Need advice on REI path

[Orazio Difruscolo]

I've been listening to the BP podcasts, reading everything I can on the forums trying to avoid problems along the way before making my first deal. I hear a lot about finding your niche first. I believe for me that's doing fix and flips and possibly house hacking along the way. I've also been hearing/reading a lot about how you should get a partner when doing investments but I don't have one as of yet. My current situation: I'm single, 28yr and have about $10k I can play with, plus another $10k loan from my parents. Total $20k.. The kicker- I just quit my job (yesterday in fact) in remodeling homes, where I was basically a laborer/apprentice. I hated it! Worked with the company for 1 month, I couldn't stand the contractor and how they handled there work. Very unorganized.. I only took the job to learn: What went into remodeling a home, how long certain tasks took, how hard the tasks are, etc.. I've been focused on gaining a residential construction job and am finding it slim pickings around my area (Chicago) so thought this would be a stepping stone for a future Flipper. I received my Construction management degree back in 2012. And also hold a LEED Green Associate. Haven't applied these two in practice within the real world yet and I feel that flipping may be the key.. I could learn how to manage contractors, budgeting, scheduling, etc. and also (possibly if it makes sense) to renovate homes with the intent of making them "green" in some shape or form, or, healthier homes per se. - I apologize for the long story! Hope I painted a good enough picture for your guys' evaluation on my current situation..just look for some advice on taking on a flip or buying rental property considering I don't have a job. Ah! Thanks in advance!

[Andrew Johnson]

@Orazio Difruscolo On the practical side of the fence, you need to get another job. No bank will qualify you (at the moment) because of your DTI. There is no "I" to support the "D". You'd definitely need a partner and that might be a little challenging for you coming off of the job version of a "bad breakup". I'm sure others will disagree. What you will find around here is people that have a W2 job and are still driving for Uber at night so they can continue to build that nest egg. Even a "bad" construction job is getting you exposure to something in home building or rehab. You may end up using the $10K for an FHA downpayment, an unfun job to qualify for the loan, and hustling Uber at night to get cash to pay for the materals, and use your "free" labor on the weekends to do the renovations. Almost 2 cents of perspective there, maybe 1.5...