Time to dive into full-time REI

[Thomas McNally]

This week it was announced that my job site will be permanently closing its doors within the next couple years. My goal has been to go full time into real estate and I have been working as much OT as possible to build more capital.

I purchased my first LTR two years ago and the net cash flow is $500/ month. Purchase price was 145k and after a 15k rehab the current estimate is about 220k.

I’m currently remodeling my primary and once that is complete I will have about 250k in equity.

My minimum goal for cash flow from my portfolio once I leave my job is 5k a month as I have a side job already in place. I'm interested in using private money to get started and continue using the BRRRR method as I love value add and I'm able to do a lot of the work myself. I do not yet have an LLC set up.

Long story short, I’m just looking for a little advice/ motivation to start a successful dive into full time real estate investing!  

[Travis Main]

@Thomas McNally

Welcome to Bigger Pockets community. I'm sorry to hear about the closure of your job, but perhaps this could be the blessing in disguise you've been waiting for. It's clear you have a specific goal in mind (achieving $5k cash flow) and a well-defined strategy to reach it (BRRRR). However, it's important to exercise patience when pursuing the BRRRR method, especially given the current market conditions. Factors such as higher interest rates, taxes, and insurance can significantly impact potential returns for investors.

Remember, success in real estate investment often hinges on buying properties at the right price rather than selling them. Therefore, it's crucial to ensure that the numbers align before rushing into any deal. Don't hesitate to take your time and carefully evaluate each opportunity to ensure it meets your investment criteria. Rest assured, there are plenty of opportunities out there waiting for you.

Should you ever wish to discuss financing options for your future real estate endeavors, please don't hesitate to reach out. I'm here to help.