Quick question, or what would you do? If you had a lot of money in the bank to fund flips would you do it while still working a 9-5 or don’t even bother getting a 9-5?

If you have that much free time you are not doing enough. Every moment I have that is not with my family or in my businesses I am networking and cultivating business realtionships.

I try to aim for a minimum 50-60k on each @Joseph Nardiello minimum. I don’t do a deal if I can’t make that and there are a few I do that I hit 100k. 9-5 is not necessary once you do at least 3 or 4 of these a year and I have so much free time to play with my kids or go on vacation whenever I want because thats the kind of life real estate can make for you but you have to work hard to get to this level. It doesn’t come easy. I came from a poor family that had nothing and made something much more than I could’ve imagined. I’m not saying I’ve reached my goal but I well on the way. I made some smart choices and got a lucky a few times but I also made mistakes along the way like everyone else. Work hard, make smart choices and take some risks and you’ll find success.

@Joseph Nardiello - given that you’re using a watermarked headshot photo currently, I’m assuming you don’t have a lot of money. If you don’t have a lot of money, I highly recommend a 9-5 salaried job with promotion upside. With a decent w2, you can get a loan to buy a house to live in where you can rent out spare bedrooms like I did at 25. At 25, I lived in the crappiest room in my own 5/3 house rent free (actually made $500/mo more than mortgage and utilities) and saved 80%+ of my engineering salary to invest in stocks, etc. I should have bought more investment properties but I didn’t realize how great of a deal I got by buying at the bottom of my local market in 2009. I got into rehabbing in 2017 and my first project only profited about 9k after buying for 87 and selling for 145 within 11 weeks because there are lots of closing costs, holding costs, contractor disappointments and redos, etc. I was on site a lot and picked/bought materials but I didn’t do much actual construction. The real wealth building strategy is to buy ugly, fix (with good, vetted contractors) and hold (rent out) in highly ranked school districts which tend to appreciate or highly desirable locations with high job growth and slow apartment growth. For you, probably a good idea to join your local REIA and volunteer at someone else’s flip or two to learn the ropes. Good luck.

Oh boy, I am betting this is not going to end well. Inherited money, doesn't want to work too much, unrealistic profit expectations, no passion for RE. Probably has watched a lot of flipping tv shows. Adds up to.... not good.

It’s a struggle I deal with weekly as I don’t have a 9-5 and I flip homes full time. Sometimes I feel like I have a lot of time on my hands and feel like I should at least get a part time job also but not a 9-5, I’m done with that. Health insurance is nice but if you make enough money you can buy your own health insurance.

@Joseph Nardiello Oh wow, this is such a good question! So many things to consider here: • What are your goals? (Work [can be REI or your 9-5], Relationship, Spirituality, and Generativity [Legacy or Contribution to others or community]) • Why are you doing this? • What are you looking to gain after you hit your goals? • What is your temperament like? I have flipped houses and after doing it, I learnt a ton about myself, people, entrepreneurship, and life. You really do! I don't want to over-personalize your question, but to be precise, flipping requires knowing what your goals are in those 4 aspects I've stated above in #1. ☝️ A few notes: • Flipping is an extremely active form of real estate investing and can take a lot of you as a person. Flipping + 9-5 is not the wisest idea. In addition, dealing with other people, especially shady CONtractors, note the CON [sorry to all the contracts on here (not really 🙃)] and city inspectors were not my cup of tea 🍵. The emotional rollercoasters, in my opinion, felt like a future heart attack waiting to happen. No point of making if one cannot spend it lol 💰💰 • If you are doing this specifically for freedom of time, believe me, you will be running around for the most part AND yes you can get a PM or a great contractor to mitigate this. However, anything can still happen in which you may need to jump in. • When you hit your fiscal goals, you still need to make money and if you flip, then you need to flip more houses, right? Or you can parlay that money into a somewhat passive REI asset class. You might as you well consider other asset classes today to see if there is a fit for you. • Temperament is the one attribute no one will tell you about in Flipping! If you are overly nice, this is not the game for you. I learnt this in so many ways! 🤨Know your temperament and be ready to manage it constantly. • Scale. For you to really flip a lot of houses and at scale, you will need a great contractor or you become one and build a solid team, basically, you create a business for yourself. Undoubtedly, I am not a champion of flipping. However, I am just one person, LOL. One perspective, a ton of successful flippers out there. I interview a bunch on my podcast. All I am saying is know thyself 🤗 All I'm saying is that people almost subconsciously think Flipping is the one way to get started [not sure if this is the HGTV factor]. Interestingly, you should always start with why am I doing this? A good place to start is to strive to truly understand the end goal before starting the journey. Answer: It depends, lol

my 8-5 Provides me with health insurance and at 61 that’s important. the definition Of a lot of money would Come into play. Personally I like using other peoples money not mine

Seen somewhere most flippers pull around 20k net when said and done, tho they likely think they do more on average. You should keep it as a side gig till you have some experience. Flipping follows demand, and it will dry up, even for the pros. I’ve been around long enough to watch the flipping cycle come and go. When it’s good it’s good, when it’s not, flippers are looking for work to make ends meet. A good flipper has a rental portfolio or other business backing their income.

I would keep the 9-5 for as long as mentally and emotionally possible lol. Based on this question I suggest paying down all debt if possible, save up 6-12 month cash reserves in case you lost your job. And on the side focus on completing a house-hack first, and a couple BRRRR investments.. The BRRRR method fits a full-time schedule a little easier in my opinion. It could be a safer method, you could get great practice basically completing a flip, and then cash-out while retaining the asset and building up some passive income if done properly. Continue improving your BRRRR process until you either: A) Have enough passive income to request to work part-time for your employer B) Find a partner to work with while you keep your job and leverage being a strong(er) borrower then you would be if you were self-employed C) Quit your full-time job and move on to scaling your BRRRR business, or completing flips, or anything else you want Usually if you keep your head down and work hard while always seeking experience and knowledge.. everything sorts itself out. You find an investment, you find a partner, lenders find you as you gain experience etc.. Keep working hard, keep learning

Find a job you love. Flipping IS a job, not financial freedom. If you don't love flipping houses, you'll just have another job you hate and want to get out of. It sounds like you want to flip houses because you don't want to "work". That's a recipe for disaster....

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