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Updated about 7 years ago on . Most recent reply

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Lori Jones
  • Investor
  • Houston, TX
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Laid off before starting...What now?

Lori Jones
  • Investor
  • Houston, TX
Posted

I'm pretty new to the industry.  I didn't start out planning to become a landlord, it was just convenient due to a personal medical situation.

After everything cleared up I formulated a plan to jump in to the industry so that I could retire early. I'd planned to sell my current 4 bedroom rental property and purchase a duplex-fourplex for my first step.  I moved back home and saved some money so I would have a good down payment.  Soon as I was about to hit my goal I was laid off, argh! My current rental property pays for all of my exenses, but the cash flow is very small.  This is the 2nd time I've been laid off, and I am done with attempting to build a career in someone else's corpration.  

Now that my job is gone, I have to figure out a new plan.  What would you do in this industry if you lost your stream of regular income, but were sitting on $15,000? ($15,000 is not the total, but I'm a person who prefers to have a financial fission of 3-6months.)

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Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
7,859
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Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
Replied

Lori Jones I’m pretty much gonna say what everyone else is going to say, you need to get another job.

Maybe switch fields if that’s possible but youll likely need another job

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