Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago,

Account Closed
  • Contractor
  • Cleveland, OH
5
Votes |
18
Posts

Tips / strategies for doing real estate full time?

Account Closed
  • Contractor
  • Cleveland, OH
Posted

Hello, I am a contractor / carpenter / beginner investor in Cleveland, OH. I would like to quit my job which is pretty demanding, working 50 hours+ a week and leaving me pretty drained and without much free time to work on my properties. 

I have a two family which while living in one unit is cash flowing about $300/mo, and will cash flow about $900/mo when I move out. Rent is $900 down, will be $750 up. I just bought my next door neighbors house for $9k, partly seller financed $200/mo for the next 20 months. I need to gut half the house and do a full rehab. I also just did a cash out refi on the first house and have $15k available from that, plus my additional savings for emergency. I could get additional financing but I don’t want to over leverage myself in case of emergency. 

I also have a relative who is wants to invest with me but I am hesitant to partner with anyone or lose profit (unless the faster progress is worth it) and would want to make sure the partnership or additional loan is worthwhile. I feel like this is a valuable resource I could use if the situation / agreement is right for me.

I also work a lot on the side and could take on more contract jobs which would be better paying than my current job but I don’t want to count on that right away, to be safe. I’d rather put more energy into rental properties and building equity faster. If I keep working my current job or work for myself it will be a slow process to get everything done or I’ll be paying more to sub a lot of the work out. 

What do you think are the best options for me to consider and does anyone have any ideas how I could make this work? I’m also preapproved for $80k and as tempting as it is to buy myself a single family home and let my current unit pay that mortgage and then some, there are probably smarter ways to move forward. Thanks for reading :)

Loading replies...