Is REI just an investment, or can it suffice as a job?

[Jeff G.]

My job of 25+ years is winding down due to sweeping changes in the market I work. It's a long story; the job isn't ending cold turkey, just slowing way down such that I need supplemental income. I suspect there's a good chance it will end entirely sometime within the next 5 years. I really need a 2nd job for now but probably a new job altogether in the near future, but I 1) don't want to have to quit my currently dwindling job just yet, 2) don't really want to work for somebody else, and 3) would prefer to work for myself controlling my own schedule, and everything else that comes with working for ones' self.

The plan I'm considering is to purchase 2 or 3 quads using a HELOC on my own currently-paid off ~$150K home for the down payments, and me being my own PM (I have 30+ years of construction and repair experience, and some landlord experience).

Would this plan count as 1) a job, 2) an investment, 3) a mix of the two, 4) a gamble, 5) I'm nuts, or 6) _____? (please fill in the blank)

I've done the analysis (well, quite a few variations of what-if scenarios using ideal conditions, bust market conditions, and everything in between) and believe the annual cash profit will be about $29K in year 1 (excluding appreciation, tax benefits, and rent increases)

So there's a good chance that at some point soon, possibly sooner than later, I'd be relying on the success of this three-quad plan to 1) pay back the HELOC, 2) pay back the mortgages on the quads, and 3) provide me and mine with living expenses.

Does this make sense? Would YOU be willing to borrow against your own home to enter into such a plan?

Feel free to ask, if I have omitted something you need to know to consider this.

Thank you very much for weighing in, for whatever you can offer ...