Real Estate Investing Strategy for the Unemployed during COVID-19

[Sean York]

Looking for advice. . . I lost my job as a luxury multifamily development manager in January just before the COVID-19 and have been looking to gain re-employment in the multifamily development sector. Unfortunately, the virus has really slowed down new hires and prospects are not good for at least the next 3-6 months. In parallel, I have been working to start my own development business (also not a good time to start a business or develop property) and potentially get into the real estate investing. I have cash reserves to weather the next 6-8 months, so I'm hoping I can gain employment to help pay the bills while I work a side hustle after the virus takes its course.

So I find myself working on my resume while building a team on the development side and begin the real estate investing education thru BP podcast and forums as well as several webinars that pop up in Facebook. That said, not sure what my next move should be. Thought about working with a financial planner to help consolidate all my IRAs and investment accounts, rollover some retirement funds into a ROTH IRA so I can utilize it in the future for investment and be prepared for life after COVID.

So I guess my question is. . .any advice for an unemployed professional with no income that is starting out in REI in midst of COVID-19

[Alina Trigub]

@Sean York

Find a job while educating yourself about RE investing. In terms of the job search, networking can be done online these days. Start connecting with the folks in the industry. Don't jump into "I need a job" situation. Instead offer to share your expertise, perhaps to host a panel discussion or answer some questions related to your trade. It is a slow but steady process. 

In terms of RE investing, perhaps this article will help: 

https://www.biggerpockets.com/member-blogs/10850/86621-six-steps-approach-to-getting-started-in-real-estate

Best of luck!