$Cash Pile And No job!

[Jake Donohoe]

I am currently wrapping up my second live-in flip and am fortunate to have the opportunity to make a little over $100,000 net profit on this one deal if all goes well. I have lived in the home for 3 years and have done all of the rehab work myself. I expect to have the property listed by the end of next week, and it should move fast according to the agent I have been working with and what I have seen in the area at this price point.

The bigger part of this equation is that my family is moving to Nebraska to live on our family's ranch. We are going to live in a converted coach with only one car payment as debt, so we'll be living very cheaply. I am currently and always have been the main and only income for our household, but that will change once we move to Nebraska, as my fiancee will be contributing to our income. It will drop to about $2,500 a month, which is plenty to pay for our cost of living. But my concern is that even though we will have a lot of cash to invest, I do not personally have a job, as I will be taking on the role of a stay-at-home dad and will be looking to invest out of state. 

I am currently considering a few different markets in the Midwest to buy at least one - two long term rentals properties by the end of the year. How have you navigated around the challenge of not having a job? I know this will be difficult to get financing in some circumstances, and I'm looking to take a proactive approach to solving this problem before it exists. Along with further developing my buying criteria, so that I can determine which market makes the most sense to start in. I will have the luxury of free time every day without a job, and we'll be able to aggressively pursue every deal that comes my way.

I look forward to hearing about your experiences and your different perspectives so that I can further learn myself and pour value back into these great groups. Thank you!