Taking the first big step

[CHRIS SIBERRY]

Hello members of BP,

Ive been on this forum for quite some time now, however I just decided to finally make an account to further my knowledge. This post is going to be a brief introduction of myself and my recent thoughts about my current career and how I would like to change that.

I am currently 25 years old living in New Jersey. Have worked in law enforcement for the past 4 years, and I am absolutely miserable. I know this isn't the direction I want my life to go, but it's a steady pay check (although not much at all). I was recently injured at work, and spent the last two months attending PT 3x a week and routine DR. Visits. However, being out of work made me realize something, this isn't where I want to be in life. I'm not happy. For what I deal with in my career, it's not worth the money. I can get a job today, making double the money, but for some reason I'm scared to leave. But I can't answer the question I keep asking myself. What am I scared of?

I have always wanted to get into house flipping, I have worked in construction for 5 years prior to that, and throughout the course of my career in law enforcement I was always doing side work for friends, co workers, and family. I am extremely meticulous and a perfectionist. I do things right, and say that with pride. I hate cutting corners. It always comes back to haunt you in the end. 

Anyway, I am thinking about leaving my current job, and getting into my first flip. But I feel as though I'm right on the edge but I just can't take the leap. There are some questions that are unanswered and I want to have a well thought out plan before I just up and leave my job. 

I have a partner who I will be doing the work together with and splitting all costs. I would like to start with quick flips, flooring, painting, some updating, and be in and out in two-three months. Turn a quick profit and onto the next. Once funds start to build, the plan is to start renting out every 3rd house, and build passive income, so by the time we are old, and frail, and no longer able to do the work ourselves, we can sit back and let funds roll in.

I have access to about 60k right now, and my partner has the same. However, we both just recently purchased homes, that we both flipped ourselves. I purchased my home for 168k, took out a 10k construction loan, and my home is now assessed at 285k after renovatons. I know some of you are going to say "well sell your house and there's your investment money", and that is the plan, but not right now, my fiance and I have no where else to live at the moment, so for now that will have to wait 

How do some of you guys go about getting a loan, or a second mortgage, without your DTI ratio going through the roof and not getting approved?

Getting a second mortgage would be the easiest way to get into flipping but I don't think I would get approved because I would basically be maxing out my DTI ratio. I have no other bills besides my mortgage payment. No other debt, everything I own has been paid off.

Should I seek a hard money investor? Their interest rates kind of scare me and seem to dip into the potential profits. 

What options do I have to get started, with limited funds? To start I only need about 3k a month of income to live comfortably. And after leaving my job I am going to need some sort of steady income until the first house is finished. I planned on doing side work, but as we all know, nothing is guaranteed.

Am I getting in over my head? Am I being naive and too hopeful?

I want to be my own boss, have my own schedule, and do something I truly enjoy doing every day. And not to mention, build an extensive portfolio and have valuable assets.

I know this post has become a scatter brain rant at this point, I was drinking my coffee as I typed this and just said what was on my mind.

I am looking for guidance, and there is a ton on this website but now I am trying to narrow it down to a small niche of what I am trying to achieve. 

If anyone here has left their job, and invested in REI, I would love to hear from you and how you got started.

For the investors, and mortgage reps out there, I would love to hear my options for funding my first flip. 

And for anyone else, who can share any helpful financial wisdom, I am all ears.

Thank you.