Quitting my job, moving to Florida to start out

[James Bynum]

So here's the deal. In a few months I will be quitting my job, moving back to Orlando (A market I know very well) and using a $300,000 investment to kick start my venture in real estate. A small portion of this money will be set aside to use to live on for 1 year. The rest will all go towards investing. I'm also partnering up with an old friend that has overseen over 60 flips, so I'm not going in completely blind here.

Ideally as soon or right before I move down there I would like to buy a multifamily home so that at the very least I could live in for free for the year. Problem here is I just quit my job so how would I possibly go about getting a loan on the property. I wouldn't want to use half my cash to buy the property outright because I would then be very limited on the investment side.

I fully understand that I am probably crazy but I know that the only way I'm going to really be successful with this is to dive in head first and focus every ounce of attention to it, meeting people, attending auctions, building my team, sending out letters and things of that nature.

I'm also planning on immediately getting my real estate license. One for finding and selling properties and two to learn the real estate market and also hopefully make a small income, but still have all the flexibility to work on my number one goal.

I am giving myself a year to fully dive into this and try to make it a success, and then after that period if I'm not where I wanted to be I'll go back to working full time but still invest on the side as much as possible.

What would be your strategy if you were going to do this yourself, or have you done something like this yourself?

I fully understand that it might be a huge mistake but it's a risk that I have to take, so I don't need anyone to tell me it's not a good idea because I know it's been done and been done successfully. I just need some solid advice from some experienced investors on how they would or have done this themselves.

Thanks!

[Douglas Higa]

First cut out the one year living expense as part of the investment capital, You will do much better if your hungry and only live on your returns. Then cut out the give yourself a year and if you dont make it you'll go back to your job. With that exit strategy in mind you have already lost. Then cut out the idea of buying a house to live in if there isnt any return on it. Try a duplex or better yet a quad. Then find one thing in real estate you want to learn and stay with it until your fed. I would go to your friend and ask him to be your mentor for a 50/50 split until you feel comfident to do it on your own. The best way I learned was to just pull the trigger on a deal and start being creative with the solutions thatr you will have to come up with. Good luck my friend