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Updated over 5 years ago on . Most recent reply
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Just starting out in the investing property business
I've been in the retail automotive business for 20 years and I'm in my late 40's. I'm completely burnt out on the 8 am to 9 pm hours working Saturday and some Sundays with no time for my kids and wife. I'm not living but existing in a career and in life which isn't fulifilling or rewarding. I'm thinking of selling my primary home with approximately $75,000 in equity, reducing my overhead and getting into real estate investing business full time. I believe, I understand the risk involved in doing this. I just hate the thought of another 20 years passing and I've missed my kids growing up, no time with my wife or life and still be broke in a business, I hate going to everyday. I have approx. $135,000 saved now to invest and if I can sell my primary home in the near future another $75,000 to live on and invest with. My question to you long term successful investors is this enough money to jump all in full time in the real estate investing business and be able to turn enough cash flow and profits to create a good living and freedom? I would appreciate any feedback on this and how's the best way to go about doing this? I want to get started on the right track from the start on building my business. I've waited way to late in life to risk it all but I'm willing to do so now rather than continuing on this path that's very unfulfilling and working until I'm 90. I'll be investing in the state of Arkansas in one of the fastest growing cities in the state, all advice is greatly appreciated.
Thanks again
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@Randy Hamric
Might not be the answer you're looking for, but personally if I had $135k to put into real estate at your age, I wouldn't quit my job right away. I would research the market,network, etc.. until you find one or two good deals. Put 20% down on them. Manage them for a year or two and see how you like it.
Could do the same with flipping a house to see how you like it...
It's just really hard to know how you will do in the business until you try it. But since you have a good stable job you might as well take advantage of that while you manage your second business.
Good thing to remember is that banks like to see w2 income-- at least starting out. It's way easier to get financing with w2 income.
Thw good thing about real estate is you can typically do it on the side when starting out so you dont have to fully quit your job right away...After you get your feet wet for a couple of years then you may decide to jump in or not!
Hope I was clear in my response. Please feel free to reach out if you are interested in more info... I am a fellow Arkansas investor.
God bless,
Zac