Moving back to New Jersey with no job

[Jonathan Blandino]

Hey guys! I have been on Bigger Pockets for some time but my job kept bouncing me around city to city but I've finally been let go and have about 4 months of savings before I'm in the red. I have all the time and want to start my own way in that time. I'm willing to work to the bone but I get apprehensive because I will read about a good idea here and then a following article on why its not for newbies or why most wont succeed. I enjoy being informed of pitfalls but they also create a mental block. 

I just want to get some suggestions on really where a newbie should begin. I have my time, elbow grease, and willingness to do whats necessary (in the now) but minimal capital because I'm leveraging it to cover my expenses while I attempt a new venture.

I know alot of people cant put 100% because they have a job but I'm free of that so if anyone knows of any articles I can read to get something off the ground before I'm tapped out I would appreciate it. I know its vague because there are so many aspects but I don't want this time to go to waste to try and begin something new.

[Matthew Vitlin]

It sounds like you might have an issue with analysis paralysis.  You hear about a great idea, get all fired up and dive into to the research, then run across people who have done poorly or had negative experiences and get gun-shy.

There are lots of people who have made a killing in real estate, and there are a lot of people who have been killed by real estate.  But one good thing I like about real estate is that barring a market collapse or significant "correction", you can't be completely wiped out.  You might buy a house for $100k thinking you can get $300k for it, and after cost-overruns on your rehab, some permitting delays and a sellers market, you only wind up selling it for $200k and no profits or some loss.  At the end of the day you still own a lot and/or house and it will still have value.  You might lose money on a deal, or your flip can go sideways on you, or rents might not be what you expected, but as long as you do your research and due diligence you won't be wiped out.

And in the name of everything holy, be careful about using leverage when you are new.  It makes getting into a deal much easier, but also makes it easier to lose your shirt if things go sideways.