I need HELP!!!

[Matthew Jones]

Hey  everyone,

I'm having a big problem and am hoping that someone can give me some good advice and direction. I've been on bigger pockets for about a year now and I have a pretty clear vision of the path I will take to begin my real estate investing career. My plan is to house hack for a year or two in a small multifamily (3-4 units) purchased with an FHA loan, refinance the property and then look to buying a second income generator. Standard stuff right? Part of my problem is that I am in need of employment to support my family in the meantime, and I have this idea that I should be working in real estate to obtain experience while I pay the bills and make the most efficient use of my time. I've been doing 1099 work managing political campaigns but I am not a big fan of politics so I walked away from it for good. So my big question is this: Is there a viable way to earn money in real estate while learning the business? I have completed my coursework requirements for the real estate salesperson's exam and am currently studying, but it will be a while before I am seeing commission checks, so if anyone can point me in the right direction or give me any kind of advice I will be immensely grateful.

Thank you in advance,

Matthew Jones

[Tommy F.]

@Matthew Jones

House hacking is a good starting point. You can get a low down payment owner-occupied FHA or FNMA loan, but you'll need income to qualify. I read too many blogs and posts maligning the "9 to 5" job. Nobody says you have to do a "9 to 5" forever, but if you don't any income, or only intermittent income, then my advice is stabilize your income which means getting a J.O.B.

You mention having a "family" which I suppose means child(ren), so they are top priority in my book. Your family needs income, health benefits, and you being involved in their lives. You’re not getting benefits on 1099 income, flipping, or renting properties, at least not in the early stages. Take care of your family first, maintain a job to qualify for a home loan, and then start your house hack adventure. It doesn’t all have to happen overnight.  You will learn boatloads during the house hack phase.

You don't have to work in real estate to learn how to invest in real estate. Aside from wholesaling, I submit that all other variations of REI require easy access to cash at some point, be it reserves to qualify for a loan, or reserves for vacancies and repairs, or whatever. I believe you really put yourself at risk getting into a property and not having any cash resources to care for it, yourself, or your family. So, you have to get cash from somewhere (legally) and I submit that a job is the best place to get on track.