with some other suggestions regarding how to get started doing flips.  

Good luck with whatever you decide to do.

Try to find another way.

Family first. Money opportunities will always be around.

@Clint Coneley Have you looked at a crowd funding site? There a couple of posts on this site regarding them. Have you attended a REIA meeting to find a partner to go in with you? Have you considered doing a few wholesale deals to get some money to get started with doing flips. I do not know how the market is in your area of TX, but from what I read, it is is pretty good and you should be able to find a few good wholesale deals if you can scare up $2-5K to do a few yellow letter campaigns or other advertising.

While 6 months is not as long as  most military deployments, it is still time away from your family.  Is your wife on board with the idea of you working away from home?   Are you going to be working on a oil rig in the gulf?  Is there any risks to the job?  I suspect since you are an inspector, you will not be a regular roughneck but still will be working 12's and making lots of money with all of the overtime.   If there is internet on the oil rig, or oil field man camp, you could do face time or skype to contact your family.  I suspect that you will be able to save over $20K just in 6 months doing those long weeks away from home. 

You will hear from many more experienced RE people on BP with some other suggestions regarding how to get started doing flips.  

Good luck with whatever you decide to do.

Hi Clint,

First of all, thank you for your service!

The question you have to ask yourself is why do you want to get into real estate investing?  My guess is so you can make money for your family.  That being the case, and this is just my personal opinion, six months is too long of a time to be away from what really matters.  There are other ways to get started in real estate investing.  Have you been to your local RE investors group meetings?  Network with other investors in your aria and ask them what you can do to help them out.  Once you build up a relationship with them, they may be interested in a partnership.  

It takes time, work, and patience, but you can do it, and still be there for your family.  I hope this helps, and good luck.

Don't worry brother some are going through he same issue.  I am till active duty at Wainwright, Alaska trying to work through the same thing.  What I have decided is that one of the main reasons I want to invest is to make money so I don't have to keep leaving.  So if you have to leave to do it, it kinda defeats the purpose. I've missed a lot of my kids growing up and you can't get at back.  On a more positive note if you exercise patients more than likely you I'll be able to find a deal in Houston that you could afford. It's a big place with lot of nvgs tors willing to or with a partner.  Concentrate n finding that reattach deal and the one will find you.

Hi Clint,

First of all, thank you for your service!

The question you have to ask yourself is why do you want to get into real estate investing? My guess is so you can make money for your family. That being the case, and this is just my personal opinion, six months is too long of a time to be away from what really matters. There are other ways to get started in real estate investing. Have you been to your local RE investors group meetings? Network with other investors in your aria and ask them what you can do to help them out. Once you build up a relationship with them, they may be interested in a partnership.

It takes time, work, and patience, but you can do it, and still be there for your family. I hope this helps, and good luck.

This is my first forum ever, and Im feeling computer illetreate! how do I see what everyone is posting! I can see that I have responses to my forum but I cant see what they say.

What does your wife say?

If the deal is good enough, you shouldn't have any issue finding someone to help fund the deal.

Rehabbing and flipping a house, is not always as easy as it seems. I'm in the middle of my first rehab, and trust me, no matter how well you plan, unexpected issues will come up.

Maybe get your foot in the door doing something other than flipping a house to begin with. Partner up with someone.

I'm in the military as well and know how hard it is to leave your family. Best piece of advice I have on that matter is that when you look at yourself in the mirrior, make sure you are completely happy with the decisions that you make while looking at yourself. After leaving my family on deployments, I would never choose to do so for that long when I'm not required to do so just for some extra cash. You don't get that time back that you missed. There are no do-overs when it comes to missing that time.

Good luck.

My husband is active duty navy currently deployed so I get it! We have sacrificed a lot in the past and now to get where we are with our houses. We have had no help but sheer brute force and will! So the question is how much does it mean to you. To flip it, while should people invest in you and be with you when the going gets tough , when your unwilling to go for it. You just have to see what it's worth it for you.

"This is my first forum ever, and Im feeling computer illetreate! how do I see what everyone is posting! I can see that I have responses to my forum but I cant see what they say."

It was a glitch that BP has went in and fixed. Having said that with a live site things are ever changing so you fix 2 things and one more thing pops up etc.

Part of an every changing and improving site.

I'm sorry for the late response because I couldn't see ya'll s post for some reason. First off, I want to thank the people who have served and know how I feel......also to the wife's of services men, I know ya'll have it hard too. Thanks for reminding me of how bad it sucks being deployed! To answer the question of going to meetings, no I have not been and I know it's the place to meet people but I'm just not a person that likes crowds. I know to succeed in this business I will have to get over that issue.

@Robert no oil rigs just working shut downs and making 3 times of what I make now.  I've never heard f crowd funding?

@Andy my wife dosent want me to leave but she sees how bad I want to get this real estate investment going. She also dosent want to rely on other people to help us.

Have you bought and read Brandon Turner's book "The Book on Investing in Real Estate with No (and low) Money Down?" It's up at the top under the "learn" button.

It's a good book and will give you some other ideas before you take the plunge and leave the family. Educate yourself first.

Good luck and thanks for your service.

I have a difference in opinion with the majority of people in this thread. Those who find success in life are willing to do the things that others are not willing to do. In my case that meant moving over 1000 miles away from everything and everyone I had ever known, and taking a much better job that has allowed me to not only eliminate all of my personal debt, but build wealth, and start truly investing. 

In your case you have to decide what is important to you. Why don't you have money? Is the real reason that you don't earn enough or is it spending/savings habits?

Just wanted to say thanks for your service and to look into a government loan,or assistance program as a home buyer. This would be for yourself and you could live in the house while making all the renovations required without a time constraint. after the required time of occupancy has lapsed you could then get an appraisal and either refinance and or sell. This would of course be the long way but niether would you be dependent on anybody after this first house. Best regards!

@ Jesse, I have not read that book but I did read J Scott's Flipping book. 

@ Anthony, Some would say I make very good money but it's never enough. I don't want to say I spend to much money on toys and eating out but my savings account will prove otherwise. Honestly my lack of savings is the only reason why i needed someone to invest with me. The loan officer said my credit and income is good but I needed more cash in reserves.

@ Dale, That's a good idea but I'm already using my VA loan on my current house. Also, the VA requires the house to be in excellent shape if they are going to assist someone.

@Clint Coneley How about looking at wholesaling to get some cash in the bank? I've called a lot of the FSBO's some of them really want to sell but there are a lot that want too much. Just have to make those calls, weed out the bad properties, and you'll find some great deals. The other thing is to set up a web site, get some business cards and run some adds "looking for motivated sellers", use the same concept to find buyers. Before too long you'll have people calling you, wanting to just about hand you their property.

Searching on BP for topics on that will give you a lot of knowledge to try some different ways to buy with little or no money down. 

You can also set up key word alerts to inform you when someone posts about that topic. 

Honestly, family is first.  If family is not put before business the marriage can suffer, then divorce can happen, then divorce lawyers get what you worked so hated to learn.  

@Clint Coneley  

Is reserves your only issue? Would a parent or someone with a hefty bank account allow you to be added to their account? I have heard of a couple of investors who wasn't able to make the reserves so his parents/friends etc added him to the account and said he had full access. Once the transaction is over they can remove you. Just a thought! 

Also you know you can split your VA loan right? We split ours. We used in on a house in Virginia Beach and one here in California

@Anthony Gayden  

I totally agree with your comment about sacrifices. We have been there, often sacrificing togetherness. At 26 and 28 we own 5 rentals bringing in $83,700 a year gross in rents. If we get our goal of 10 houses and approx. $190,500 gross rent by the time I am 29 it wasn't without ALOT of hard work and sacrifice. I was actually asked by my good friend and realtor when we would buy our dream house since everything we have bought has been with the goal of rerentability and not family comfort.

While I totally agree sacrificing your family to the point of divorce defeats the purpose there is a lot of ways at getting where you need to go. There is a way to have it all ;) While we don't have kids (as we are waiting till we are closing to our goals) we have lived VERY cheaply so that we can afford to be in a place  that we want to be in 3 years and have the options for early retirement in 15!

@Clint Coneley  

From what I have read about crowd funding, is that you get investors to lend you money via a website.  Usually many people lend you smaller amounts of money.  Here is a good thread on BP regarding Crowd Funding along with a list of different companies that have websites up and running.  Read this thread and visit a few sites and see if this might be a solution for you, now or in the future.  

http://www.biggerpockets.com/forums/520/topics/117...

You also can use the search box on the upper right side of this page on the blue bar to search for other threads regarding Crowd Funding.  

I am tempted to do it so I can start flipping houses sooner.  Where I live, a basic  3/2 house runs over $200K.  In B or C neighborhoods they run $160K. Just the carrying and closing costs adds up quickly when a houses costs that much.   I am envious of the people that post that they buy  houses for $40K.   

Good luck in whatever you decide to do.  

Rob

I agree w/ family first and it is probably a little better for both you and your family for you to do a few deals on your own first, which will make everyone more comfortable.

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