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Updated over 5 years ago,

User Stats

16
Posts
3
Votes
Peter Vazquez
  • Contractor
  • Omaha, NE
3
Votes |
16
Posts

Should I get a job again?

Peter Vazquez
  • Contractor
  • Omaha, NE
Posted

About a little over a year and a half ago I quit my job that was paying me 70k a year because my dad and uncle were flipping houses and running a remodeling business and told me they would show me the ropes. After a year and a half I wasn't really learning much about how to get a house to flip from them and I was getting under paid for the labor I was providing so in April I opened my own remodeling business and I have been working on my own since. Lately I been reading and relying more on books and biggerpockets for education and now I see that there are plenty of ways to get into homes. My problem is that I've been self employed for a year and a half making little under 20k and living off my savings which are steadily going down and don't know if any one would give me a loan to buy a house to flip. I was ok with making a little because I would basically be apprenticing under my uncle and dad but things have not turned out the way I expected and the only thing that is happening is that I'm losing my savings. I have 20k that I can invest and since my business is just starting I'm not really making a bunch of income that I can show a lender I can pay a mortgage. I work hard and am willing to do the work it takes to make real estate investing my profession and that's why I left such a good easy job to get my hands dirty in construction and home remodeling but the more I read the more I hear people say that actually doing the work yourself can be counter productive to being a great investor. I'm confused and in need of advise. Do I get a job with steady income and build more capital so that I look more appealing to lenders or do I start working on my remodeling business till I start turning a profit and use it to help me fix and flip houses.

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